Barramundi ASM presentation 30 October 2024

ANNUAL MEETING
OF SHAREHOLDERS
30 October 2024

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

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

2024 Overview
Net profit / (loss)DividendNAV per shareShare price
$28.1m
(2023: $38.3m)
5.88cps
(2023: 5.52cps)
$0.76
(2023: $0.72)
$0.69
(2023: $0.71)
Total shareholder
return*
Dividend #
Adjusted NAV
return*
Share price
(discount) to
NAV^
+7.1%
(2023: -1.1%)
+8.2%
(2023: +7.5%)
14.5%
(2023: 23.1%)
(7.9%)
(2023: 1.4)
*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*
+14.5%+5.7%+12.4%
Gross
Performance *
+17.4%+7.9%+15.1%
Benchmark
Index^
+13.1%+7.1%+8.0%
2024 Overview - Continued

Earnings Per
Share
20242023202220212020
Basic
Earnings per
Share
(cents)
10.0714.15-13.9924.826.44
Diluted
Earnings Per
Share
(cents)
9.9214.15-13.9923.436.42
Earnings Per Share

Movements in Shareholders’ Funds
12 Months to 30 June 2024 ($m)

Quarter 1, FY2025
30 June – 30 September 2024
Net Profit
$13.6m
NAV per share
$0.79
Adjusted NAV Return*
+6.3%
Benchmark Index
+8.0%
Share price
$0.67
Total shareholder return*
-1.0%
*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
•Pro rata issue of circa 69.5m warrants 26 October 2023 to
eligible shareholders
•Final exercise price $0.63
•Exercise date 25 October 2024
•Over 60% exercised their warrants
•New shares to be issued 31 October 2024

Manager’s Review
30 October 2024

Stabilising interest rates supportive for equities in FY24
AU 10yr Govt Bond yield
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
Jul-19Jan-20Jul-20Jan-21Jul-21Jan-22Jul-22Jan-23Jul-23Jan-24Jul-24

Information Technology has led the market higher
ASX 200 index rose 12% over the year to 30 June 2024
28%
23%
19%
17%
7%
6%
0%
-2%
-6%
-7%
-7%
-10%
0%
10%
20%
30%
Info. Tech.FinancialsConsumer
Disc.
Real
Estate
Health
Care
UtilitiesIndustrialsComm.
Services
MaterialsConsumer
Staples
Energy
ASX Sector ReturnASX Total Return

A strong year for Barramundi
* ASX200 70% hedged into NZ$; Includes preliminary data from Bloomberg
Performance for FY24



Benchmar
Inde
Stoc
Selection
F BRM ross
Return
Gross Return NZD (%)

Portfolio company performance in FY2024
26%
51%
42%
33%
39%
70%
45%
8%
19%
15%
18%
19%
28%
27%
10%
0%
10%
20%
4%
2%
1%
-12%
-10%
-22%
-21%
-37%
-1.0%
-0.5%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Contribution AUD (bps)
Contribution (AUD)
Notes: Labels are the total return for the stock over the period owned

The ‘Microsoft 5’ for logistics
Source: WiseTech, Barrenjoey
Majority of top 25 global logistics companies use Cargowise
-
5
10
15
20
25
30
35
40
DHL
K&N
DSV
DB Schenker
C.H. Robinson
Nippon
CEVA
Sinotrans
Maersk
GEODIS
UPS
Expeditors
DACHSER
Kerry
LOGISTEED
Kintetsu
LX Pantos
Bolloré
Yusen
Toll Group
Hellmann
Savino
CIMIC Wetrans
AWOT Global
CTS
Gross Logistics Revenue (US$bn)
CargoWise global rollout
CargoWise global customs rollout Non - CargoWise clients

Supporting our companies in their growth ambitions
Investing in core
business
Acquisitions to
accelerate growth
>A$2bn in equity
raisings
A$200m equity
raising
A$465m equity
raising
A$70m equity raising

Disciplined & clear rationale for acquisition led growth
41%
25%
17%
11%
6%
AustraliaNorth AmericaLatin AmericaAsiaInvestments
72%
16%
10%
2%
Revenue Split FY19
Revenue Split FY24

Growing pains: Not the end of a growth runway
De-stocking of pandemic inventory to weigh on FY25 growth
Benign weather. Insurer reduced allocation (underperformance), since
resolved
Adding employee expertise and expanding manufacturing capacity
ahead of anticipated contract wins

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

A balanced blend of companies
CAR
SEK
DMP
MQG
AUB
CSL
JHX
BXB
JLG
WTC
XRO
NXT
INFORMATION
TECHNOLOGY
CONSUMER
SERVICES
CONSUMER
DISCCRETIONARY
CONSUMER
STAPLES
FINANCIALS
HEALTHCARE
MATERIALS
INDUSTRIALS
CARCARSALES
SEKSEEK LTD
OMLOOH!MEDIA
REAREA GROUP
DMPDOMINO'S
PWHPWR HOLDINGS
WOWWOOLWORTHS
MQGMACQUARIE GROUP LTD
AUBAUB GROUP
CBACOMMONWEALTH BANK OF AUSTRALIA
CCPCREDIT CORP
NABNATIONAL AUSTRALIA BANK
ANZAUST AND NZ BANKING GROUP
CSLCSL
RMDRESMED
ANNANSELL
COHCOCHLEAR
JHXJAMES HARDIE
BXBBRAMBLES
JLGJOHNS LYNG GROUP
WTCWISETECH
XROXERO
NXTNEXTDC
FCLFINEOS
AD8AUDINATE
Target weights as at 30 September 2024

BRM up +7% for Q1 in 2025
*ASX200 Index 70% hedged into NZ$; Includes preliminary data from Bloomberg
**Period from 30/06/2023-30/09/2023
Performance in FY25** to date



Benchmar
Inde
Stoc
Selection
F
BRM ross
Return
Gross Return NZD (%)





5

Cautiously optimistic outlook
➢China’s renewed efforts in September to stimulate its economy li ely benefits Australia
➢Global interest rate cutting cycle has begun – mortgage rate relief on the horizon
➢A resilient economy, helped by July ‘ ta cuts are supportive for Australian consumers
➢Our portfolio companies are methodically achieving their long-term growth ambitions
➢We have confidence in the prospects of our high quality, growing portfolio of companies

THANK YOU

General Questions from
Shareholders
(not relating to resolutions)

Annual Meeting
2024 Resolutions

2024 Annual Meeting Resolutions
•Introduce and propose
•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 Barramundi
Limited

Resolution 2
Re-election of David McClatchy
To re-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

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


30 October 2024
Barramundi Limited Annual Meeting
Chair’s Address from Andy Coupe
[Slide: Barramundi Limited Annual Meeting of Shareholders]
Welcome to the 18th 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 2023 annual shareholders’ meeting held on 13 October 2023 are available at
the registration desk and are also available on the Barramundi 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 Barramundi website.
Today I’ll give a brief summary of the 2024 financial year and an update of the year to date, and then
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 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 Robbie’s presentation 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]
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 Australian quality, growth stocks through a
single tax-efficient investment vehicle.
Robbie will speak to the growth characteristics of the stocks that form the portfolio in his manager
review.

[Slide: Corporate Governance]
Turning now to corporate governance.
Barramundi 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 Barramundi 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 or CRE and
Barramundi is designated as a CRE and is therefore required to produce an annual CRD report.
The purpose of the CRD is to provide transparency regarding, a company’s contribution to climate
change, the impact of climate change on its operations and how it is managing these risks. In the
case of an investment company like Barramundi, this means that we’re talking about the underlying
portfolio companies that Barramundi 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.

Barramundi lodged it first Climate Statement on 16 October. It’s available on the Barramundi
website. Unless current initiatives to extend the timeline by a further year are successful, 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.
- Barramundi recorded a NPAT of $28.1m.
- The total shareholder return or TSR, being the performance of the share price and warrant
price plus dividends paid to shareholders, was 7.1%, the return being negatively impacted by
share price weakness. The share price to NAV discount increased from 1.4% at the end of
the previous year to 7.9% as at 30 June 2024.
- Barramundi’s regular dividends continued to contribute to the Total Shareholder Return
with 5.88 cents per share paid in dividends during the year, which is equivalent to a dividend
yield of +8.2%. These returns are calculated based on the average share price for the year.
- The overall net asset value (NAV) per share rose from $0.72 (as at 30 June 2023) to $0.76 (as
at 30 June 2024).
- The adjusted NAV return was 14.5% 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 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.
The Barramundi portfolio has out-performed the benchmark index over the 1 and 5 year 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.
Robbie will discuss the Australian 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: Earnings Per Share]
This chart shows the earnings per share.
It’s a potent reminder of the degrees of volatility that equity markets can experience from time to
time and the impact on shareholder returns.

[Slide: Movements in Shareholders’ Funds]
Turning now to Shareholders’ Funds

This chart shows the Barramundi NAV of $199m (as at 30 June 2023) increased by a net $17m to
$216m (as at 30 June 2024).
The movements during the year as represented by the orange, yellow and green columns were:
- the $28.1m net profit,
- less $16m dividends paid and $1m of share buybacks,
- but adding back $6m for dividends reinvested by shareholders via the DRP.

[Slide: Quarter 1, 2025]
The first quarter of Barramundi’s 2025 financial year has seen continued volatility.
This slide provides a snapshot of the first three months of the current financial year to 30 September
2024:
- Barramundi’s net profit for the three months to 30 September 2024 was $13.6m.
- As at 30 September, the NAV per share of $0.79 was up 3 cents per share from the NAV at
30 June of $0.76 – but that was after the dividend payment of 1.53 cents per share (paid on
27 September).
- The share price discount to NAV was 15.6% as at 30 September 2024.
- Barramundi’s adjusted NAV return for the first three months of the 2025 financial year was
6.3%, while the benchmark index return was up +8.0% for the three months.
- Total shareholder return for the quarter was -1.0% - driven by the decrease in share price
from $0.69 to $0.67 and adding on the dividend paid in September.

[Slide: Warrants]
As part of Barramundi’s overall capital management programme Barramundi made a pro rata issue
of warrants in October last year.
The final exercise price was $0.63 and the exercise date was last Friday the 25 October.
As at last Friday over 60% had exercised their warrants, and the new shares will be issued tomorrow,
31 October.

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