Marlin Global ASM Presentation 6 November 2024

Annual Meeting
of Shareholders
MARLIN GLOBAL LIMITED
6 November 2024

Board of Directors
Marlin Team
Andy Coupe
Carol Campbell
David McClatchyFiona Oliver
Chris Waters
Snr Investment
Analyst
Wayne Burns
Corporate
Manager
Daniel Moser
Investment
Analyst
Sam Dickie
Snr Portfolio
Manager
Charles Barty
Investment
Analyst

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

Chair’s Overview

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

Corporate Governance

2024 Overview
Net profitDividendNAV per shareShare price
$37.2m
(2023: $23.6m)
7.59cps
(2023: 7.11cps)
$1.03
(2023: $0.93)
$0.96
(2023: $0.92)
Total shareholder
return *
Dividend return #
Adjusted NAV
return *
Share price
(discount)
to NAV
+13.8%
(2023: -11.1%)
+7.9%
(2023: +7.3%)
+19.5%
(2023: +13.8%)
(6.7%)
(2023: -1.4%)
*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 (discount) / premium to NAV (excluding warrants).

2024 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 *
+19.5%+0.4%+10.6%
Gross Performance *
+22.9%+2.4%+13.6%
Benchmark Index ^
+15.2%+5.0%+9.8%

Earnings Per Share
Earnings Per
Share
20242023202220212020
Basic
Earnings per
Share
(cents)
17.5911.63-31.3435.5515.18
Diluted
Earnings Per
Share
(cents)
17.5911.63-31.3438.6015.09

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

Quarter 1, 2025
30 June – 30 September 2024
Net loss
($4.5m)
NAV per share
$0.99
Adjusted NAV Return
(2.0%)
Benchmark Index
+5.5%
Share price
$0.92
Total shareholder return
(2.3%)
.

Warrants
•Pro rata issue of circa 53.7m warrants 16 May 2024
to eligible shareholders
•Exercise price $1.04, less dividends
•Exercise date 16 May 2025

Manager’s Review
Sam Dickie

Why Marlin
Reminder of why investing internationally makes sense
+30%
+25%
+21%
+15%
+13%
+13%
+1%
-2%
Tech
(NASDAQ)
US
(S&P500)
Global
(MSCI World)
Europe
(Stoxx)
AUS
(ASX 200)
EM
(MSCI EM)
Bonds
(BB Global Agg)
NZ
(NZX 50)
Returns 12 months ended June 2024 in local currency

Agenda
1.Review of markets in 2024
2.Company performance
3.Portfolio activity and positioning
4.Outlook
Why Marlin

1. Review of markets in 2024

Why Marlin
-20%
-10%
0%
10%
20%
30%
40%
50%
Jun-15Jun-16Jun-17Jun-18Jun-19Jun-20Jun-21Jun-22Jun-23Jun-24
Another strong year in global equity markets
MSCI World – annual return
+11% p.a.
10-year average
return
Returns in USD

Why Marlin
Strong growth + easing monetary policy = favourable backdrop
US GDP revisions: pause -> upgrades resume
0%
1%
2%
3%
Jul-23Oct-23Jan-24Apr-24Jul-24Oct-24
US GDP expected 2024
0%
1%
2%
3%
4%
5%
6%
Oct-19Oct-20Oct-21Oct-22Oct-23Oct-24
Central banks begun rate cut cycle
in earnest
US FedECBRBARBNZ

Why Marlin
Two speed market: AI and everyone else
Strong price performance....but its justified!
* Magnificent 7: AAPL, MSFT, GOOGL, AMZN, NVDA, META, TSLA
29%
5%
0%
5%
10%
15%
20%
25%
30%
35%
Magnificent 7*S&P500
ex-Magnificent 7*
Earnings growth calendar year-
to-date
36%
18%
10%
15%
20%
25%
30%
35%
40%
Magnificent 7*S&P500
ex-Magnificent 7*
Returns calendar year-to-date

2. Portfolio Performance

Another strong year for Marlin
Marlin gross portfolio performance vs Global benchmark (%)
* S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
** Unaudited
+45% cumulative
outperformance
10%
20%
47%
-25%
16%
23%
-1%
2%
0%
38%
-13%
15%
15%
6%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Jun-19Jun-20Jun-21Jun-22Jun-23Jun-24Jun-24 to
Sep-24**
Marlin Gross PerformanceGlobal Benchmark*

Why Marlin
12 months ended June 2024
-300
-200
-100
0
100
200
300
400
Attribution (bps)
Company contributions to excess return

Why Marlin
Amazon (+ Meta, Google, Microsoft): platforms for growth
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
200120042007201020132016201920222025
$ million
Amazon revenue through time
Amazon Marketing
Services
Amazon Web Services
Amazon Prime
Subscription
Amazon 3rd Party
Marketplace
Amazon Retail

Why Marlin
Medtech: attractive sector with volatility
45%
35%
30%
20%
15%
45%
50%
45%
45%
40%
10%
15%
25%
35%
45%
20122016201920232026E
Boston Scientific revenue
$11B
High growth markets
(>7% CAGR)
Moderate growth markets
(4-7% CAGR)
Low growth markets
(<4% CAGR)
$8B
$7B
$14B

US consumer: extraordinary dispersion
Why Marlin
Dollar Tree/Dollar General impacted: low-end consumer unusually weak vs high end
45%
55%
65%
75%
Oct-22Jan-23Apr-23Jul-23Oct-23Jan-24Apr-24Jul-24
% financial situation improved compared to last year
Higher-income (more than $100k)Lower-income ($45k or less)

3. Portfolio activity and
positioning

Upgrading the quality and growth of the portfolio
Why Marlin
ExitsAdditions

Higher quality, higher growth
Why Marlin
29%
9%
0%
5%
10%
15%
20%
25%
30%
35%
PortfolioBenchmark
Quality: Return on equity (median)
11%
6%
0%
2%
4%
6%
8%
10%
12%
14%
PortfolioBenchmark
Growth: Sales growth (median)

4. Outlook

Why Marlin
Global economy more resilient, but risks still lurking
×Equity valuations elevated
×Fast moving macroeconomic backdrop (COVID overhang)
×Geopolitical instability
✓US economy robust
✓Inflationary pressures have eased
✓Central banks are cutting interest rates

Thank You

General Questions from
Shareholders
(not relating to resolutions)

Annual Meeting
2024 resolutions

2024 Annual Meeting Resolutions
•Introduce and propose
•Discussion, questions
•Lodge your vote

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
Marlin Global Limited

Resolution 2
Re- election of David McClatchy
To re-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

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


6 November 2024
Marlin Global Limited Annual Meeting
Chair’s Address from Andy Coupe

[Slide: Marlin Global Limited Annual Meeting of Shareholders]
Welcome to the 17th Marlin annual meeting of shareholders, I’m Andy Coupe, the Chair of Marlin.
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 Sam Dickie, the 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 Daniel Moser and Charles Barty.
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 are available at the registration desk and
are also available on the Marlin 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 Marlin website.
Today I’ll give a brief summary of the 2024 financial year and an update of the year to date, and then
Sam Dickie will review the Marlin 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 Sam’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 at this meeting.

[Slide: Marlin Investment Objectives]
We typically start our annual meetings with a quick reminder of Marlin’s investment objectives,
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.
Sam 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.
As we’ve previously advised shareholders, Marlin 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 Marlin 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 CREs, and
Marlin 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 Marlin, this means that we’re talking about the underlying
portfolio companies that Marlin 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.
Marlin lodged it first Climate Statement on 16 October. It’s available on the Marlin website and is an
important document. 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.
• Marlin recorded a NPAT of $37.2m, a 58% increase over the previous year.
• The total shareholder return or TSR, being the performance of the share price and
warrant price plus dividends paid to shareholders, was 13.8%, 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 6.7% as at 30 June 2024.
• Marlin’s regular dividends continued to contribute to the Total Shareholder Return
with 7.59 cents per share paid in dividends during the year, which is equivalent to a
dividend yield of +7.9%, as paid out of net profit after tax. These returns are calculated
based on the average share price for the year.
• The net asset value (NAV) per share rose from $0.93 to $1.03 (as at 30 June 2024).
• The adjusted NAV return was 19.5% 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 Marlin portfolio has out-performed the benchmark index over the 1 and 5 year periods. So,
while returns have been softer over the 3 year period, 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.
Sam will discuss the international 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.
The movements between FY21 to FY23 in particular represent a potent reminder of the degrees of
volatility that equity markets can experience from time to time and the impact on shareholders
returns.

[Slide: Use of Shareholder Funds]
Turning now to Shareholders’ Funds
This chart shows the Marlin NAV of $193m (as at 30 June 2023) increased by a net $30m to $223m
(as at 30 June 2024).
The movements during the year as represented by the grey, purple and green columns were:
- the $37m net profit,
- less $16m dividends paid and $1m of share buybacks,
but adding back $6m for dividends reinvested by shareholders via the DRP and $4m of new shares
issued for warrants exercised.

[Slide: Quarter 1, 2025]
Having mentioned the volatility of equity markets a couple of slides back, the first quarter of Marlin’s
2025 financial year has unfortunately seen ongoing global sharemarket volatility, with losses in July
and August & a flat September.
• The unaudited net loss for the three months was ($4.5m).
• NAV per share was $0.99, (which is after Marlin’s September dividend of 2.07 cents per
share).
• Marlin’s adjusted NAV return for those first three months was negative (2.0%).
• The benchmark index for the three months was up +5.5%, and
• Total shareholder return for the quarter was negative (2.3%), due to the decrease in
the share price over the quarter, offset by the September dividend.

[Slide: Warrants]
As part of Marlin’s overall capital management programme Marlin made a pro rata issue of warrants
in May this year.
The Exercise Price is $1.04, but that will be adjusted down for dividends declared, where the
dividend record date occurs between the allotment date and the announcement of the final exercise
price.
The Exercise Date is 16 May 2025.

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.
I will now hand over to Sam Dickie, Senior Portfolio Manager of Marlin.

ENDS