Barramundi Limited — AGM Information 2021

Oct 14, 2021

ANNUAL MEETING OF SHAREHOLDERS

15 October 2021

Agenda

• Preliminary matters

• Chair’s Overview

• Manager’s Review

• Q&A

• Annual Meeting Resolutions

ONLINE Attendees – Question Process

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Board of Directors

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Alistair Ryan Carol Campbell Andy Coupe David McClatchy

Barramundi Team

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Robbie Terry Tolich Delano Wayne Burns
Urquhart Snr Gallagher Corporate
Snr Portfolio Investment Investment Manager
Manager Analyst Analyst
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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.

2021 Overview

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Net profit Dividend NAV per share Share price
6.00
$52.3m cps $0.87 $1.10
(2020: $12.5m) (2020: 5.56cps) (2020: $0.68) (2020: $0.69)
Share price
Total shareholder Adjusted NAV premium/
Dividend return #
return return (discount) to
NAV^
+83.3% +6.6% +37.6% 26.7%
(2020: 21.6%) (2020: +8.5%) (2020: 10.6%) (2020: (1.8%))
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*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 premium to NAV (excluding warrants).

2021 Overview - Continued

Portfolio Performance

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For the year
3 years 5 years
ended 12 months
(annualised) (annualised)
30 June
Adjusted NAV
+37.6% +17.2% +15.1%
return
(2020: +10.6%)
Gross
+41.6% +20.9% +18.4%
Performance
(2020: +13.5%)
Benchmark
+28.1% +9.7% +11.7%
Index^
(2020: -6.6%)
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*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).

Earnin s Per Share g

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Earnings Per
2021 2020 2019 2018 2017
Share
Basic
Earnings per
24.82 6.44 4.40 12.99 1.82
Share
(cents)
Diluted
Earnings Per
23.43 6.42 4.37 12.84 1.80
Share
(cents)
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Barramundi Share Performance

• Share Price Gain (30/6/20 to 30/9/21)

• • Gain from Warrants (cents per share)

• • Dividends (cps)

$0.32 $0.07 $0.08

$0.47

On a starting share price of :

$0.69

Movements in Shareholders’ Funds

12 Months to 30 June 2021 ($m)

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Quarter 1, 2022

30 June – 30 Se tember 2021 p Net profit NAV per share $13.1m $0.91 Adjusted NAV Return Benchmark Index +7.1% +0.9% Share price Total shareholder return - $1.01 (7.3%)

*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 BRMWF October 2021

• 52.5m warrants issued free to shareholders in October 2020

• Exercise date 29 October 2021

• Final warrant exercise price $0.64

Manager’s Review

15 October 2021

Agenda

Lockdowns, Re-Opening & Innovation A Great Year for the Barramundi Portfolio

Portfolio Changes and Outlook

Lock-Downs, Re-Opening, Innovation

Market return helped by the starting point

ASX 200 Index 31 December 2019 – 30 June 2021

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Sector leadership changed hands a few times

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ASX 200 Index Returned 28% in A$ Over the Year
Tech-led
Vaccine data boosted
Energy & Financials
Tech-led
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Sticking to our investment process ‘knitting’ served us well during the year

Innovation: Sowing the seeds of future earnings growth

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These companies kept spending on innovation despite the uncertainty of COVID-19

A cool company

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• Initially focused on Formula One and luxury cars

• Incubated an ‘emerging technology’ division

• Applying its expertise to designing cooling products for EV vehicles (land and aerospace)

• Revenue from emerging tech doubled in FY21

Returned 44% p.a. since we invested in 2019

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Who wouldn’t want to fly in an electric helicopter?

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COVID-19 helped some healthcare companies….

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+30%*

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+20%
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*Total return for 12 months to 30 June 2021

….while others were negatively impacted

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0%
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-14%
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Source: Jefferies

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*Total return for 12 months to 30 June 2021

A balanced blend of companies

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CONSUMER
INFORMATION
SERVICES
TECHNOLOGY
XRO CAR
WTC OML
REA
NXT
SEK
CONSUMER
FCL DISCCRETIONARY
DMP
AD8
PWH
INDUSTRIALS
BXB
24
WOW CONSUMER
SHL positions STAPLES
AUB
RMD
NAN ANZ
CSL CBA
ANN CCP
WBC NAB
HEALTHCARE FINANCIALS
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CAR CARSALES
OML OOH!MEDIA
REA REA GROUP
SEK SEEK LTD
DMP DOMINO'S
PWH PWR HOLDINGS
WOW WOOLWORTHS
AUB AUB GROUP
ANZ AUST AND NZ BANKING GROUP
CBA COMMONWEALTH BANK OF AUSTRALIA
CCP CREDIT CORP
NAB NATIONAL AUSTRALIA BANK
WBC WESTPAC BANKING CORP
ANN ANSELL
CSL CSL
NAN NANOSONICS
RMD RESMED
SHL SONIC HEALTHCARE
BXB BRAMBLES
AD8 AUDINATE
FCL FINEOS
NXT NEXTDC
WTC WISETECH
XRO XERO
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A Great Year for the Barramundi Portfolio

Strong performance in tumultuous times

Fiscal Year to 30 June 2021 Quarter Ending 30 September 2021

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*ASX200 Index 70% hedged into NZ$

Portfolio company performance

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For 12 months ended 30 June 2021

Performance compares well to competitors

12 months to 30 June 2021

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Barramundi, 38.3%
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• Source of competitor returns: FundSource

• ** Performance is on an after fees, before tax, basis for the 12 months ended 30 June 2021. Australian fund returns are in NZ$ terms *** Where managers had multiple fund entries in the FundSource data, we show funds most closely matching ‘Australian equity’ description

Portfolio Changes & Outlook

Portfolio exits

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Signs of thesis drift and lack of pricing power

Exited after contested takeover offers were tabled

ARB has benefitted from COVID-19 demand tailwinds which we felt would abate in time

Market in contrast was pricing the COVID uplift in sales as a permanent feature

Exited because of valuation

Endeavour not core to Woolworths investment thesis Sold our shares on de-merger

The future…remains interesting

• ✓ Increased confidence in the economic outlook

• ✓ High vaccination rates in key states = Australia on the cusp of sustained re-opening

• ✓ High savings rates, pent up demand & dovish central bank is supportive for asset prices

• ✓ Australia’s Government debt levels manageable even after funding COVID fiscal stimulus programmes

• ꓫ Cost pressures & supply chain disruption

ꓫ Inflationary pressures and labour shortages

• ? Timing of the federal election

• ? Living with COVID, and the evolution of the economy post pandemic

Our high quality portfolio companies are well positioned for the longer term

General Questions from Shareholders (not relating to resolutions)

Online Attendees – Voting Process

Shareholder & Proxyholder Voting

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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.

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Annual Meeting 2021 resolutions

2021 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

• Elect David McClatchy

• Auditor remuneration

Resolution 1 Re-election of Carol Campbell

To re-elect Carol Campbell as a Director of Barramundi Limited

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Resolution 2 Election of David McClatchy

To elect David McClatchy as a Director of Barramundi Limited

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Resolution 3 Auditor Remuneration That the Board of Directors be authorised to fix the remuneration of the auditor for the ensuing year

Retirement – Carmel Fisher

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Conclusion

• Enter your votes via the digital portal

• Results to NZX

THANK YOU