Barramundi Limited — Net Asset Value 2019

Oct 17, 2019

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Barramundi Limited Phone +64 9 489 7074 Fax +64 9 489 7139 Private Bag 93502 Takapuna, Auckland

BRM undiluted NAV as at 16/10/19 - $0.7385

Date	16/10/2019	9/10/2019
BRM undiluted NAV*	$0.7385	$0.7155
Share price close	$0.63	$0.63
Discount	15%	12%

The above net asset value (NAV) is unaudited and net of fees and tax.

The NAV per share is calculated after deducting treasury stock of 585,610 shares (acquired under the Barramundi buyback programme). A performance fee payable to the Manager is currently being accrued in the NAV calculation.

• The undiluted NAV excludes any impact on the NAV of the future exercise of warrants (BRMWE). At 16 October 2019, 42,153,796 warrants are on issue and may be exercised on 25 October 2019. The final exercise price of each warrant has been calculated at $0.59.

The five largest portfolio holdings at 16 October 2019 are approximately as follows:

Seek	8%
CSL	7%
Carsales.com	7%
Xero	6%
Commonwealth Bank	5%

BACKGROUND

Barramundi is a listed investment company that invests in growing Australian companies. The Barramundi portfolio is managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Barramundi is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single tax-efficient investment vehicle. Barramundi listed on the NZX Main Board on 26 October 2006 and may invest in companies that are listed on an Australian stock exchange or unlisted companies.

Contact Corporate Manager Barramundi Limited Tel +64 9 4840352