Kingfish Limited — AGM Information 2021

Aug 6, 2021

Kingfish Limited ANNUAL MEETING OF SHAREHOLDERS 6 August 2021

Board of Directors

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Alistair Carmel Andy Carol David
Ryan Fisher Coupe Campbell McClatchy
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Kingfish Team

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Sam Dickie Matt Peek Senior Portfolio Senior Investment Manager Analyst

Michael Wayne Burns Bacon Corporate Manager Senior Investment Analyst

Agenda

• Preliminary matters

• Chair’s Overview

• Manager’s Review

• Q&A

• Annual Meeting Resolutions

ONLINE ATTENDEES – QUESTION PROCESS

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Chair’s Overview

Kin fish’s Investment Ob ectives g j

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 New Zealand quality, growth stocks through a single tax-efficient vehicle

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Corporate Governance

• Board meetings

• Investment Committee meetings

• Audit & Risk Committee meetings

2021 Overview

Net profit	Dividend	NAV per share	Share price
$142.7m (2020: $1.7m)	13.48cps (2020: 12.63cps)	$1.77 (2020: $1.39)	$1.90 (2020: $1.29)
Total shareholder return*	Dividend return	Adjusted NAV return*	Share price premium/ (discount) to NAV ^
+65.1% (2020: 7.2%)	+7.7% (2020: +8.5%)	+41.1% (2020: 0.4%)	7.3% (2020: (6.7%)

*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 premium/(discount) to NAV (including warrant price on a pro-rated basis, when warrants are on issue).

– 2021 Overview Continued

Portfolio Performance

For the year ended 31 March	12 months	3 years (annualised)	5 years (annualised)
Adjusted NAV return*	+41.1% (2020: +0.4%)	+18.5%	+16.1%
**Gross performance ***	+46.0% (2020: +2.9%)	+22.1%	+19.2%
Benchmark Index ^	+28.2% (2020: (-0.5%)	+14.7%	+13.2%

*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

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Earnings 2021 2020 2019 2018 2017
per
Share
Basic
Earnings 56.28 0.75 24.24 19.62 14.50
per Share
(cents)
Diluted
Earnings 54.65 0.75 23.81 19.51 14.13
per Share
(cents)
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Kingfish Share Performance - Share price as at: 31/01/20 $1.70

23/03/20 $1.05 - 30/04/20 $1.50 - 1/07/20 $1.61 - 1/07/21 $2.03

• Share price gain 1/07/20 to 1/07/21 + 42 cps

• Gains from warrants

• 12 cps

• Dividends

• 14 cps

• 68 cps

• On starting price including warrants (July 2020) $1.63

Use of Shareholder’s Funds

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First Four Months, FY 2022

1 A ril – 31 Jul 2021 p y

Total shareholder return Adjusted NAV return +7.7% +1.5% NAV per share 31 July 2021 Share price 31 July 2021 $1.76 $2.01 Net profit $8.1m

*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

• 56.3m KFLWF warrants exercised in March 2021 at an Exercise Price of $1.51

• Shares traded on-market at $1.90

• $84.8 new shareholder funds

Manager’s Review

Sam Dickie Senior Portfolio Manager

Who am I?

• I own more than 10 businesses

• I have been listed for more than 27 years

• I have compounded shareholder returns at 19% per annum

• I invest with mega trends as tailwinds

Agenda

1. FY2021 review

2. Kingfish’s Process in Action

3. Portfolio insights

4. Outlook

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1. FY2021 review

Strong recovery from the NZ market

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Unprecedented
stimulus / recovery
S&P/NZX 50
Vaccination /
Inflation concerns
reopening hopes
31 Dec 2019 31 Mar 2020 30 Jun 2020 30 Sep 2020 31 Dec 2020 31 Mar 2021 30 Jun 2021
FY2021 financial year
Note: S&P/NZX50G index; Source: Bloomberg
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Manager performance in FY2021

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Fiscal year to 31 March 2021
+50%
+46.0%
+40%
+28.2%
+30%
+20%
+10%
-
Kingfish gross S&P/NZX50G index
performance return
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FY2022 performance to date

Fiscal year to date FY2022 as at 31 July 2021

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+2%
+1.8%
+1%
+0.3%
-
Kingfish gross S&P/NZX50G index
performance return
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Portfolio company performance in FY2021

Portfolio company return (year to 31 March 2021)

150% 100%

50% 0% -50%

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2. Kingfish’s Process in Action

How the process identifies an attractive investment

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Quality assets,
wide moats
Passionate,
quality
management
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Long term
21MW → 350+ MW
growth
Data proliferation
runway
Site visits: Sydney
Deep
research, Competitor visits: Silicon Valley
differentiated
Discussions with global experts
view
Customer visits
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Value continues to compound

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$8.00
$7.00
AustralianSuper approach
$6.00
fast tracked ‘discovery’
of some intrinsic value
$5.00
$4.00
Multiple increases to Kingfish
position size in 2020
$3.00
31 Mar 2020 30 Jun 2020 30 Sep 2020 31 Dec 2020 31 Mar 2021 30 Jun 2021
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3. Portfolio insights

A busy year amidst significant volatility

Decreases Increases (-19.0%) (+8.5%) Smaller Larger Exits Entries (nil) (+4.0%) Percentages reflect net target weight changes FY21 and FY22 to date

What went especially well and why

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Fastest market share gains ever
New
customers
Top 500
customers
in FY21
Existing
customers
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Sharpest influx of new residents ever
1,200
1,000
Differentiated view here
800
600
400
200
-
Trailing 12 month sales per quarter
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21
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What didn’t go well and what we learned

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Moat narrower than we thought, coupled with management mis-steps
$800m
$600m
$400m
$200m
-
1H18 2H18 1H19 2H19 1H20 2H20 1H21
Infant formula sales: China Label English Label
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4. Outlook

Kingfish continues to outperform

$1,200,000 Adj. NAV S&P/NZX50G $1,000,000

$800,000

$600,000

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$400,000
$200,000
-
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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Outlook

• NZ/global economic activity levels remain robust

• Inflation and interest rates are rising

• We are coming off a year of exceptional performance

• Cautiously optimistic

• Consistent strategy: Wide moats, long growth runways, exceptional management

… I am Infratil

Total shareholder return since listing

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12000%
10000%
8000%
6000%
4000%
2000%
0%
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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General Questions from Shareholders (not relating to resolutions)

ONLINE ATTENDEES – VOTING PROCESS

• When the poll is open, the vote will be accessible by selecting the voting icon at the top of the screen

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• To vote simply select the direction in

• which you would like to cast your vote, the selected option will change colour.

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• There is no submit or send button, your selection is automatically recorded.

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 Kingfish Limited

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Resolution 2 Election of David McClatchy

To elect David McClatchy as a Director of Kingfish 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

• 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