Kingfish Limited — AGM Information 2022

Aug 5, 2022

Kingfish Limited

ANNUAL MEETING OF SHAREHOLDERS

5 August 2022

Board of Directors

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Andy Carol David Fiona Coupe Campbell McClatchy Oliver

Kingfish Team

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Sam Dickie Senior Portfolio Manager

Matt Peek Senior Investment 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

2022 Overview

Net (loss) /profit	Dividend	NAV per share	Share price
($17.3m) (2021: $142.7m)	14.34cps (2021: 13.48cps)	$1.58 (2021: $1.77)	$1.75 (2021: $1.90)
Total shareholder return*	Dividend return	Adjusted NAV return*	Share price premium to NAV ^
+0.02% (2021: +65.1%)	+7.4% (2021: +7.7%)	-3.5% (2021: +41.1%)	11.6% (2021: 7.3%)

• *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).

– 2022 Overview Continued

Portfolio Performance

For the year ended 31 March	12 months	3 years (annualised)	5 years (annualised)
Adjusted NAV return*	-3.5% (2021: +41.1%)	+11.0%	+13.0%
**Gross performance ***	-2.5% (2021: +46.0%)	+13.5%	+15.6%
Benchmark Index ^	-3.6% (2021: +28.2%)	+7.1%	+11.0%

*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

Earnings per Share	2022	2021	2020	2019	2018
Basic Earnings per Share (cents)	-5.49	56.28	0.75	24.24	19.62
Diluted Earnings per Share (cents)	-5.49	54.65	0.75	23.81	19.51

Use of Shareholder’s Funds

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First Four Months, FY 2023

1 A ril – 31 Jul 2022 p y

Total shareholder return Adjusted NAV return -7.2% -5.5% NAV per share 31 July 2022 Share price 31 July 2022 $1.46 $1.60

Net loss ($28.3m)

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*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

• 79.1m KFLWG warrants issued in November 2021 with an initial exercise price of $2.03

• Exercise date is 18 November 2022

• The final exercise price will be announced in early October

Manager’s Review

Sam Dickie Senior Portfolio Manager

Who am I?....

• I have grown profits by 75% over the past 4 years

• That is 3x as fast as my closest competitor

• Demographics are a tailwind

• Despite this, I am the cheapest I have ever been

Agenda

1. FY2022 review

2. Market update

3. Kingfish process in action

4. Portfolio insights

5. Outlook

1. FY2022 review

Manager performance in Financial Year end 2022

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-
-1%
-2%
-2.5%
-3%
-3.6%
-4%
Kingfish gross performance return S&P/NZX50G index
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Financial Year 2023 performance to 03 August 2022

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-
-0.5%
-1.0%
-1.5%
-2.0%
-2.2%
-2.5%
-3.0%
-3.5% -3.3%
Kingfish gross performance return S&P/NZX50G index
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Portfolio company performance in FY2022

50% 25% 0% -25% -50%

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• Re-entered EBOS in December 2021 – Chart displays holding period return

2. Market Update

Global markets have sold off in two phases

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14,000
Phase I: Inflation +
interest rate explosion
= valuation correction
13,000
12,000
11,000
Phase II:
Recession/corporate
earnings fears
10,000
Mar 21 Jun 21 Sep 21 Dec 21 Mar 22 Jun 22
FY2022 financial year
Note: S&P/NZX50G index; Source: Bloomberg
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Phase I

Interest rates have driven down valuations

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25 0%
1%
20
2%
3%
15
4%
10 5%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
S&P 500 P/E Ratio (LHS) US 10 Year Treasury yield Inverted (RHS)
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Source: Bloomberg
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Phase II

Concerns about lobal rowth g g

World 2022 Real GDP Growth US Business Outlook Survey (diffusion index) NZ Consumer Sentiment (ANZ Roy Morgan)

Average across 2021

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4.3%
31
108
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Latest

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3.0%
-12
82
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Source: Bloomberg

But…the good news is…fear is elevated

Outside of major economic stress, risk indicators have not been this elevated

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4
GFC
3
COVID-19/global
lock-downs
2
Eu sovereign crisis
Tech
1
wreck
0
-1
Jan 01 Jan 03 Jan 05 Jan 07 Jan 09 Jan 11 Jan 13 Jan 15 Jan 17 Jan 19 Jan 21
BofA Risk Indicator
Source: Bloomberg
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3. Kingfish process in action: Divergence between fundamentals and sentiment

Execution of growth strategy continues

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2017A 2022A
219
166
Building & Focus on
intensifying 86 culture,
73
the branch people,
network service
New Zealand Offshore
Top 500 customers in FY22 Transport profit before tax margin
(percent of revenue)
+78 [newly won customers]
Increasing 10%
Growing
efficiency
market +68 [higher share of spend]
driving up 8%
share
margins
+25 [now in multiple regions]
6%
+10 [now across all 3 products] FY20 FY21 FY22
Source: Company data
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Onus shifts to ‘bears’ to prove slowdown

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Share price has pulled back sharply …

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100
80
60
40
20
0
Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22
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… despite continued growth trajectory in the core business (weekly profit before tax) $6m $5m $4m $3m $2m $1m - FY17 FY18 FY19 FY20 FY21 FY22 FY23E Transport Warehousing

Source: Bloomberg

4. Portfolio insights

Portfolio management: FY22 and FY23 to date

Target weight changes (net)

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Smaller Larger
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What went especially well and why

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Continues to take market share in pharmaceutical distribution

Strong asset realisations

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Date	Event	% Market cap
April 2020	Tilt Renewables capital return	4.4%
August 2021	Tilt Renewables full sale	34.1%
July 2022	Vodafone towers sale	14.2%
Total		52.7%

Market capitalisation measured as at 21 July 2022

EBOS Competitor 1 Competitor 2 FY19 FY21

Broker estimates

What didn’t go well and what we learned

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Differentiated capital management
50%
45%
40%
35%
30%
25%
20%
2016 2017 2018 2019 2020 2021
Ryman Summerset
Source: Bloomberg
Net debt / (net debt + equity)
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Revenue spike from COVID coming back to earth

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2000
1750
1500
1250
1000
750
500
FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23EFY24E
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5. Outlook

Outlook

• NZ/global economic activity levels slowing

• Inflation and interest rates possibly stabilising

• Volatility creates opportunities

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

A tough few months for Kingfish but long term outperformance intact

$1,400,000 $1,200,000

Adj. NAV S&P/NZX50G

$1,000,000

$800,000 $600,000 $400,000 $200,000 $- Mar 04 Mar 06 Mar 08 Mar 10 Mar 12 Mar 14

Mar 16

Mar 18 Mar 20 Mar 22

As at 31 July 2022

… I am Summerset

• 3.0x 2.5x 2.0x 1.5x 1.0x

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0.5x Nov 11 Nov 13 Nov 15 Nov 17 Nov 19 Nov 21 Summerset rolling 12 month forward estimated Price/Book

Source: Bloomberg

General Questions from Shareholders (not relating to resolutions)

ONLINE ATTENDEES – VOTING PROCESS

Shareholder & Proxyholder Voting

Once the voting has been opened, the resolutions and voting options will allow voting.

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. Your vote has been cast when the tick appears. To change your vote, select ‘Change Your Vote’.

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Annual Meeting 2022 resolutions

2022 Annual Meeting Resolutions

• Introduce and propose

• Discussion, questions

• Lodge your vote per the digital portal

Matters of Business

• Annual Report

• Resolutions:

• Elect Fiona Oliver

• Auditor remuneration

Resolution 1 Election of Fiona Oliver

To elect Fiona Oliver as a Director of Kingfish Limited

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Resolution 2

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