Kingfish Limited — AGM Information 2023

Aug 4, 2023

Kingfish Limited

ANNUAL MEETING OF SHAREHOLDERS 4 August 2023

Board of Directors

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Andy Coupe

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Carol David Fiona Campbell McClatchy Oliver

Kingfish Team

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Matt Peek Zoie Regan Portfolio Senior Investment Manager Analyst

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Michael Wayne Burns Bacon Corporate Senior Investment Manager 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

• ESG

• Climate Risk reporting

• Director skill matrix reporting

2023 Overview

Net (loss) /profit Dividend NAV per share Share price ($19.5m) 11.64cps $1.40 $1.32 (2022: $1.75) (2022: -$17.3m) (2022: 14.34cps) (2022: $1.58) Share price Total shareholder Adjusted NAV discount/ Dividend return return return (premium) to NAV ^ 5.7% -18.8% +7.7% -3.6% (2022: (11.6%)) (2022: +0.02%) (2022: +7.4%) (2022: -3.5%) *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 discount/ (premium) to NAV (including warrant price on a pro-rated basis, when warrants are on issue).

– 2023 Overview Continued

Portfolio Performance

For the year ended 31 March	12 months	3 years (annualised)	5 years (annualised)
Adjusted NAV return*	-3.6% (2022: -3.5%)	+9.5%	+9.1%
**Gross performance ***	-2.7% (2022: -2.5%)	+11.5%	+11.5%
Benchmark Index ^	-1.9% (2022: -3.6%)	+6.7%	+7.4%

*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	2023	2022	2021	2020	2019
Basic Earnings per Share (cents)	-6.00	-5.49	56.28	0.75	24.24
Diluted Earnings per Share (cents)	-6.00	-5.49	54.65	0.75	23.81

Use of Shareholders’ Funds

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First three Months, FY 2024

1 A ril – 30 June 2023 p Adjusted NAV return* 1.9% Share price 30 June 2023 $1.34

Total shareholder return* 3.8%

NAV per share 30 June 2023 $1.40 Net profit $8.8m

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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

• 83.1m KFLWH warrants issued 6 July 2023 with an initial exercise price of $1.37

• Exercise date is 26 July 2024

• The final exercise price will be announced in early June

• 2024

Manager’s Review

Matt Peek Portfolio Manager

Agenda

1. FY2023 review and market update

2. Kingfish portfolio insights

3. Outlook

1. FY2023 review and market update

Manager performance in Financial Year 2023

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-
-1%
-2%
-1.9%
-3% -2.7%
-4%
-5%
Kingfish gross performance return S&P/NZX50G index
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A year of two halves

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12,500
First half Second half
-8.6% +7.4%
12,000
11,500
11,000
S&P/NZX50G Index
10,500
31 Mar 22 30 Jun 22 30 Sep 22 31 Dec 22 31 Mar 23
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FY2023 financial year

Note: S&P/NZX50G index; Source: Bloomberg

Inflation & interest rates

Inflation is heading lower …

… however, interest rates remain elevated

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10%
6%
◼ NZ CPI ◼ NZ 10 yr govt bond
8%
5%
◼ US CPI ◼ US 10 yr govt bond
4%
6%
3%
4%
2%
2%
1%
0% -
Jun 20 Jun 21 Jun 22 Jun 23
Dec 19 Dec 20 Dec 21 Dec 22 Jun 20 Jun 21 Jun 22 Jun 23
Dec 19 Dec 20 Dec 21 Dec 22
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Source: Bloomberg

Economic backdrop

Expected NZ GDP growth for 2023 is lower than other key economies

3% 2% 1% - New Zealand Australia United States Global Beginning of year As at 31 July 2023

Source: Bloomberg

2. Kingfish portfolio insights

Portfolio company performance in FY2023

-50% -25% 0% 25% 50%	4% 8% 11% 11% 12% 14% 15% 22%
	-39% -36% -25% -23% -21% -14% -1% Ryman Healthcare Delegat Vista Summerset Freightways Mainfreight Contact Energy Port Of Tauranga Meridian Energy a2 Milk Auckland Airport F&P Healthcare Infratil EBOS Pushpay

Source: Bloomberg; Note: Total shareholder return

Portfolio management: FY2023 and FY2024 to date

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Target weight
changes (net)
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Smaller Larger
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Portfolio departure and new addition

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Slowing customer growth in core
donor management product
10k
9k
98%
9k DIFOT
(high service)
8k
8k
7k
Sep Mar Sep Mar Sep Mar Sep
19 20 20 21 21 22 22
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Source: Company releases; Note: 98% DIFOT (Delivery In Full and On Time) per Vulcan prospectus

Short term setbacks present opportunity

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$30
$28
$26
FY 2022 result at
lower end of guidance
Weak first half
$24
trading update
$22
$20
$18
$16
31 Mar 22 30 Jun 22 30 Sep 22 31 Dec 22 31 Mar 23
FY2023 financial year
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Source: Bloomberg

Long term fundamentals remain intact

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$30
$28
$26
$24
New product launches
$22
$20
$18 Inventory Improved revenue guidance
destocking
fading
$16
31 Mar 22 30 Jun 22 30 Sep 22 31 Dec 22 31 Mar 23
FY2023 financial year
Source: Bloomberg
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Kingfish: backing quality growth companies

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Quality Growth
14.9% 15.1%
13.6%
12.1% +12%
+8%
+8%
+5%
Return on Operating Profit Earnings Per Share Sales
Capital Employed Margin Growth Growth
Kingfish median Benchmark (NZX 50) median
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Source: Fisher Funds analysis based on Bloomberg data as at 25 July 2023; Notes: (1) ROCE normalised for last financial year (2) Operating margin excludes property sector, retirement sector, and Infratil; (3) Growth rates consensus for next 12 months to subsequent 12 months

Kingfish: a concentrated yet balanced portfolio

		Cash		Infrastructure	34%
				Industrial	21%
				Retirement	13%
				Consumer	6%
				Healthcare	17%
		15		Software	4%
		companies		Cash	4%
June	2023

As at 30 June 2023

3. Outlook

FY2024 first quarter performance (to 30 June 2023)

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+3%
2.3%
+2%
+1%
0.3%
Kingfish gross performance return S&P/NZX50G index
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Outlook

• Inflation subsiding, interest rates more stable but at higher levels

• NZ economy in recession (how deep?), pre-election uncertainty

• Global economy more positive

• Opportunities for active management

• Ongoing focus on responsible investment considerations

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

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 2023 Resolutions

2023 Annual Meeting Resolutions

• Introduce and propose

• Discussion, questions

• Lodge your vote per the digital portal

Matters of Business

• Annual Report

• Resolutions:

– Re-elect Andy Coupe

– Increase directors’ fee pool

• Auditor remuneration

Resolution 1 Re-election of And Cou e y p

To re-elect Andy Coupe as a Director of Kingfish Limited

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Resolution 2

Increase Directors’ fee pool

To authorise an increase in the Directors’ fee pool from $157,500 (plus GST if any) to $185,500 (plus GST if any).

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