Marlin Global Limited — AGM Information 2017

Nov 13, 2017

Marlin Global Limited

Annual Meeting of Shareholders 14 November 2017

A enda g

• Preliminary matters (Annual Report, minutes & class financial advice)

• Chair’s Overview

• Manager’s Review

• Q&A

• Annual Meeting Resolutions

Board of Directors

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Alistair Ryan Carmel Fisher Andy Coupe Carol Campbell

Investment Team

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Ashley Gardyne Snr Portfolio Manager

Chris Waters Snr Investment Analyst

Chair’s Overview Presentation of Annual Result

Marlin’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 international quality, growth stocks single tax-efficient vehicle

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2017 Overview

Net profit	Dividend	NAV per share
$15.7m (2016: -$6.9m)	6.81cps (2016: 7.47cps)	$0.89 (2016: $0.83)
Total shareholder return*	Dividend return	Adjusted NAV return*
+9.1% (2016: -0.3%)	+8.6% (2016: +8.6%)	+16.8% (2016: -6.7%)

*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP Financial Information Policy which is available on the Marlin website.

Use of Shareholder Funds

Year ended 30 June 2017 ($m)

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115
110
+1
-8
105
+3 -0.5
100 +16
95
90
106
85
94
80
75
70
Opening Net Dividends Dividends Buybacks Shares issued for Closing
NAV Profits Paid Reinvested warrants exercised NAV
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Portfolio Performance

For the year ended 30 June	12 months	3 years (annualised)	5 years (annualised)
Gross Performance Return*	+22.4%	+12.2%	+13.4%
Benchmark Index^	+19.2%	+14.6%	+16.5%

*This metric is a Non-GAAP measure calculated in accordance with the methodology described in the Marlin Non-GAAP Financial Information Policy which is available on the Marlin website.

^World Small Cap Gross Index until 30 September 2015 & S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD) from 1 October 2015.

2017/2018 First Four Months

30 June – 31 October 2017

Total shareholder return Gross performance return +6.3% +12.5%

NAV per share Blended Index^ $0.98 +11.5% Net profit $11.8m

*These metrics are Non-GAAP measures calculated in accordance with the methodology described in the Marlin Non-GAAP Financial Information Policy which is available on the Marlin website.

^S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)

Manager’s Review Ashley Gardyne Senior Portfolio Manager

Agenda

1. Why own international shares? 2. Review of markets in 2017 3. Portfolio activity and performance 4. Outlook

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1. Why own international shares?

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Why Marlin
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Why bother with international shares?

• Opportunity to own world leading companies

• Not linked to NZ economy, shares or property

• Exposure to other currencies

Why bother with international shares?

FY16

FY17

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-3.8% -3.9%
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20.4%
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22.4%
19.2%
10.4%
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Marlin Benchmark NZX50 Marlin Benchmark NZX50

October 2015.

2. Review of markets in 2017

What drove global markets in 2017?

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+15%
Aug-16 Nov-16 Feb-17 May-17
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May-16 Aug-16 Nov-16
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What drove global markets in 2017?

+15%

Aug-16

Market driven by earnings growth +16% Nov-16 Feb-17

May-16

May-17

And what drove corporate earnings?

Global GDP growth (%) Higher and more synchronised

9 8 7 6 5 4 3 2 1

2012 2017

(1)

Why Marlin Europe China

US

NZ

3. Portfolio activity and ~~performance~~

Selected exits and additions

Additions

Exits

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• Global leader in heart valves

• Large growth opportunity in minimally-invasive heart repair

• Market too focused on quarterly earnings

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• 1 US medical waste operator

• US hospital consolidation led to lower bargaining power

• Growth outlook reduced

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• Service provider to oil industry

• Long track record of growth

• Opportunity given weak oil price

• Exposure to new sector

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• Global leader in ostomy care

• Great business, but growth outlook now more challenged

• Better opportunities elsewhere

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• 2 global hearing aid supplier

• High tech barriers to entry

• Steadily growing demand

• Opportunity to grow in retail

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• Global infant formula player

• Leader in emerging markets

• Exited at 30% premium after takeover

Key new addition:

Leader in hearing care…

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… benefiting from new technology and increasing adoption

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Hearing aid penetration
50%
40%
30%
20%
10%
0%
UK US Italy Spain
France
Denmark Australia
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What does William Demant do?

• 2[nd] largest hearing aid manufacturer

• Market leader in hearing diagnostics

• Large growing chain of audiologists

• • Growing business in hearing implants

• We like William Demant because:

• Oligopolistic market with 4 key players

• High technological barriers to entry

• Gaining share via leading technology

• Steadily growing demand

• Opportunity to grow retail business

• High incremental margins

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Our companies delivered strong growth

EBITDA Growth (%)

60% 50% 40% 30% 20% 10% 0% -10% -20% -30%

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EBITDA growth for the 12 months ended 30 June 2017

Which has driven strong returns

80 70 60 50 40 30 20 10

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• -10 -20

Total Shareholder Return (%) Marlin portfolio companies

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Why Marlin
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Investment process rewarded

Marlin gross performance vs global markets (%) For the year ended 30 June 2017

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22%
19% 19%
15%
13%
12%
10%
Marlin Benchmark NZ Australia USA Europe UK
Why Marlin
Benchmark: S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
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Benchmark: S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)

The result: A balanced portfolio

Marlin portfolio – Sector split

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of companies 29 (32) # of countries 11 (9) EBITDA growth +13% (14%) Wh Marlin y

4. Outlook

Markets have had a good run …

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PE multiple
200
NZX50 19.8x
180
S&P500 18.0x
160
140
120
MSCI Europe 15.1x
100
ASX 200 16.0x
80
MSCI EM 12.9x
60
40
20
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
…and investors need to be more selective Why Marlin
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Marlin is doing its job for you

• International shares play important role in portfolios

• We continually scour the globe for the best investments

• Our goal is to maintain a portfolio of high quality growth stocks that will outperform over an economic cycle

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Why Marlin
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General Questions from Shareholders (not relating to resolutions)

Annual Meeting 2017 resolutions

2017 Annual Meeting Resolutions

• Introduce and propose

• Discussion, questions

• Enter your vote on voting paper and lodge your voting paper at end of resolutions

Matters of Business

• Annual Report

• Resolutions:

• Re-elect Andy Coupe

• – Auditor’s remuneration

Resolution 1 - Re election of Andy Coupe

To re-elect Andy Coupe as a director of Marlin Global Limited

Resolution 2 Auditor’s Remuneration

To authorise the Board of Directors to fix the remuneration of the auditor for the ensuing year

Proxy Count

Resolution	For	Against	Discretionary	Total	Abstain
Re-elect Andy Coupe	4,375,919	861,502	1,892,403	7,129,824	0
Fix auditor’s remuneration	5,048,667	233,419	1,767,230	7,049,316	80,508

Proxy votes to date: 7.1 million

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