Marlin Global Limited — AGM Information 2021

Nov 7, 2021

MARLIN GLOBAL LIMITED Annual Meeting of Shareholders 8 November 2021

Agenda

• Preliminary matters

• Chair’s Overview

• Manager’s Review

• Q&A

• Annual Meeting Resolutions

ONLINE Attendees – Question Process

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Board of Directors

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Alistair Ryan David McClatchy Andy Coupe Carol Campbell

Marlin Team

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Ashley Gardyne Chris Waters Harry Smith Wayne Burns Snr Portfolio Snr Snr Investment Corporate Manager Investment Analyst Manager Analyst

Chair’s Overview

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 in a single tax-efficient vehicle

2021 Overview

Net profit	Dividend	NAV per share	Share price
$69.2m (2020: $22.6m)	8.84cps (2020: 7.90cps)	$1.28 (2020: $1.03)	$1.60 (2020: $0.98)
Total shareholder return	Dividend return #	Adjusted NAV return	Share price premium / (discount) to NAV
+88.5% (2020: 15.5%)	+6.9% (2020: +8.3%)	+40.3% (2020: 16.6%)	24.6% (2020: (4.7%))

*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.

Dividend return – how much Barramundi pays out in dividends each year relative to its average share price during the period. (Dividends paid by Barramundi may include dividends received, interest income, investment gains and/or return of capital). ^Share price discount to NAV (excluding warrants).

2021 Overview- Continued	2021 Overview- Continued	2021 Overview- Continued	2021 Overview- Continued
For the year ended 30 June	12 months	**3 years (annualised) **	5 years (annualised)
**Adjusted NAV return ***	+40.3% (2020: +16.6%)	+20.4%	+20.2%
**Gross Performance ***	+46.7% (2020: +19.8%)	+24.6%	+24.6%
Benchmark Index ^	+37.8% (2020: +0.04%)	+12.1%	+14.5%

*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.

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

Earnings Per Share

Earnings Per Share	2021	2020	2019	2018	2017
Basic Earnings per Share (cents)	35.55	15.18	6.68	20.20	13.51
Diluted Earnings Per Share (cents)	38.60	15.09	6.49	20.08	13.51

Movements in Shareholders’ Funds

12 Months to 30 June 2021 ($m)

Quarter 1, 2022

30 June – 30 September 2021

Net loss NAV per share ($4.7m) $1.24 Adjusted NAV Return Benchmark Index (2.0%) (0.5%) Share price Total shareholder return $1.49 (5.7%)

.

Marlin Warrants - MLNWE

• 47.3m warrants issued free to shareholders in May 2021

• Exercise date 20 May 2022

• Exercise price $1.28, less dividends between 17 May 2021 and announcement of final exercise price in early April 2022

Manager’s Review Ashley Gardyne (Senior Portfolio Manager)

Agenda

1. Review of markets in 2021

2. Company performance

1. Portfolio activity and positioning

2. Outlook

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Why Marlin
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1. Review of markets in 2021

What a difference a year makes

MSCI World Index (USD)

2020 2021 +36% +0% Why Marlin Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21

For context – it was the best year in two decades

45%

MSCI World Index – annual returns Year end 30 June

30%

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15%
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0%

-15% -30%

One-way traffic driven by improving corporate earnings

MSCI World earnings growth (+41%)

MSCI World Index (+36%)

Jul-20

Oct-20 Jan-21 Apr-21 MSCI World Index (LHS) Blended 12mo. EPS Est. (RHS)

Reopening driving a strong economic rebound

Retail sales trending strongly…

…and travel is coming back

Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 US Retail Sales

Jan-19 Jul-19 Jan-20 Jul-20 Jan-21 US Domestic and International Passenger Index

Cyclicals outperform last year’s COVID-beneficiaries

69% 50% 38% S&P 500 S&P 500 S&P 500 Banks Industrials

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+25%

+134%

2. Company Performance

Strong performance in a buoyant market

Marlin gross portfolio performance vs Global benchmark (%)

47% 38%

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Marlin Benchmark*

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

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Why Marlin
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Stock performance by company

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140% 134%
120%
100%
100%
83%
80%
60%
47%
40%
20%
0%
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Total Shareholder Return (%) Marlin portfolio companies

New portfolio additions drove outperformance

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New additions +6.8%
Why Marlin
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Hilton: The Waldorf-Astoria of hotel stocks

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• Leading global portfolio of hotel brands

• Fee-based business with minimal capital requirements

• 5% market share, but c.20% market share of future hotel openings

• Engaged customers with 118m loyalty members

Hilton - Market share by region

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23%
Share of rooms
Share of pipeline
18%
15%
13% 13%
9%
6%
3%
2% 2%
USA Europe APAC MEA LatAm
Why Marlin
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China’s regulatory crackdown impacting Alibaba and Tencent

Significant share market impact, but key regulatory changes seem measured and manageable for now

• Anti-trust / competition

• End exclusive agreements, opening up platforms

• Data and security

• Giving consumers more control of data

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350 Alibaba share price
300
-46%
250
200
150
100
50
2014 2015 2016 2017 2018 2019 2020 2021
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• Fintech regulation

• Increased fintech oversight / regulation

• Online gaming

• Limit children’s time and money spent on gaming

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800
Tencent share price
-39%
600
400
200
2014 2015 2016 2017 2018 2019 2020 2021
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3. Portfolio activity and positioning

New additions bring diversity

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• Manufacturer of medical devices

• Taking share in a fast growing industry

• Proven track record of innovation and strong pipeline of new devices

• 4th largest homebuilder in the US

• Capital light business model

• Economies of scale benefits

• Taking share in a fragmented market

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• Leading UK food-on-the-go brand

• Vertically integrated model

• High quality product at discount pricing

• Gaining share in fragmented market

• US bank for high-net-worth households

• Superior service offering

• Long track-record of growth

• Extremely prudent lending standards

• Well-run founder led business

First Republic: Service that delights

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• Founder-led with a high touch relationship banking model

• Client satisfaction 2x the US banking industry

• Conservative lending and limited credit losses

• 15% pa revenue growth over last decade

Client Satisfaction Score

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83
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68 68
62
36
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First US Bank Netflix Amazon Apple Republic Average

Satisfaction measured by Net Promoter Score.

Building an all-weather portfolio

Economic scenarios

Strong economy Cyclicals outperform (housebuilders, industrials, banks)

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Economy muddles through Tech & growth stocks outperform

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Deep recession Defensives outperform (consumer staples, utilities)

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Why Marlin Diversification across sectors and economic sensitivity (cyclicals vs defensives) helps reduce exposure to any one economic scenario

4. Outlook

Outlook: a fork in the road

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• COVID recovery & healthy consumer driving economic growth, supply chain bottlenecks and inflation

• The inflation debate has broad implications for monetary policy, interest rates and financial markets

• High quality companies with pricing power have historically outperformed in periods of elevated inflation

• e.g. Mastercard and PayPal well placed

• Portfolio now has greater exposure to cyclical companies, which would benefit from a prolonged upturn (e.g. banks and homebuilders)

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Why Marlin
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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.

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

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 Cam bell p

To re-elect Carol Campbell as a Director of Marlin Global Limited

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Resolution 2 E lection of David McClatch y

To elect David McClatchy as a Director of Marlin Global 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

• Enter your votes via the digital portal

• Results to NZX

Thank You