Marlin Global Limited — Fund Information / Factsheet 2021

Sep 13, 2021

MONTHLY UPDATE

September 2021

Share Price

$ 1.53

MLN NAV Warrant Price PREMIUM[1] $ $ % 1.30 0.24 22.3

as at 31 August 2021

A WORD FROM THE MANAGER

Marlin’s gross performance return for August was up 0.6%, while the adjusted NAV was 0.3%. This compared with our global benchmark, S&P Large Mid Cap/S&P Small Cap Index (50% hedged to NZD), which was up 2.0%.

Global equities delivered total returns of 2.5% in August. Japan was the best performing region in August, closely followed by the S&P 500 which delivered returns of 3.0%. US markets were supported by a well-received speech from the US Fed Chairman, Jerome Powell, and the passing of an infrastructure bill by the US Senate, which now heads to the House of Representatives. The delta variant of COVID-19 is a concern in the US, especially in States with low vaccine up take, but to date, we are not seeing a significant slowdown in consumer foot traffic, restaurant bookings or flight activity.

Portfolio Developments

Gartner (+17%) delivered another strong quarterly earnings result with continued strength across all product lines and end-markets. Gartner’s core research products continue to see strong demand from customers looking to manage their IT and other business functions. With inperson conferences expected to resume later this year, this should provide a further boost to the business.

Signature Bank (+14%) continues to perform very strongly even as interest rates in the US remain stubbornly low. The company is benefitting from wider interest in crypto currencies, most notably stable coins, resulting in strong inflows of cheap deposits. Signature Bank offers banking services to crypto currency exchanges and institutions who participate in that space. The bank also has positive lending momentum with continued growth in capital call lending to private equity and venture capital firms as well as a new mortgage warehouse team, which should be additive. In addition, with cash being 25% of assets, it was positive news that the bank will be more aggressive investing into securities, which should help net interest income.

Greggs (+10%) the UK based food-on-the-go retailer is best known for its sausage rolls and meat pasties. Shares have risen 70% year-to-date, benefitting from the re-opening of the British economy. Greggs continues to be an attractive long-term growth story with the potential to keep opening stores at attractive returns, capture market share (given the strength of their value proposition and opening of new locations) and the implementation of strategic initiatives. The latter includes opening stores later into the evening, doing delivery (which is now 8.5% of sales), click and collect and a new and improved loyalty programme, which will allow for much more personalisation.

Dollar Tree (-9%), the discount US retailer shares were lower after its quarterly earnings update missed expectations. The main cause was the continued increase in shipping costs. The spot market for shipping containers is up 280% year-on-year. We expect this to be transitory as shipping capacity and supply chains eventually correct. Looking through the freight headwind, we were encouraged by the progress the company is making on its growth initiatives. The company’s combo store initiative, which combines Dollar Tree and Family Dollar banners, is achieving a 20%+ sales uplift. The company is also moving ahead and making progress on its Dollar Tree Plus! initiative, which moves Dollar Tree from a $1 fixed price point store to a multi-price point retailer. This will lift store sales and profit margins.

Alibaba (-14%) was lower for the month as the changing r e gulatory backdrop continues to be an area of focus for the markets. New data privacy and security regulations c ame out during the month. While the exact details are still being finalised, we do not believe the proposed changes will have a material impact on Alibaba’s advertising business. The company also produced a lacklustre earnings report as ecommerce growth lagged peers. The company is currently investing heavily into new growth areas such as community group buying and

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1 Share Price Premium to NAV (including warrant price on a pro-rated basis and using NAV to four decimal places).

live streaming which is depressing profitability. As we have seen during similar investment periods historically, we expect these investments to accelerate growth as Alibaba leverages its technological and logistics capabilities into these new businesses.

StoneCo (-21%), the digital payments provider based in Brazil, slid after strong operational growth in its business was offset by higher-than-expected credit losses. As an emerging payment provider that helps Small to Medium businesses (SMBs) accept digital payments, StoneCo delivered strong payment volume growth and new client additions. Payment volumes grew 59% over the last year and they now have 766,000 SMB clients (up 45% over the last year). Teething problems with a new government designed registration system for debt receivables has caused higher than expected delinquencies on advances

KEY DETAILS

as at 31 August 2021

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----- Start of picture text ----- FUND TYPE Listed Investment CompanyINVESTS IN Growing international companiesLISTING DATE 1 October 2007FINANCIAL YEAR END 30 JuneTYPICAL PORTFOLIO20-35 stocksSIZEINVESTMENT CRITERIA Long-term growthPERFORMANCE Long-term growth of capital andOBJECTIVE dividendsTAX STATUS Portfolio Investment Entity (PIE)MANAGER Fisher Funds Management Limited1.25% of gross asset value(reduced by 0.10% for everyMANAGEMENT 1% of underperformanceFEE RATE relative to the change in theNZ 90 Day Bank Bill Indexwith a floor of 0.75%)PERFORMANCE Changes in the NZ 90 Day BankFEE HURDLE Bill Index + 5%10% of returns in excess ofPERFORMANCE FEEbenchmark and high water markHIGH WATER MARK $1.28PERFORMANCE FEE CAP 1.25%SHARES ON ISSUE 190mMARKET CAPITALISATION $291mNone (maximum permitted 20% ofGEARINGgross asset value)----- End of picture text -----

to customers. This has caused StoneCo to pull back on lending until these issues are resolved. The core payment processing part of the businesses is unaffected, and we believe the option to extend credit to clients is an important growth avenue for StoneCo longerterm. Ultimately, we see the industry-wide credit teething problems being resolved, and StoneCo delivering strong growth in the years ahead.

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Ashley Gardyne Senior Portfolio Manager Fisher Funds Management Limited

SECTOR SPLIT

as at 31 August 2021

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----- Start of picture text ----- INDUSTRIALSCONSUMERDISCRETIONARY3 [%]FINANCIALS35 [%]9 [%]HEALTH CARECOMMUNICATION13 [%] SERVICESINFORMATION24 [%]TECHNOLOGY15 [%]----- End of picture text -----

The Marlin portfolio also holds cash.

GEOGRAPHICAL SPLIT

as at 31 August 2021

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----- Start of picture text ----- SOUTH AMERICAWESTEUROPE 1 [%]10 [%]NORTHAMERICAASIA 74 [%]13 [%]----- End of picture text -----

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AUGUST’S SIGNIFICANT RETURNS IMPACTING

THE PORTFOLIO during the month

Typically the Marlin portfolio will be invested 90% or more in equities.

GARTNER SIGNATURE BANK GREGGS ALIBABA STONECO +17[%] +14[%] +10[%] -14[%] -21[%]

5 LARGEST PORTFOLIO POSITIONS as at 31 August 2021

FACEBOOK

10[%]

ALPHABET ALIBABA 7[%] 7[%]

TENCENT SIGNATURE BANK 7[%] 6[%]

The remaining portfolio is made up of another 17 stocks and cash.

TOTAL SHAREHOLDER RETURN to 31 August 2021

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----- Start of picture text ----- Share Price Total Shareholder Return$5.00$4.00$3.00$2.00$1.00$0.00Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020Share Price/Total Shareholder Return----- End of picture text -----

PERFORMANCE to 31 August 2021

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----- Start of picture text ----- 1 Month 3 Months 1 Year 3 Years 5 Years(annualised) (annualised)Company PerformanceTotal Shareholder Return (1.8%) +5.0% +45.7% +31.1% +26.4%Adjusted NAV Return +0.3% +6.9% +29.3% +18.8% +19.3%Portfolio PerformanceGross Performance Return +0.6% +7.2% +34.1% +23.1% +23.6%Benchmark Index^ +2.0% +5.6% +30.9% +11.1% +13.9%----- End of picture text -----

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

Non-GAAP Financial Information

Marlin uses non-GAAP measures, including adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return. The rationale for using such non-GAAP measures is as follows:

• » adjusted net asset value – the underlying value of the investment portfolio adjusted for capital allocation decisions after expenses, fees and tax,

• » adjusted NAV return – the net return to an investor after expenses, fees and tax,

• » gross performance return – the Manager’s portfolio performance in terms of stock selection and currency hedging before expenses, fees and tax, and

• » total shareholder return – the return combines the share price performance, the warrant price performance, the net value of converting any warrants into shares, and the dividends paid to shareholders. It assumes all dividends are reinvested in the company’s dividend reinvestment plan, and that shareholders exercise their warrants, (if they were in the money) at warrant expiry date.

All references to adjusted net asset value, adjusted NAV return, gross performance return and total shareholder return in this monthly update are to such non-GAAP measures. The calculations applied to non-GAAP measures are described in the Marlin Non-GAAP Financial Information Policy. A copy of the policy is available at http://marlin.co.nz/about-marlin/marlin-policies/

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ABOUT MARLIN GLOBAL

MANAGEMENT

BOARD

Marlin is an investment company listed on the New Zealand Stock Exchange. The company gives shareholders an opportunity to invest in a diversified portfolio of between 20 and 35 quality growing international companies (excluding New Zealand and Australia) through a single, professionally managed investment. The aim of Marlin is to offer investors competitive returns through capital growth and dividends.

The Manager has authority delegated to it from the Board to invest according to the Management Agreement and other written policies. Marlin’s portfolio is managed by Fisher Funds Management Limited. Ashley Gardyne (Senior Portfolio Manager), Chris Waters and Harry Smith (Senior Investment Analysts) have prime responsibility for managing the Marlin portfolio. Together they have significant combined experience and are very capable of researching and investing in the quality global companies that Marlin targets. Fisher Funds is based in Takapuna, Auckland

The Board of Marlin comprises independent directors Alistair Ryan (Chair), Carol Campbell, Andy Coupe and David McClatchy.

CAPITAL MANAGEMENT STRATEGIES

Regular Dividends

• » Quarterly distribution policy introduced in August 2010

• » Under this policy, 2% of average NAV is targeted to be paid to shareholders quarterly

• » Dividends paid by Marlin may include dividends received, interest income, investment gains and/or return of capital

• » Shareholders who prefer to have increased capital rather than a regular income stream have the opportunity to participate in the company’s dividend reinvestment plan (DRP)

• » Shares issued to DRP participants are at a 3% discount to market price

• » Marlin became a portfolio investment entity on 1 October 2007. As a result, dividends paid to New Zealand tax resident shareholders have not been subject to further tax

Share Buyback Programme

• » Marlin has a buyback programme in place allowing it (if it elects to do so) to acquire its shares on market

• » Shares bought back by the company are held as treasury stock

• » Shares held as treasury stock are available to be reissued for the dividend reinvestment plan

Warrants

• » On 19 April 2021 a new issue of warrants (MLNWE) was announced

• » The warrants were issued at no cost to eligible shareholders in the ratio of one warrant for every four Marlin shares held

• » The warrants were allotted to shareholders on 17 May 2021 based on a 14 May 2021 Record Date and were listed on the NZX Main Board from 18 May 2021. (Information pertaining to the warrants was mailed/ emailed to shareholders in early May 2021)

• » The Exercise Price of each warrant is $1.28, adjusted down for the aggregate amount per Share of any cash dividends declared on the Shares with a record date during the period commencing on the date of allotment of the Warrants and ending on the last Business Day before the final Exercise Price is announced by Marlin. Dividends totalling 4.89 cents per share have been declared to date and there are two more dividends expected to be declared in the remaining period up to the announcement of the 20 May 2022 exercise price.

• » The Exercise Date for the new warrants (MLNWE) is 20 May 2022

• » The final Exercise Price will be announced and an Exercise Form sent to warrant holders in April 2022

Disclaimer: The information in this update has been prepared as at the date noted on the front page. The information has been prepared as a general summary of the matters covered only, and it is by necessity brief. The information and opinions are based upon sources which are believed to be reliable, but Marlin Global Limited and its officers and directors make no representation as to its accuracy or completeness. The update is not intended to constitute professional or investment advice and should not be relied upon in making any investment decisions. Professional financial advice from a financial adviser should be taken before making an investment. To the extent that the update contains data relating to the historical performance of Marlin Global Limited or its portfolio companies, please note that fund performance can and will vary and that future results have no correlation with results historically achieved.

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Marlin Global Limited Private Bag 93502, Takapuna, Auckland 0740 Phone: +64 9 484 0365 | Fax: +64 9 489 7139 Email: enquire@marlin.co.nz | www.marlin.co.nz

Computershare Investor Services Limited Private Bag 92119, Auckland 1142 Phone: +64 9 488 8777 | Fax: +64 9 488 8787 Email: enquiry@computershare.co.nz | www.computershare.com/nz

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