Marlin Global ASM Presentation 3 November 2023

Annual Meeting
of Shareholders
MARLIN GLOBAL LIMITED
3 November 2023

Board of Directors
Marlin Team
Andy Coupe
Carol Campbell
David McClatchyFiona Oliver
Chris Waters
Snr Investment
Analyst
Wayne Burns
Corporate
Manager
Lily Zhuang
Investment
Analyst
Sam Dickie
Snr Portfolio
Manager
Daniel Moser
Investment
Analyst

Agenda
•Preliminary matters
•Chair’s Overview
•Manager’s Review
•Q&A
•Annual Meeting Resolutions

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Chair’s Overview

2023 Overview
Net profitDividendNAV per shareShare price
$23.6m
(2022: -$60.4m)
7.11cps
(2022: 9.68cps)
$0.93
(2022: $0.89)
$0.92
(2022: $1.12)
Total shareholder
return *
Dividend return #
Adjusted NAV
return *
Share price
(discount)/ ^
premium to NAV
-11.1%
(2022: -27.6%)
+7.3%
(2022: +7.0%)
+13.8%
(2022: -25.6%)
(1.1%)
(2022: 25.8%)
*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 Marlin pays out in dividends each year relative to its average share price during the period. (Dividends paid
by Marlin may include dividends received, interest income, investment gains and/or return of capital).
^Share price (discount) / premium to NAV (excluding warrants).

2023 Overview - Continued
*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)
For the year ended
30 June
12 months3 years (annualised)5 years (annualised)
Adjusted NAV return *
+13.8%+5.9%+8.2%
Gross Performance *
+16.4%+8.7%+11.1%
Benchmark Index ^
+15.3%+11.5%+7.2%

Earnings Per Share
Earnings Per
Share
20232022202120202019
Basic
Earnings per
Share
(cents)
11.63-31.3435.5515.186.68
Diluted
Earnings Per
Share
(cents)
11.63-31.3438.6015.096.49

Movements in Shareholders’ Funds
12 Months to 30 June 2023 ($m)

Quarter 1, 2024
30 June – 30 September 2023
Net loss
($8.2m)
NAV per share
$0.87
Adjusted NAV Return
-4.3%
Benchmark Index
-2.5%
Share price
$0.93
Total shareholder return
3.0%
.

Closing Remarks

Manager’s Review
Sam Dickie

Why Marlin
Reminder of why investing internationally makes sense
Note: 30 June 2022 to 30 June 2023, in NZD
+28%
+25%
+22%
+21%
+15%
+10%
-1%
Tech
(NASDAQ)
Europe
(Stoxx)
US
(S&P500)
Global
(MSCI World)
Aust
(ASX 200)
NZ
(NZX 50)
Bonds
(BB Global Agg)

Agenda
1.Review of markets in 2023
2.Company performance
3.Portfolio activity and positioning
4.Outlook

1. Review of markets in 2023

Why Marlin
-20%
-10%
0%
10%
20%
30%
40%
50%
Jun-13Jun-14Jun-15Jun-16Jun-17Jun-18Jun-19Jun-20Jun-21Jun-22Jun-23
Rebound in global equity markets after a weak 2022
MSCI World –annual return
+11% pa
Prior 10 years
average return
+19%
-14%

Why Marlin
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Interest rates: re-acceleration post Marlin year end

Why Marlin
Interest rates: re-acceleration post Marlin year end
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23

Why Marlin
7 tech titans driving most of the market gains
80
90
100
110
120
130
140
150
Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23
Indexed Return
40%
18%
12%
META, AMZN, AAPL, MSFT,
GOOGL, TSLA, and NVDA
S&P 500
Remaining 493 companies

2. Portfolio Performance

27%
10%
20%
47%
-25%
16%
-4%
17%
2%
0%
38%
-13%
15%
-5%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
60%
Jun-18Jun-19Jun-20Jun-21Jun-22Jun-23Jun-23 to
Oct-23**
Marlin Gross PerformanceGlobal Benchmark*
Improving performance in a challenging year
Marlin gross portfolio performance vs Global benchmark (%)
* S&P Large Mid Cap/S&P Small Cap Index (hedged 50% to NZD)
** Unaudited
+50% cumulative
outperformance
(average 7% p.a.)

-800
-700
-600
-500
-400
-300
-200
-100
0
100
200
300
400
500
Attribution (bps)
Why Marlin
Company contributions to excess return
Last 12 months

Why Marlin
Meta: game of two halves
Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23Apr-23May-23Jun-23
Share price movement
-25%
+138%
+78% net change for the
12 months to 30 Jun 2023
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
Top 10 global apps by user count (billions)

US Banks: unprecedentedbank run
Why Marlin
3%
1%
44%
15%
8%
Continental
Illinois
(1984)
Washington
Mutual
(2008)
Silicon Valley
Bank (2023)
Signature
Bank (2023)
First
Republic
Bank (2023)
% of deposits withdrawn per day

3. Portfolio activity and
positioning

Portfolio changes – additions and exits
Why Marlin
ExitsAdditions

Attractive opportunities within the portfolio
Why Marlin
Free cashflow
-$20
$0
$20
$40
$60
$80
$100
$120
$140
2016201720182019202020212022202320242025202620272028
Billions
0
2
4
6
8
10
12
14
16
200720082009201020112012201320142015201620172018201920202021202220232024
EPS
EPS up 13x since 2007
Share price up 7x

Why Marlin
High quality, growth companies, at attractive valuations
Growth
Sales growth
(next 3 years)
Earnings growth*
(next 3 years)
Quality
Return on capital
EBITDA margin
Value
P/E ratio**
PEG ratio
†
Marlin
Benchmark
Why
Marlin
* Earnings = earnings before interest, tax, depreciation and amortisation
** P/E = price to earnings
† PEG = price to earnings ratio, divided by the next 3 years’ earnings growth
4%
11%
8%
13%
15.8
22.5
18%
29%
6%
15%
1.8
1.6

4. Outlook

Why Marlin
Outlook
×Interest rates & cost of living impacting consumer spending
×Delinquencies picking up
×Geopolitical instability
✓Unemployment still low and consumer balance sheets strong
✓Inflationary pressures have eased a little
✓Equity valuations reasonable
Global economy more resilient than expected, but risks still lurking

Thank You

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’.

Annual Meeting
2023 resolutions

2023 Annual Meeting Resolutions
•Introduce and propose
•Questions
•Lodge your vote

Matters of Business
•Annual Report
•Resolutions:
–Re-elect Andy Coupe
–Increase directors’ fee pool
–Approve auditor remuneration

Resolution 1
Re- election of Andy Coupe
To re-elect Andy Coupe as a Director of
Marlin Global Limited

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), with
effect from 1 July 2023.

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

---

Marlin Global Limited
Phone +64 9 484 0365
Private Bag 93502
Takapuna, Auckland


3 November 2023
Marlin Global Limited Annual Meeting
Chair’s Address from Andy Coupe

[Slide: Marlin Global Limited Annual Meeting of Shareholders]
Welcome to the 16th Marlin annual meeting of shareholders, I’m Andy Coupe, the Chair of Marlin.
We have put in place the virtual meeting option for those who are unable to attend in-person, and
we welcome those who have joined the meeting via the Computershare virtual meeting platform.
We are duly convened as a Notice of Meeting has been circulated to shareholders and I can confirm
that a quorum is present, so I declare the meeting open.
Please note that the exits are at the back and front of the room.
Also please ensure you turn your cell phones off or put them on mute.
For those here in-person there will be a light lunch at the conclusion of the meeting. We look
forward to meeting many of you after the meeting.

[Slide: Introductions]
Let me introduce the front table. Firstly the directors. To my right is Carol Campbell (Chair of the
Audit & Risk Committee), next to her is David McClatchy (Chair of the Investment Committee) and
next to him is Fiona Oliver.
Next to Fiona is Sam Dickie, the Marlin Senior Portfolio Manager.
Next to Sam is Wayne Burns the Corporate Manager.
Also here today in the audience we have Senior Investment Analyst Chris Waters, and Investment
Analysts Lily Zhuang and Daniel Moser.
We are also pleased to have in the audience today representatives from our share registrar,
Computershare, auditor, PricewaterhouseCoopers, our tax advisors, Deloitte and our legal advisors,
Bell Gully.

[Slide: Agenda]
The Agenda for today.
Firstly preliminary matters.
• The minutes of the 2022 annual shareholders’ meeting held on 4 November 2022 are
available at the registration desk and also available on the Marlin website.

• The 2023 annual report was circulated to shareholders in September - additional copies are
available at the registration desk and can also be found on the Marlin website.
Today I’ll give a brief overview of the Marlin’s 2023 financial year, an update on the 2024 financial
year to date, and then Sam will present his review of the Marlin portfolio.
After the Manager’s Review, we’ll have a Q&A session, and then we’ll move to the formal business
of the meeting.
There are three resolutions for you to consider and vote on today, as set out in the Notice of
Meeting.

[Slide: Online Attendees – Question Process]
If you’re attending the meeting online, to send in a question, please select the Q&A tab on the right
half of your screen. Type your question into the field and press send. Your question will be
immediately submitted.
We’ve set aside a time at the end of the two presentations for general questions relating to the
operations and management of the business.
Questions relating to the three resolutions will be dealt with in conjunction with each of the
resolutions.
Should you require any assistance, you can type your query and one of the Computershare team will
assist with the chat function and reply to your query.

[Slide: Chair’s Overview]
It is now my pleasure to present the Chair’s Overview.

[Slide: 2022 Overview]
Looking back on the 2023 year:
• Marlin produced a $23.6m net profit, a significant turnaround from last year’s
significant loss, but which in turn followed the previous year’s record profit.
• Total shareholder return was down 11.1%. This return takes into account the dividends
paid out during the year, and also the change in the share price, which moved from
being at a 26% premium to the NAV at the start of the year, to a 1% discount to the
NAV at year end.
• Marlin’s quarterly dividends during the 2023 financial year, of 7.11 cents per share,
were equivalent to a dividend return, not a dividend yield, of +7.3% (2022: +7.0%). This
return is calculated based on the average share price for the year.
• The overall NAV per share increased from $0.89 (as at June 2022), to $0.93 as at 30
June 2023.
• The Adjusted NAV represents the total assets of Marlin minus liabilities adds back
dividends paid, and adjusts (hence the term) shares issued under the DRP at a 3%
discount, shares bought back off market and warrants exercised at a price different to
the NAV.
• The Adjusted NAV return, which is the percentage change in the Adjusted NAV for the
year, was up 13.8%.

As the footnote to this slide states, 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.


[Slide: 2022 Overview - Continued]
This chart compares the Adjusted NAV return and the gross performance return (the return before
expenses, fees and tax), to the benchmark index return over the last 1, 3 and 5 years.
While Marlin performance was generally in line with the benchmark over the most recent 12 months
and ahead of the benchmark over the five-year annualised performance, Marlin has
underperformed the benchmark over the 3-year period.
Sam will discuss the global market dynamics and comment in more detail on how the portfolio
performed in his Manager’s Review.

[Slide: Earnings Per Share]
This chart shows the earnings per share over the past 5-years
It’s a sobering reminder of the degrees of volatility that equity markets can experience from time to
time.

[Slide: Use of Shareholder Funds]
This chart shows the Marlin NAV of $178m as at June 2022 increased by $15m to $193m at the end
of the June 2023 reporting period.
The movements during the year as per the columns were:
• the $24m net profit,
and movements due to our capital management initiatives: being
• $14m dividends paid, and adding back $6m for dividends reinvested by shareholders.


[Slide: Quarter 1, 2023]
Having mentioned the volatility of equity markets a couple of slides back, the first quarter of Marlin’s
2024 financial year has unfortunately seen ongoing global sharemarket volatility, with gains in July
offset by pull back in August & September.
• The unaudited net loss for the three months was ($8.2m).
• NAV per share was $0.87, (which is after Marlin’s September dividend of 1.82 cents per
share).
• Marlin’s adjusted NAV return for those first three months was down -4.3%.
• The benchmark index for the three months was down -2.5%, and
• Total shareholder return for the quarter was up 3.0%, due to the increase in the share
price over the quarter, combined with the September dividend.

[Slide: Closing Remarks]
Closing remarks
In closing my annual meeting address, and on behalf of the Board, I’d like to thank you for your
continued support of Marlin.
I will now hand over to Sam Dickie, Senior Portfolio Manager of Marlin.

ENDS