ANNUAL MEETING

OF SHAREHOLDERS

Kingfish Limited

20 August 2020

Board of Directors

Kingfish Team

Alistair Ryan Carmel Fisher Andy Coupe Carol Campbell

Sam DickieSnr Portfolio Manager

Matt PeekInvestment Analyst

Wayne BurnsCorporate Manager

Agenda

• Preliminary matters

• Chair’s Overview

• Manager’s Review

• Q&A

• Annual Meeting Resolutions

ONLINE ATTENDEES – QUESTION PROCESS• When the Question function is available,

the Q&A icon will appear at the top of

the app.

• To send in a question, simply click in the

‘Ask a question’ box, type your question

and the press the send

arrow

• Your question will be sent

immediately for review

Chair’s Overview

• April 2019 – January 2020

• February – March 2020

• April – 20 August 2020

• $1.37 to $1.68 plus divs, warrants

Kingfish’s Investment Objectives

Achieve a high real rate of return, comprising both income

and capital growth within acceptable risk parameters

Access to a diversified portfolio of New Zealand quality,

growth stocks through a single tax-efficient vehicle

Absolute Returns

Diversified Portfolio

Corporate Governance

• Board meetings

• Investment Committee meetings

• Audit & Risk Committee meetings

2020 Overview

Net profit Dividend NAV per share Share price

$1.7m(2019: $47.1m)

12.63cps(2019: 11.76cps)

$1.39(2019: $1.57)

$1.29(2019: $1.35)

Total shareholderreturn*

Dividend return Adjusted NAV

return*

Share price discount to NAV^

+7.2%(2019: 13.5%)

+9.4%(2019: +9.0%)

+0.4%(2019: 17.6%)

6.7%(2019: 13.1%)

*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 to NAV (including warrant price on a pro-rated basis).

2020 Overview – ContinuedPortfolio Performance

For the year ended 31 March

12 months3 years

(annualised)5 years

(annualised)

Adjusted NAV return*

+0.4%(2019: +17.6%)

+10.6% +11.1%

Gross performance * +2.9%(2019: +21.2%)

+13.3% +13.8%

Benchmark Index^(0.5%)

(2019: +18.3%)

+10.8% +10.9%

*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

2020 2019 2018 2017 2016

Basic

Earnings

per Share

(cents)

0.75 24.24 19.62 14.50 16.71

Diluted

Earnings

per Share

(cents)

0.75 23.81 19.51 14.13 16.43

Use of Shareholder’s Funds

First Four Months, FY 2021

1 April – 31 July 2020

Total shareholder return*

+34.4%Adjusted NAV return*

+26.9%NAV per share 31 July 2020

$1.73Share price 31 July 2020

$1.69Net profit

$92.6m*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

• 61.6m KFLWF warrants issued March 2020

• Exercise price is $1.64 less the dividends declared over approx. a 12 month period

• Exercise date is 12 March 2021

Sam Dickie

Senior Portfolio Manager

Manager’s Review

• 50+ years of Research + Development

• Leading edge innovator

• 99% of products sold outside of NZ

• 300%+ growth in core product recently

• CEO worked for company for 37 years.

Who am I?..

Agenda

1. FY2020 review & COVID-19

2. Active management more

important than ever

3. Portfolio insights

4. Outlook

1. FY2020 & COVID-19

Unprecedented Stimulus

30 March 2019 30 June 2019 30 September 2019 31 December 2019 31 March 2020 30 June 2020

Roller-Coaster Year for the NZ market

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

FY2020 financial year

2

Global Pandemic

1

Solid global growth

COVID-19 = Structural Change

0%

5%

10%

15%

20%

25%

30%

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

Ap

ril 2

02

0

US Ecommerce % of Retail Sales

Source: Bank of America

+2.9%

-0.5%

-1%

-

+1%

+2%

+3%

Kingfish gross

performance return

S&P/NZX50G index

Fiscal year to 31 March 2020

Manager performance FY2020

Late COVID-19 Impact on performance

+33.1%

+19.1%

+15%

+20%

+25%

+30%

+35%

Kingfish gross

performance return

S&P/NZX50G index

Fiscal year FY2021 to date as at 31 July 2020

Strong performance FY2021 so far

-80%

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

Vis

ta

Au

ckla

nd

Airp

ort

Fre

igh

twa

ys

Su

mm

ers

et

De

leg

at

Rym

an

He

alth

ca

re

Ma

infr

eig

ht

Infr

atil

Me

rid

ian

En

erg

y

Pu

shp

ay H

old

ing

s

Po

rt O

f Ta

ura

ng

a

A2

Milk

F&

P H

ea

lth

ca

re

Portfolio company return (year to 31 March 2020*)

Portfolio company performance

Note: *Only shows positions held at 31 March 2020. Source: Bloomberg

2. Active Management more important than ever

Segmented portfolio = staying nimble

Bucket 1 Beneficiaries

Bucket 2

Bucket 3

Bucket 4

Defensives

Cyclicals

Eye of the stormAlso (outside our portfolio):• Retail • Airlines• Hospitality • Tourism• Entertainment

Stock Pickers Paradise

12.1%

19.1%

33.1%

5.1%

1.9%

-

+5%

+10%

+15%

+20%

+25%

+30%

+35%

F&P Healthcare

contribution

a2 Milk

contribution

Everything else

contribution

S&P/NZX50G

index

Kingfish

Gross return

Performance 31 March 2019 to 31 July 2020

3. Portfolio insights

Ongoing Upgrade to Quality

Decreases

(-7.5%)

Increases

(+14.5%)

Exits

(-3.0%)

Entries

(+0%)

LargerSmaller

Note: 31 March 2019 until present, logos show target weight changes of 1% or larger only

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

2015A 2016A 2017A 2018A 2019A 2020A 2021F

What went especially well

Source: Company data and estimates

Hospital Hardware Units Sales Annual Growth

What went especially well

% of Customers Giving via App

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Ja

nu

ary

20

16

Ap

ril 2

01

6

Ju

ly 2

016

Oc

tob

er

20

16

Ja

nu

ary

20

17

Ap

ril 2

01

7

Ju

ly 2

017

Oc

tob

er

20

17

Ja

nu

ary

20

18

Ap

ril 2

01

8

Ju

ly 2

018

Oc

tob

er

20

18

Ja

nu

ary

20

19

Ap

ril 2

01

9

Ju

ly 2

019

Oc

tob

er

20

19

Ja

nu

ary

20

20

Ap

ril 2

02

0

Monthly 6 Month Average

A2M Share of Online Bestsellers

Source: Chart on left - Company Data and estimates. Chart on Right – UBS New Zealand

0%

10%

20%

30%

40%

50%

60%

70%

80%

Pre-COVID-19 During COVID-19

0

200,000

400,000

600,000

800,000

1,000,000

1,200,000

Ma

rch

20

19

Ap

ril 2

01

9

Ma

y 2

01

9

Ju

ne

201

9

Ju

ly 2

019

Au

gu

st 2

019

Se

pte

mb

er

201

9

Oc

tob

er

20

19

No

ve

mb

er

20

19

De

ce

mb

er

20

19

Ja

nu

ary

20

20

Fe

bru

ary

202

0

Ma

rch

20

20

Ap

ril 2

02

0

Ma

y 2

02

0

Ju

ne

202

0

What went against us?

Source: Chart on left - BoxOfficeMojo.com. Data on right – Company data

US Monthly Box Office

$0

$200,000,000

$400,000,000

$600,000,000

$800,000,000

$1,000,000,000

$1,200,000,000

$1,400,000,000

Ma

rch

20

19

Ap

ril 2

01

9

Ma

y 2

01

9

Ju

ne

201

9

July

20

19

Au

gu

st 2

019

Se

pte

mb

er

201

9

Oc

tob

er

20

19

No

ve

mb

er

20

19

De

ce

mb

er

20

19

Ja

nu

ary

20

20

Fe

bru

ary

202

0

Ma

rch

20

20

Ap

ril 2

02

0

Ma

y 2

02

0

Ju

ne

202

0

Monthly International Passengers

4. Outlook

Outlook: Active Management = Critical

• New Zealand economy was humming….

• ….but most expect some slowdown

• We retain a healthy balance between

being nimble (honed during COVID) and

thinking long term

• Active portfolio management more

important than ever

….I am Fisher & Paykel Healthcare

Source: Bloomberg (in NZD), total return of FPH NZ EQUITY 31 March 2010 to 30 June 2020

Total Shareholder Return since March 2010

-50%

150%

350%

550%

750%

950%

Ma

rch

201

0

Ma

rch

201

1

Ma

rch

201

2

Ma

rch

201

3

Ma

rch

201

4

Ma

rch

201

5

Ma

rch

201

6

Ma

rch

201

7

Ma

rch

201

8

Ma

rch

201

9

Ma

rch

202

0

General Questions from

Shareholders

(not relating to resolutions)

ONLINE ATTENDEES – VOTING PROCESS

• When the poll is open, the vote will

be accessible by selecting the

voting icon at the top of the screen

• To vote simply select the direction in

which you would like to cast your

vote, the selected option will change

colour.

• There is no submit or send button,

your selection is automatically

recorded.

Annual Meeting

2020 resolutions

2020 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

–Auditor remuneration

Resolution 1

Re-election of Andy Coupe

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

Resolution 2

Auditor Remuneration

That the Board of Directors be authorised to fix the remuneration of the auditor for the

ensuing year

Conclusion

• Enter your votes via the digital portal

• Results to NZX

Thank you