Marlin Global (MLN) investor relations material

Opening remarks and agenda

• The meeting was opened with confirmation of quorum and a welcome to both in-person and virtual attendees, followed by the Chair's overview, Manager's review, Q&A, and annual meeting resolutions.

• The agenda included a financial review, portfolio update, three resolutions for voting, and a Q&A session.

• Directors, key management, and advisors were introduced, and shareholders were encouraged to engage in both formal and informal discussions.

Financial performance review

• Net profit after tax for the year was $0.3m, a significant decrease from $37.2m in the previous year.

• Total shareholder return was 2.8%, with dividends contributing 8.5% per share; NAV per share decreased from $1.03 to $0.95, and share price closed at $0.91, down from $0.96.

• Adjusted NAV return was 0.2% for the year, compared to 19.5% previously; annualised adjusted NAV returns over 3 and 5 years were 10.9% and 7.3%, underperforming the benchmark.

• Portfolio underperformance was attributed to sectoral exposure, stock selection, and market volatility, with ongoing underperformance in the first quarter of the new year.

• The investment strategy remains focused on quality growth stocks, with confidence in medium-term recovery.

Board and executive committee updates

• The board engaged with the fund manager to address underperformance but does not directly influence stock selection.

• Carol Campbell, chair of the Audit and Risk Committee, is retiring after 14 years; Dan Coleman (also referred to as Dan Coman) was nominated as a new director.

• Fiona Oliver stood for re-election, highlighting her governance and investment experience.

• Board includes Andy Coupe, Fiona Oliver, Dan Coman, Carol Campbell, and David McClatchy; senior management led by Sam Dickie and Chris Waters.