Shareholders Friday 23 July 2010 Welcome Board of Directors Rob - PowerPoint PPT Presentation

6 th Annual Meeting of Shareholders Friday 23 July 2010

Welcome Board of Directors  Rob Challinor - Chairman  Carmel Fisher - Director  Ian Hendry - Independent Director  Annabel Cotton - Independent Director Corporate Manager  Nivedita Findlay

Preliminary matters  Notice of meeting  Quorum  Proxies received  2009 meeting minutes

Presentation of Annual Result Chairman’s Overview

Highlights of Year  Net Asset Value increased 22%, or 32% including dividends paid  Net operating surplus $25m  Share price lifted 28%  Quarterly dividends gaining support ( approx 11% yield on 31/3/10 price)

Result for 2009/10 Cents per share Net Asset Value: 31 March 2009 92.0 31 March 2010 112.0 Change in value 20.0 Add: Dividends paid Apr 2009 – Mar 2010 9.6 Change in value (+32%) 29.6 Surplus for the year $25.3m

Update to 30 June 2010 Cents per share Net Asset Value: 31 March 112.0 30 June 101.0 Reduction (11.0) Add: Dividend paid 18 June 2.0 Change in value (-8%) (9.0)

NAV performance & dividends Change in NAV Dividend paid 50% 40% 30% 20% % Return 10% 0% -10% -20% -30% -40% -50% Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 Mar 10 Jun 10 (3 months) Period ended

Performance Gross NAV Share price Net NAV $2.35 $2.10 $1.85 $1.60 $1.35 $1.10 $0.85 $0.60 Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar 04 04 05 05 06 06 07 07 08 08 09 09 10 *NAV with dividends paid assumed to be reinvested

Share Price Discount to Net Asset Value 10% 5% 0% -5% Undervalued Undervalued -10% -15% -20% -25% -30% -35% Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar Sep Mar 04 04 05 05 06 06 07 07 08 08 09 09 10

Dividend policy  New dividend policy in place now for 12 months  4 payments made since Sep 09 – total 8.86 cents per share  Calculated as 2% of average NAV per quarter. Next payment due 24 September  Policy has generated an annual yield of approx.11%

Relative Performance 31 March 2010 12 months Since Inception (31 Mar 2004) Kingfish NAV 32%* 39%** NZSX Small Cap Index 27% 34% (NZSCIG) NZSX Mid Cap Index 26% 48% (NZSEMCG) NZSX 50 Gross Index (NZ50G) 26% 26% * includes 9.6 cps dividends paid assumed to be reinvested **includes 24.6 cps dividend paid assumed to be reinvested

New Warrant Issue  1 for 2 - record date 30 August 2010  Exercise price 95c  Quarterly exercise dates - expected final date 1 September 2012  Prospectus expected to be sent out mid-August - no action required by shareholders 13

2010 Manager’s Report Carmel Fisher

Agenda • The NZ market • The Kingfish portfolio • Kingfish Limited • Outlook

The NZ Market 140 135 130 125 120 115 110 105 100 Kingfish NZ50 Index 95 90

The NZ Market 200 180 160 140 120 100 80 60 40 Kingfish 20 NZ50 Index 0

Since balance date 31 March 21 July Divs % 2010 2010 change Kingfish share price 0.91 0.90 0.0226 +1.4% Kingfish NAV 1.12 1.02 0.0226 -6.4% NZ50 Gross Index 3,268 3,003 -8.1% NZ Midcap Gross Index 7,844 7,262 -7.4%

The Kingfish portfolio Abano Healthcare Delegats Freightways Kathmandu Mainfreight Metlifecare Michael Hill NZX Opus International Pumpkin Patch Ryman Healthcare Tower Wakefield Health Waterman Comvita, Rakon

Portfolio metrics Kingfish NZ50 Index PE Ratio 11.4 13.8 Forecast earnings growth 16% 10% Discount to valuation 23% 22% Forecast net dividend yield 4.9% 5.6%

2010 Portfolio Report Card Contribution to Share Price Portfolio Return Performance Ryman Healthcare +8.9% +51% Mainfreight +8.8% +57% Pumpkin Patch +5.9% +124% Metlifecare +4.0% +42% Michael Hill +3.4% +58% NZX +2.3% +31%

2010 Portfolio Report Card Contribution to Share Price Portfolio Return Performance Wakefield Health -0.7% -14% Rakon -0.4% -25%

STEEPP Analysis Strength of Business Track Record Earnings History Earnings Growth Price People P P E E T S • Kathmandu and Tower scored well enough to get into the portfolio • Comvita and Rakon consistently scored poorly, so were sold

STEEPP Analysis Company Catalyst for STEEPP Review Contacts* Abano Sale of Bay Audiology NZ 6 Capital restructure Delegat’s Sauvignon Blanc glut 7 Earnings forecast downgrade Currency Freightways Partial de-linking from economy 4 Metlifecare New management team & board 6 Mainfreight Earnings momentum 3 Staff bonuses USA underperforming Michael Hill USA losses 2 Further expansion in Australia Opus Offshore losses 4 Consulting Staff reductions

STEEPP Analysis Company Catalyst for STEEPP Review Contacts* NZX New trading platform 15 Bedding down acquisitions Staffing issues Pumpkin Patch USA closures 5 New brand initiative Ryman New villages 4 Healthcare Slowdown in housing market Tower Rights issue 4 Bolt-on acquisitions Wakefield ACC crackdown on surgery approvals 7 DHB workloads Waterman Sale of Express Logistics 3 Change in capital structure

Kingfish as an investment • A dynamic investor in NZ listed growth companies • Objective to achieve capital growth and a growing stream of dividends • Strong track record of success • Diversified portfolio managed on your behalf by experienced investment professionals

NZ50 stocks gross returns 12 months to June 2010 Source: IRESS, Forsyth Barr

NZ50 stocks dividend yield 12 months to June 2010 Source: IRESS

Strategy • More of the same “Much success can be attributed to inactivity. Most investors cannot resist the temptation to constantly buy and sell” Warren Buffett • Utilise cash and increase liquidity via larger cap stocks • Adhere to the STEEPP framework which has held us in good stead

Outlook • Choppy markets to continue, reflecting tentative global economic recovery • Competitive moats will ensure profit growth even in low growth environment • Portfolio is both defensive and leveraged to cyclical upturn

Election of Directors  To re-elect Annabel Cotton as a Director  To re-elect Carmel Fisher as a Director

Auditors Appointment & Remuneration  PricewaterhouseCoopers continue in office as the Company’s Auditors  Resolution required: that Directors be empowered to fix the Auditors’ remuneration for the year ending 31 March 2011 32

General Business Questions 33

Thank you