Positive Profit Result for Barramundi

Results for announcement to the market Name of issuer Barramundi Limited Reporting Period 12 months to 30 June 2019 Previous Reporting Period 12 months to 30 June 2018 Currency NZ$ Amount (000s) Percentage change Revenue from continuing operations $10,851 -55% Total Revenue $10,851 -55% Net profit/(loss) from continuing operations $7,428 -64% Total net profit/(loss) $7,428 -64% Interim/Final Dividend Amount per Quoted Equity Security $NZ 1.39 cents per share Imputed amount per Quoted Equity Security $NZ 0.003178 Record Date 12 September 2019 Dividend Payment Date 26 September 2019 Current period Prior comparable period Net tangible assets per Quoted Equity Security $0.69 $0.71 A brief explanation of any of the figures above necessary to enable the figures to be understood The financial statements attached to this report have been audited by PricewaterhouseCoopers and are not subject to a qualification. A copy of the auditor's report applicable to the financial statements is attached to this announcement. Authority for this announcement Name of person authorised to make this announcement A.B. Ryan Contact person for this announcement W.A. Burns Contact phone number (09) 4840352 Contact email address enquire@barramundi.co.nz Date of release through MAP 20 August 2019 Audited financial statements accompany this announcement 20 August 2019 Positive profit result for Barramundi Highlights o Net profit after tax of $7.4m o Total shareholder return +15.5%* o Adjusted NAV return +5.6%# o Dividend return 9.0% (5.38 cps) Barramundi Limited (NZX: BRM) today announces a net profit of $7.4 million for the 12 months ended 30 June 2019, (2018 : $20.5m). Chair Alistair Ryan said, "Barramundi has performed well for shareholders in what was a period of high market volatility. The Australian share market was not immune from the sharp correction experienced in global share markets in the December 2018 quarter which tested the resolve of investors worldwide. Our measured investment approach enabled Barramundi to benefit from the strong rally as share prices snapped back in the half year to 30 June 2019. We are pleased with Barramundi's total shareholder return of +15.5%* and the adjusted NAV return of +5.6%# in this volatile environment. Barramundi's gross performance return was 10.0%** which was comparable to the company's market benchmark## which was up 10.2% for the twelve month period to 30 June 2019." "It was certainly a year of two halves," Senior Portfolio Manager Robbie Urquhart said. "The December quarter sell-off provided us with the opportunity to put capital to work in some high quality companies and we were positioned well for the strong market rebound in the second half. The key drivers of portfolio performance were those companies in defensive sectors and with growth momentum in international markets such as Nanosonics and Xero. Those companies with significant domestic operations such as ARB and Carsales were impacted by softening conditions in Australia and uncertainty ahead of the Federal election in May." Mr Urquhart added, "Barramundi enters the new financial year with a sound portfolio and a proven and patient investment approach which we believe will allow us to exploit investment opportunities, irrespective of the direction and momentum of the overall market." In accordance with Barramundi's quarterly distribution policy (2% of average NAV per quarter), the company paid a total of 5.38 cents per share to shareholders during the year ended 30 June 2019. Today, the Board declared a dividend of 1.39 cents per share, payable on 26 September 2019 with a record date of 12 September 2019. The Barramundi board is pleased to advise that it has negotiated a 33% reduction to the Manager's performance fee earn rate (above the performance hurdle) from 15% to 10% together with the introduction of a cap (1.25%) on the total performance fee amount, in conjunction with moving to payment of any performance fee 100% in cash rather than 50% cash and 50% shares. The changes take effect from 1 July 2019. The Board wishes to acknowledge the positive response from Fisher Funds Management Limited to enter into fee discussions and for agreeing to these changes which will be of significant benefit for Barramundi shareholders in the circumstances when a performance fee is earned. There has been no change to the fulcrum fee, where the base management fee can be reduced on a sliding scale below 1.25% to as low as 0.75% depending on the performance of the fund. The Board considers that the combination of the fulcrum fee for lower performance, with the potential for the Manager to receive upside benefit for performance above the nominated threshold level is an equitable fee structure for shareholders and the Manager. For further information, please contact: Corporate Manager Barramundi Limited Tel: (09) 484 0352 * Total shareholder return - the return to an investor who reinvests their dividends, and if in the money, exercises their warrants at warrant maturity date for additional shares. # Adjusted net asset value 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 fees, expenses and tax. ## Benchmark - S&P/ASX 200 index (hedged 70% to NZD). The total shareholder return, adjusted NAV return and gross performance return methodologies are described in the Barramundi Non-GAAP Financial Information Policy. A copy of the policy is available at http://www.barramundi.co.nz/about-barramundi/barramundi-policies/ About Barramundi Barramundi is a listed investment company that invests in quality, growing Australian companies. The Barramundi portfolio is managed by Fisher Funds, a specialist fund manager with a track record of successfully investing in growth company shares. The aim of Barramundi is to offer investors competitive returns through capital growth and dividends, and access to a diversified portfolio of investments through a single, tax-efficient investment vehicle. Barramundi listed on NZX Main Board on 26 October 2006 and may invest in companies listed on the Australian Securities Exchange (with a primary focus on those outside the top 20 at the time of investment) or unlisted companies. End CA:00339445 For:BRM Type:FLLYR Time:2019-08-20 12:28:46