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Annual Shareholders Meeting 13 September 2007

Annual Shareholders Meeting 13 September 2007. Chairman’s Review Rob Challinor. Overview of Investing Activities. Listed 26 October 2006 - $100m subscribed - $ 97m after issue costs To 30 June 2007: Total surplus of $21.3 million after tax

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Annual Shareholders Meeting 13 September 2007

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  1. Annual Shareholders Meeting13 September 2007

  2. Chairman’s ReviewRob Challinor

  3. Overview of Investing Activities • Listed 26 October 2006 - $100m subscribed - $ 97m after issue costs • To 30 June 2007: • Total surplus of $21.3 million after tax • Total net assets $120m • Net Asset Value up 23% to $1.20 compared with 10% benchmark • Market value of shares up 13% and warrants up 32%

  4. Update since 30 June 2007

  5. Share Price Performance

  6. Warrant Price Performance

  7. Share Price Premium/(Discount) to Diluted NAV

  8. Diluted Net Asset Value Calculation

  9. Amalgamation under Companies Act 1993 • PIE Regime means not necessary to separate long and short term investments • Short form amalgamation effected 31 August 2007 • Assets and liabilities of Barra Holdings and Barra Nursery transferred to Barramundi Limited • Barra Holdings and Barra Nursery no longer exist

  10. Manager’s Report Carmel Fisher Fisher Funds September 2007

  11. Agenda • Review of June 2007 year – major contributors • Review since balance date • Exam results – the fiscal year 2007 results season • Outlook

  12. Highlights Built Barramundi portfolio – 16 of Australia’s best growth companies Enjoyed strong share price performance from a number of portfolio companies Placements and capital raisings allowed discounted volume access to several stocks Lowlights Strong kiwi dollar took lustre off early returns The Year to June 2007

  13. Contributors to NAV Growth

  14. Price performance Oct 06 – Jun 07

  15. Price performance Oct 06 – Jun 07 (excl. Arrow)

  16. Arrow Energy’s contribution Share Price up 221% on average purchase price

  17. Arrow Energy A leading global coal seam methane player

  18. Credit Corp’s contribution Share Price up 49% on average purchase price

  19. Credit Corp Australia’s premier debt collector

  20. Aevum’s contribution Share Price up 42% on average purchase price

  21. Aevum Retirement living – great locations Golden Ponds – Forster – Northern NSW Coast

  22. Returns since balance date Strong profit results Disappointing FY result Market volatility

  23. 2007 results – earnings growth First full year of profits 6th consecutive year of 25%+ EPS growth Disappointing – margin pressure in accounting business

  24. Outlook - what analysts think This is why Arrow is our biggest holding 3 year forecast earnings growth %pa Leveraging UK acquisitions and new software development Strong future profit growth expected

  25. Our thoughts • We firmly believe we own some of Australia’s best listed growth stocks • We are confident that the executives of our companies will make the right “macro” decisions • We believe it important to focus on our companies’ achievements rather than on the mood of the market • Our best “value-add” is our extensive company visit schedule and networks

  26. Our thoughts • The two main components of our investments success are the stock selection and portfolio composition • The PIE regime will be beneficial as we can more actively manage portfolio composition • Our stock selection processes have not and will not change • We continue to see plenty of interesting opportunities

  27. Questions

  28. Portfolio Investment Entity Regime • What is it? • Legislation, commencing 1 October 2007, changes the way managed funds (including Listed Investment Companies) are taxed • Removes tax disadvantages to those investing in managed funds and leaves the investor in the same (or better) position whether they invest in equities directly or via a managed fund

  29. Portfolio Investment Entity Regime • Key Benefits to Barramundi: • Barramundi no longer taxed on capital gains on sale of investments held on revenue account (previously held by Barra Nursery Limited) • Distributions to shareholders will be excluded from their income tax returns • As a PIE, there will no longer be a restriction on the distribution of capital gains to shareholders • The ability to simplify the legal and reporting structure of the Group (through amalgamation) which will result in lower costs

  30. Foreign Investment Fund Regime • Certain Australian equities will attract tax on a flat 5% of opening market values (primarily those stocks not listed on the ASX/S&P All Ordinaries Index – top 500 listed stocks) • Dividends and any capital gains on these stocks will no longer be taxable • Where gains on these stocks are > 5%, the fixed tax payable will represent a tax saving • Where gains are <5%, the fixed tax payable will represent additional tax • At 31 August 2007 Barramundi had 16% of the portfolio invested in ‘caught’ Australian equities

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