6th 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

50% Change in NAV Dividend paid 40% 30% 20% 10% 0%

-10% % Return% -20% -30% -40% -50% Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 Mar 10 Jun 10 Period ended (3 months) 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 95 NZ50 Index

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

Michael Hill NZX Opus International

Pumpkin Patch Tower

Wakefield Health Waterman

Comvita, 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% • • Comvita Kathmandu and Tower scored well enough to getinto the portfolio S Strength of Business STEEPP Analysis and

T Track Record Rakon consistently scored poorly, so were sold

E Earnings History

E Earnings Growth

P Price

P People 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

Source: IRESS 12 months to June 2010 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