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					                                                                                                                                   fAcT SH E E T
                                                                                                                                   30 JUnE 2011




     Abo U T b A R R A M U n D I                                                                                                   KE Y D E TAIL S
     Barramundi is an investment company listed on the New Zealand Stock Exchange. It
     invests in small, growing Australian companies and seeks to create shareholder value                                          AS AT 30 JUnE 2011
     through growing its investment assets and paying quarterly dividends to shareholders.                                         Fund type
     It provides diversification by giving investors exposure to a portfolio of growth Australian                                  Listed Investment Company
     stocks wrapped up in one listed investment vehicle. The investment portfolio of
                                                                                                                                   Invests In
     Barramundi is managed by Fisher Funds Management Limited (“Fisher Funds” or the
                                                                                                                                   Small Cap Australian companies
     “Manager”), an investment manager with a track record of successfully investing in
     growth companies.                                                                                                             LIstIng date
                                                                                                                                   26 October 2006
                                                                                                                                   FInancIaL year end
                                                                                                                                                                             1
                                                                                                                                   30 June
PoRTfoLIo




                                                                                                                                                                           FACT SHEET 30 june 2011
                                                                                                                                                                                                 barramundi limited
Top 5 Portfolio Positions                                                                                                          typIcaL portFoLIo sIze
                                                                                                                                   10-20 stocks
                                                                                                                                   perFormance objectIve
                                                                                                                                   Long term growth of capital and
                                                                                                                                   dividends
                                                                                                                                   manager
         8%                        8%                         6%                        6%                         6%              Fisher Funds Management Limited
The remaining portfolio is made up of another fifteen stocks and cash. The average market                                          management Fee rate
capitalisation of companies within the Barramundi portfolio is $300m.                                                              1.25% of Gross Asset Value
                                                                                                                                   (reduced by 0.10% for every 1% of
                                                                                                                                   underperformance relative to the
                                                                                                                                   change in the NZX 90 day bank bill
InvESTMEnT SELEcTIon cRITERIA                                                                                                      index with a floor of 0.75%)
>> History of earnings growth                                          >> Sustainable competitive advantage                        perFormance benchmark
>> Above average forecast earnings growth                              >> Quality, committed management                            NZX 90 day bank bill index + 7%
>> Strong track record                                                 >> Pricing/valuation                                        perFormance Fee
Refer to Barramundi website for further information on the investment selection criteria.                                          15% of returns in excess of
                                                                                                                                   benchmark and high water mark
                                                                                                                                   hIgh water mark
                                                                                                                                   $0.95 per share
PERfoRMAncE HIGHLIGHTS                                                                                                             shares on Issue
(The unaudited BRM NAV is announced to the New Zealand Stock Exchange every Thursday and at month end).
                                                                                                                                   113.8m
     to 30 june 2011                                   Last 6            Last 12              Last 2              since            share prIce
                                                      months             months               years           Inception            69 cents
     BRM NAV                                             -14%                +7%               +29%                    -1%
                                                                                                                                   market capItaLIsatIon
     BRM Total Shareholder Return                         -6%               +16%               +55%                    -13%
                                                                                                                                   $78.5m
     S&P/ASX Small Ords Industrials                       -4%               +22%               +33%                    -8%
     Gross Index (in NZD terms)                                                                                                    warrants outstandIng
                                                                                                                                   41.9m (exercisable quarterly, expire
Note: The BRM unaudited NAV performance and Total Shareholder Return include dividends paid, which are assumed to be reinvested.   27 Oct 2011)
                                                                                                                                   warrant exercIse prIce
     barramundi unaudited net asset value performance and total shareholder return                                                 75 cents
    $1.75                                                                                                                          gearIng
                                                                                            Undiluted Gross NAV
    $1.50                                                                                   Total Shareholder Return
                                                                                                                                   None (maximum permitted
                                                                                            Undiluted NAV                          - 20% of Gross Asset Value)
    $1.25
                                                                                                                                   net asset vaLue (nav)
    $1.00                                                                                                                          Undiluted $0.80,
    $0.75                                                                                                                          Diluted $0.79 (both unaudited)

    $0.50                                                                                                                          dIvIdend poLIcy
                                                                                                                                   2% of average NAV per quarter;
    $0.25
                                                                                                                                   Dividend reinvestment plan is offered
    $0.00                                                                                                                          dIvIdend payment dates
            Oct 06
            Dec 06
            Feb 07
            Apr 07
            Jun 07
            Aug 07
            Oct 07
            Dec 07
            Feb 08
            Apr 08
            Jun 08
            Aug 08
            Oct 08
            Dec 08
            Feb 09
            Apr 09
            Jun 09
            Aug 09
            Oct 09
            Dec 09
            Feb 10
            Apr 10
            Jun 10
            Aug 10
            Oct 10
            Dec 10
            Feb 11
            Apr 11
            Jun 11




                                                                                                                                   March, June, September &
                                                                                                                                   December
Note: Gross NAV performance and Total Shareholder Return include dividends paid, which are assumed to be reinvested.
                                                                                                                                    fAcT SH E E T
                                                                                                                                    30 JUnE 2011




MAnAGEMEnT
Barramundi’s portfolio is managed by Fisher Funds Management Limited. Frank Jasper (senior                                          Capital
portfolio manager) and Terry Tolich (senior investment analyst) take the prime management
responsibilities and are both highly experienced in researching and investing in smaller
                                                                                                                                    ManageMent
companies with over 47 years combined experience. Fisher Funds are based in Takapuna,                                               initiativeS
Auckland.                                                                                                                           Share Buybacks
                                                                                                                                    »   Barramundi has a buyback
boARD                                                                                                                                   programme in place allowing it
                                                                                                                                        (if it elects to do so) to acquire
The Manager has authority delegated to it from the Board to invest according to the
                                                                                                                                        up to 5% of issued shares
Management Agreement and other written policies. The Board of Barramundi comprises
independent directors: James Miller (Chairman), Annabel Cotton and Mark Todd; and non-
                                                                                                                                        during the year ending 31               2
                                                                                                                                        October 2011
independent director Carmel Fisher.                                                                                                 »   Buybacks work well in




                                                                                                                                                                              FACT SHEET 30 june 2011
                                                                                                                                                                                                    barramundi limited
                                                                                                                                        circumstances where discounts
DIScoUnT                                                                                                                                to NAV exist
Many closed-end listed investment companies, in NZ and elsewhere around the world, trade at                                         »   Buybacks can increase the
discounts to NAV. This reflects a number of factors including:                                                                          NAV applying to the remaining
                                                                                                                                        shares on issue
»      Market sentiment
                                                                                                                                    »   Shares bought back by the
»      The quality and assumed prospects of the underlying portfolio                                                                    company are held as treasury
»      The ability or otherwise of investors to replicate the portfolio constructed                                                     stock
                                                                                                                                    »   Shares held as treasury stock
»      The net present value of future investment management fee                                                                        are available to be re-issued for
Barramundi is committed to narrowing the discount to unaudited NAV and has a number of capital                                          the dividend reinvestment plan
management initiatives in place to aid in achieving this (see right hand column for examples).                                          (see below), share placements
                                                                                                                                        and to pay any performance
                                                                                                                                        fees
    I n vES TM E n T                                                                                                                Dividend Policy
    At 69c Barramundi yields 11% gross (based on total of the last 4 quarterly dividends of                                         »   Quarterly dividend policy
    7.4cps) and currently trades at a discount to undiluted NAV of ~14% (diluted discount                                               introduced in August 2009
    ~12%). The discount could provide value, as investors are able to purchase a portfolio                                          »   Under this policy, 2% of
    with an unaudited diluted NAV of $0.80 per share for only 69 cents per share.                                                       average unaudited NAV
                                                                                                                                        is targeted to be paid to
    The investment case for Barramundi resides in the upside potential offered by the present                                           shareholders quarterly
    portfolio of smaller Australian companies and the future purchases the portfolio manager will                                   »   This policy has been well
    make. Barramundi’s future price performance depends upon a number of factors, including                                             received by shareholders as
    the direction of the equity markets, the returns achieved by the particular shares held in the                                      it provides an attractive and
    portfolio and the discount to unaudited NAV.                                                                                        regular return that is referable to
                                                                                                                                        the NAV
                                                                                                                                    »   Shareholders who prefer to
                                                                                                                                        have increased capital rather
coMPAnY InfoRMATIon                                                       REGISTRY InfoRMATIon
                                                                                                                                        than a regular income stream
Barramundi Limited                                                        Computershare Investor Services
                                                                                                                                        have taken the opportunity to
PO Box 33-549, Takapuna                                                   Private Bag 92 119,                                           participate in the company’s
Auckland 0740, New Zealand                                                Auckland 1142, New Zealand                                    dividend reinvestment plan
Phone    +64 9 489 7094                                                   Phone     +64 9 488 8777                                      (DRP)
Fax      +64 9 489 7139                                                   Fax       +64 9 488 8787                                  »   Shares issued to DRP
Web      www.barramundi.co.nz                                             Web       www.computershare.co.nz                             participants are at 3% discount
                                                                                                                                        to market price
                                                                                                                                    »   Barramundi became a portfolio
                                                                                                                                        investment entity (PIE) on
DISCLAIMER: The information in this fact sheet has been prepared as at the date noted on the front page. The information has
been prepared as a general summary only, and is by necessity brief. Other important information relating to Barramundi Limited          1 October 2007 and since then,
and the management agreement with Fisher Funds Management Limited is available at www.nzx.com and Barramundi Limited’s                  dividends paid to New Zealand
page at www.companies.govt.nz. This fact sheet is not financial advice for the purposes of the Financial Advisers Act 2008. It is
not intended to take the place of professional advice and should not be relied upon in forming a decision to purchase shares in         resident shareholders have not
Barramundi Limited. The above data contains certain information relating to historical performance of Barramundi Limited; fund
performance can and will vary, and future results may have no correlation with results historically achieved.                           been subject to further tax




NOTE: Portfolio as at 31 March 2011.

				
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