MLN undiluted NAV as at 13/5/25 - $0.9603

15/05/2025 13:01 NZST, MKTUPDTE

MLN undiluted NAV as at 13/5/25 - $0.9603

Date 13/5/2025 6/5/2025

MLN undiluted NAV $0.9603 $0.9104

Share price close $0.93 $0.91

Discount 3% 0%

The above net asset value (NAV) is unaudited and net of fees and tax.

The NAV per share is calculated after deducting treasury stock of 158,664 shares (acquired under the Marlin Global buyback programme).

*The undiluted NAV excludes any impact on the NAV of the future exercise of warrants (MLNWG). At 13 May 2025, 53,729,692 warrants are on issue and may be exercised on 16 May 2025. The actual exercise price of each warrant is $0.96.

The five largest portfolio holdings at 13 May 2025 are approximately as follows:

Amazon 9%

Microsoft 8%

ASML Holding 6%

Intuitive Surgical Inc 6%

Mastercard 6%

BACKGROUND

Marlin Global is a listed investment company that invests in growing companies based outside of New Zealand and Australia. The Marlin portfolio is managed by Fisher Funds, a specialist investment manager with a track record of successfully investing in growth company shares. The aim of Marlin 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. Marlin listed on the NZX Main Board on 1 November 2007 and may invest in companies that are listed on any approved stock exchange (excluding New Zealand or Australia) or unlisted companies not incorporated in New Zealand or Australia.

Contact

Corporate Manager

Marlin Global Limited

Tel +64 9 4840352