L1 GROUP LIMITED — AGM Information 2016

Nov 16, 2016

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Platinum Asset Management Limited

Annual General Meeting 17 November 2016

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June 2016 Year

• New Listed Investment Company, PAI, debuted in September.

• New Irish UCITS fund range, Platinum World Portfolios, was seeded in November - FuM US$25m over three funds (International, Asia, Japan).

• FuM and Fee Revenues were down 1% for the with a

• Average year, strong first half being offset by subsequent China volatility and Brexit.

• Profit After Tax of $199.9m was down 6% on Jun-15 due to lower FX gains, higher staff costs and increased business development spend. Margin remains attractive at 82%.

• Final dividend of 16 cps.

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Operating Results: June 2016

JUN-16 JUN-15 %	JUN-16 JUN-15 %	JUN-16 JUN-15 %	JUN-16 JUN-15 %
($MN) ($MN) VAR
Fee Revenue	337.9	340.9	(1%)
Other Revenue	6.8	19.5	(65%)
Total Revenue	344.7	360.4	(4%)
Expenses	(62.5)	(58.8)	6%
Profit Before Tax	282.2	301.6	(6%)
Income Tax Expense	(82.3)	(88.1)	(7%)
Profit After Tax	199.9	213.5	(6%)
Average FuM ($b)	25.8	26.1	(1%)
Closing FuM ($b)	22.7	26.9	(16%)

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Remuneration matters

• Staff costs increased by $2.5 million during the 2015/16 year.

• The Chief Executive Officer and Chief Investment Officer did not receive a bonus in 2016.

• Only two members of KMP received a bonus.

• A new “deferred bonus plan” was approved by the Nomination and Remuneration Committee.

• The main objective of the Plan is to recognise the contributions made by senior employees and to retain their skills within the firm.

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PTM Resolutions

1. Re-appointment of Anne Loveridge as a Director

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FOR AGAINST OPEN-USABLE OPEN-USABLE
BOARD NON-BOARD
439,060,261 5,723,467 752,590 1,672,302
98.18% 1.28% 0.17% 0.37%
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PTM Resolutions

1. Re-appointment of Andrew Clifford as a Director

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FOR AGAINST OPEN-USABLE OPEN-USABLE
BOARD NON-BOARD
389,896,463 21,479,217 745,090 1,673,002
94.23% 5.19% 0.18% 0.40%
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PTM Resolutions

1. Re-appointment of Elizabeth Norman as a Director

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FOR AGAINST OPEN-USABLE OPEN-USABLE
BOARD NON-BOARD
416,887,628 27,113,058 759,409 1,681,302
93.38% 6.07% 0.17% 0.38%
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PTM Resolutions

1. Adoption of the Remuneration Report

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FOR AGAINST OPEN-USABLE OPEN-USABLE
BOARD NON-BOARD
96,163,257 2,343,170 748,685 1,628,642
95.33% 2.32% 1.61%
0.74%
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Flows into global equity funds

Cumulative flows into global equity funds

Passive share of total equity fund AUM

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9 Source: EPFR Global, ICI, and Bernstein analysis

Return dispersion – global regions returns spread

The rewards for picking the best versus the worst stocks is near the lowest in 30 years. Low opportunity cost being in passive but the environment is changing…

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30%
25%
20%
15%
10%
5%
0%
1988 1991 1994 1997 2000 2003 2006 2009 2012 2015
World 20th vs 80th Percentile Return Spread World Rolling 12m Average
10 Source: Bank of America Merrill Lynch
Spread of One Month Returns
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Platinum International Fund Investment Performance: Bull and bear market view

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Secular market trends of the MSCI ACWI since fund inception
300 1 2 3 4 5 6
250 Post ‘87 Tech Tech 2000’s Bull Post GFC
The GFC
recovery Boom Wreck Market Bull
Market
200
150
100
50
0
Apr-95 Jun-16
PIF performance versus MSCI, by market trend , since inception
200
150
100
50
0
Apr-95 Jun-16
-50
Platinum International Fund MSCI ACWI
11 Source: Platinum, MSCI
return since inception (%)
Total cumulative MSCI ACWI
Returns (%)
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Platinum International Fund Performance as at 31 October 2016

	Column1	Column1	Column1	3 Months (%)	3 Months (%)	6 Months (%)	6 Months (%)	1 Year (%)	3 Years (%p.a.)	5 Years (%p.a.)	7 Years (%p.a.)	10 Years (%p.a.) Since In (%p	ception .a.) .4 1
	Platinum International Fund			2.6		4.0		-3.2	9.2	14.3	8.5	6.9 12
	MSCI All CountryWorld Net Index			-0.9		3.3		-4.3	11.0	15.5	10.4	4.0 6.
	Relative Return			3.5		0.7		1.1	-1.8	-1.2	-2.0	3.0 6.	4 2015 $249K $71K
	Calendar Year	Fund (%)	Index (%)		Relative (%)		$0 $100,000 $200,000 $300,000 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 MSCI: 253.7% PIF: 1,145.7% Cumulative return based on $20K invested since inception
	1995*	18.9	8.5		10.4
	1996	6.4	6.4		-0.0
	1997	24.3	40.2		-15.9
	1998	17.7	29.6		-11.9
	1999	60.6	18.5		42.1
	2000	17.9	1.0		16.8
	2001	15.0	-9.0		24.0
	2002	-3.0	-26.7		23.6
	2003	17.9	0.1		17.8
	2004 2005	10.2 207	10.8 184		-0.6 22
	2006	. 6.5	. 12.6		. -6.0
	2007	3.4	0.2		3.1
	2008	-7.4	-27.2		19.8
	2009 2010	19.7 -49	4.4 -11		15.3 -38
	2011	. -12.0	. -7.4		. -4.6
	2012	14.4	14.7		-0.3
	2013	47.2	42.5		4.7
	2014	7.8	13.9		-6.1
	2015	9.6	9.8		-0.3
	2016*(CYTD)	0.1	0.2		-0.0

12 Source: Platinum, MSCI. Returns are NET of fees of 1.54% pa.

10 year global market performance summary

The last five years have seen impressive outperformance by US equities versus other equity markets

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1.8
+130%
1.6
1.4
1.2
+30%
1.0
0.8
0.6
0.4
0.2
0.0
MSCI AC World ex USA MSCI USA
13 Source: Platinum, MSCI to 31 October 2016
10-year indexed return, Oct 2006 = 1
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Disclaimer

The information provided in these presentation slides is not intended to be advice. It does not take into account the investment objectives, financial situation and particular needs of any person, and should not be used as the basis for making investment, financial or other decisions. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. Platinum Investment Management Limited does not guarantee the repayment of capital, payment of income or the performance of the Company.

Performance results shown have been calculated using the relevant Fund’s unit price and represent the combined income and capital return for the specified period. They are net of fees and costs (excluding the buy-sell spread and any investment performance fee payable), pre-tax, and assume the reinvestment of distributions. The investment returns are historical and no warranty can be given for future performance. Past performance is not a reliable indicator of future performance. Due to the volatility of underlying assets of the Funds and other risk factors associated with investing, returns can be negative (particularly in the short-term). MSCI data has been sourced through MSCI.

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