L1 GROUP LIMITED — AGM Information 2017

Nov 15, 2017

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Platinum Asset Management Limited ABN 13 050 064 287 Annual General Meeting 16 November 2017

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FY 17 review and update since 30 June 2017

• Strong investment performance for FY17, which has continued for the first four months of FY18.

• Negative net fund flows recorded in FY17 have now reversed, with four consecutive months of net fund inflows.

• Closing FuM at 30 June 2017 was flat year on year at $22.7 bn. Average FuM was down 9%.

• Profit After Tax was $186 mn, which was down 7%.

• Final dividend of 15 cps.

• New lower fee structure for the Platinum Trust Funds/Platinum Global Fund introduced from 3 July 2017.

• Since 30 June 2017, 31 October FuM has increased to $26.5 bn, which represents an increase of 17% in four months.

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Launch of Quoted Managed Funds

• Two new funds on managed quoted

• ASX launched in September 2017.

• Platinum International Fund (Quoted Managed Hedge Fund) (ASX code: PIXX) & Platinum Asia Fund (Quoted Managed Hedge Fund) (ASX code: PAXX).

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PIXX & PAXX Cumulative Daily
Flows (A$m)
130
110
90
70
50
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• Exciting new industry innovation: structured as feeder funds into the existing $10.6bn, 22+ year history, Platinum International Fund and $4.5bn, 14+ year history, Platinum Asia Fund.

• • Benefits: ease of application, indicative pricing throughout the trading day, access to global companies in one trade.

• Delighted with the level of client support.

• FuM as at 13 November 2017 approximately $143 million.

• Average trading volumes across both funds total approximately $2 million per day.

*Source: Platinum

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Launch of new website: Platinum.com.au

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Operating Results: June 2017

JUN-17 JUN-16 %	JUN-17 JUN-16 %	JUN-17 JUN-16 %	JUN-17 JUN-16 %
($MN) ($MN) VAR
Fee Revenue	312.5	337.9	(7%)
Other Revenue	21.0	6.8	large
Total Revenue	333.5	344.7	(3%)
Expenses	(62.9)	(62.5)	1%
Profit Before Tax	270.6	282.2	(4%)
Income Tax Expense	(78.0)	(82.3)	(5%)
Profit After Tax	192.6	199.9	(4%)
Average FuM ($b)	23.4	25.8	(9%)
Closing FuM ($b)	22.7	22.7	-

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Remuneration matters

• Staff costs increased in FY17 by $3.8 million mainly due to an increase in variable incentives (65% investment team related rewarding excellent investment performance) and incumbent salary increases (56% investment team related).

• The Chief Executive Officer and Chief Investment Officer did not receive any form of short-term incentive payment in 2017.

• Only two members of KMP received a short-term incentive payment.

• In FY17, $4.875 million in variable compensation payments were deferred for 4 years, under the “Deferred Incentive Plan”.

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Proxy results for AGM resolutions

1. Re-appointment of Michael Cole as a Director

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FOR AGAINST OPEN-USABLE OPEN-USABLE
BOARD NON-BOARD
263,104,032 27,549,210 156,752,667 1,417,028
58.61% 6.14% 34.93% 0.32%
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Proxy results for AGM resolutions

1. Adoption of the Remuneration Report

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FOR AGAINST OPEN-USABLE OPEN-USABLE
BOARD NON-BOARD
98,892,337 1,782,219 696,855 1,411,718
96.22% 1.73% 1.37%
0.68%
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Disclaimer

This presentation has been prepared by Platinum Asset Management Limited ABN 13 050 064 287. While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation and to the extent permitted by law, no liability is accepted by any company of the Platinum Group or their directors, officers or employees for any loss or damage as a result of any reliance on this information.

Information which relates to any financial product referenced in this material is general information only and is not intended to be financial product advice. It has not been prepared taking into account any particular investor’s investment objectives, financial situation or needs, and should not be used as the basis for making investment, financial or other decisions. Investors should read the entire product disclosure statement, prospectus or offer document and consider their investment objectives, financial situation and needs prior to making any investment decision, and should obtain professional advice.

Some numerical figures referenced in this presentation have been subject to rounding adjustments.

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