L1 GROUP LIMITED — AGM Information 2018

Nov 14, 2018

Platinum Asset Management Limited Annual General Meeting 15 November 2018

Platinum Asset Management Limited ABN 13 050 064 287

Investment Performance

Stron absolute erformance g p

Performance of Platinum Trust Funds/Platinum	1 year	5 year	10	Since	FuM
Global Fund			year	Inception	($b)
(June-18)
Platinum International Fund	14.2%	12.9%	11.1%	12.8%	10.8
Platinum Asia Fund	16.6%	13.8%	10.5%	15.2%	4.5
Platinum International Brands Fund	18.0%	13.3%	14.4%	13.2%	0.8
Platinum Japan Fund	11.3%	16.5%	14.9%	14.8%	0.8
Platinum European Fund	16.2%	13.8%	12.2%	12.2%	1.0
Platinum International Health Care Fund	18.2%	17.2%	15.1%	10.1%	0.2
Platinum Unhedged Fund (long only)	18.6%	15.5%	12.6%	12.0%	0.3
Platinum International Technology Fund	12.6%	14.2%	11.8%	9.5%	0.1
Platinum Global Fund	16.2%	n/a	n/a	12.5%	0.05
			Subtotal (A$b)		18.5
			% of Total FuM		72%

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Source: Platinum Investment Management Limited. Fund returns are annualised, calculated using the relevant fund’s NAV unit price for C Class and
2 represent the combined income and capital returns over the specified period. Returns are calculated net of accrued fees and costs, pre-tax, and assume the
reinvestment of distributions. Historical performance is not a reliable indicator of future performance.
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Financial Results

FuM growth

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Closing FuM
(A$b)
25.7
22.7 22.7
2016 2017 2018
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Strong profit margins

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Profit Margin
(%)
82% 81%
76%
2016 2017 2018
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Revenue growth

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Fee Revenue
(A$m)
328.7
337.9
312.5
2016 2017 2018
Consistent fully franked dividends
Dividends
(cents per share)
16 15 16
16 15 16
2016 2017 2018
Interim Final
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3 Source: Platinum Investment Management Limited.
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Remuneration

• Investment team remuneration is primarily aligned with client returns.

• Key directors and staff retain significant equity in the company.

• Platinum’s careful alignment of client, employee and shareholder interests aims to build trust amongst stakeholders.

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Share of 2018 Profit Composition of share
by key stakeholder ownership
Staff costs
16%
Other 40%
Shareholders 60% 24% Company 60% Directors
Tax
and staff
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6 * Profit before tax and staff costs
Source: Platinum Investment Management Limited
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New Initiatives

Seeking out clients in both new and existing markets

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Australia and New Zealand .

• Innovative “Quoted Managed Funds” launched on the ASX, attracting A$419 million in FuM by 8 November 2018.

• New website established with progressive rise in visits.

• Bi-annual Platinum roadshow presented to 1,900 investors.

• A substantial number of

• meetings held with professional advisors.

United States .

• New distribution arrangement to target US institutions.

• Cayman funds established and marketing program commenced.

. UK and Europe

• Dublin based UCITS funds now with 3 year track record, growing to A$421 million as at 8 Nov. 2018.

• London distribution office opening imminent.

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Governance

• Dividend policy

• Appointment of a new Managing Director/CEO

• Director renewal

• Hayne Royal Commission

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2019 Outlook

• Financial markets have made a volatile start to the 2019 financial year:

• tightening in China;

• rising US interest rates; and

• global trade tensions.

• Closing FuM as at 31-Oct-2018 was $24.7 bn, down 4% on June 2018.

• Unless there is a dramatic turn around in markets, seed investments will likely be in an unrealised loss position and performance fees for the halfyear ended 31 December 2018 will likely be negligible.

• Absent these transient factors, Platinum continues to be well positioned:

• investment team continuing to find good value in the market;

• smooth leadership transition with continuity amongst key people;

• significant progress in developing future growth plans offshore; and

• long term investment in people, processes and technology.

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7 Source: Platinum Investment Management Limited
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Proxy results for AGM resolutions

2(a). Re-election of Andrew Stannard as a Director

FOR AGAINST OPEN-USABLE OPEN-USABLE CHAIR NON-CHAIR 107,600,875 15,291,199 157,025,740 1,561,512 38.23% 5.43% 55.79% 0.55%

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Proxy results for AGM resolutions

2(b). Re-election of Stephen Menzies as a Director

FOR AGAINST OPEN-USABLE OPEN-USABLE CHAIR NON-CHAIR 113,995,726 8,889,948 157,032,390 1,561,512 40.50% 3.16% 55.79% 0.55%

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Proxy results for AGM resolutions

2(c). Re-election of Brigitte Smith as a Director

FOR AGAINST OPEN-USABLE OPEN-USABLE CHAIR NON-CHAIR 122,617,043 325,769 157,026,140 1,554,152 43.56% 0.11% 55.78% 0.55%

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Proxy results for AGM resolutions

2(d). Re-election of Tim Trumper as a Director

FOR AGAINST OPEN-USABLE OPEN-USABLE CHAIR NON-CHAIR 122,468,567 402,359 157,039,228 1,561,512 43.52% 0.14% 55.79% 0.55%

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Proxy results for AGM resolutions

3. Adoption of the Remuneration Report

FOR AGAINST OPEN-USABLE OPEN-USABLE CHAIR NON-CHAIR 86,117,634 3,032,367 1,005,219 1,534,752 93.93% 3.30% 1.67% 1.10%

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Disclaimer

This presentation has been prepared by Platinum Asset Management Limited ABN 13 050 064 287 (“PTM”). References in this presentation to “Platinum” are to Platinum Investment Management Limited ABN 25 063 565 006, unless otherwise expressly stated. References in this presentation to QMFs are to Platinum International Fund (Quoted Managed Hedge Fund) and to Platinum Asia Fund (Quoted Managed Hedge Fund).

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.

This presentation may contain forward looking statements. These forward-looking statements have been made based upon PTM’s expectations and beliefs concerning future developments and their potential effect upon PTM (and its controlled entities) and are subject to risks and uncertainty which are, in many instances, beyond PTM’s control. No assurance is given that future developments will be in accordance with PTM’s expectations. Actual outcomes could differ materially from those expected by PTM.

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 of the relevant financial product and consider their investment objectives, financial situation and needs, prior to making any investment decision, and should obtain professional advice.

Unless otherwise expressly stated, investment returns for the Platinum Trust Funds have been calculated using the relevant fund’s NAV unit price (C Class – which does not have a performance fee component) and represent the combined income and capital return for the specified period. They are net of fees and costs, pre-tax, and assume the reinvestment of distributions. The investment returns shown are historical and no warranty can be given for future performance. The respective inception dates of the funds (C Class) are: Platinum International Fund – 30 April 1995; Platinum Unhedged Fund – 28 January 2005; Platinum Asia Fund – 4 March 2003; Platinum European Fund – 30 June 1998; Platinum Japan Fund – 30 June 1998; Platinum International Brands Fund – 18 May 2000; Platinum International Health Care Fund – 10 November 2003; Platinum International Technology Fund – 18 May 2000; Platinum Global Fund – 8 September 2014.

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