L1 GROUP LIMITED — AGM Information 2024

Nov 11, 2024

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12 November 2024

The Manager ASX Market Announcements Australian Securities Exchange Limited Sydney NSW 2000

Platinum Asset Management Limited (PTM) 2024 Annual General Meeting Chair and Managing Director Address and Presentation Slides

PTM will hold its 2024 Annual General Meeting (AGM) today at 10.00am (AEDT). Attached is a copy of the Chair and Managing Director/CEO address and associated presentation slides to be given at the AGM.

Authorised by

Joanne Jefferies | Company Secretary

Investor contact

Elizabeth Norman | Director of Investor Services and Communications Platinum Asset Management Limited Tel: 61 2 9255 7500 Fax: 61 2 9254 5555

Level 8, 7 Macquarie Place, Sydney NSW 2000, Australia | GPO Box 2724, Sydney NSW 2001 Telephone 61 2 9255 7500 | Investor Services 1300 726 700 | Facsimile 61 2 9254 5590 | Email invest@platinum.com.au | Website www.platinum.com.au Platinum Asset Management Limited ABN 13 050 064 287

Platinum Asset Management Limited, 2024 Annual General Meeting – Chair address

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Introduction and welcome

Good morning Ladies and Gentleman and welcome to today’s Annual General Meeting. My name is Guy Strapp and I am delighted to address you as a Director and the Chair of Platinum Asset Management Limited.

I would like to begin by acknowledging that I am speaking to you today from the lands of the Gadigal people of the Eora nation. I also acknowledge the traditional custodians of the various lands on which each of you join the meeting from today. I hereby pay my respects to their Elders past, present and emerging.

It is now 10:00am (AEDT), the appointed time for holding the meeting and I am advised that the necessary quorum is present.

The Notice of Meeting dated 11 October 2024 was published on the ASX market announcements platform and sent to Shareholders so, unless there are any objections, I will take the notice as read.

There are no objections, so I declare the meeting open.

This year we are again holding our AGM as a hybrid meeting. We hope that in doing so, we have been able to encourage broader participation amongst our Shareholders.

Please now allow me to introduce your Board of Directors:

Firstly, Jeff Peters our new Chief Executive Officer and Managing Director...…..and now my fellow Non-Executive Directors:

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Anne Loveridge AM (Chair of the Company’s Audit, Risk and Compliance Committee), Brigitte Smith (Chair of the Company’s Nomination and Remuneration Committee), Philip Moffitt and Rachel Grimes AM.

We also have present Rita Da Silva, the Ernst & Young partner in charge of auditing the Consolidated Group’s financial statements.

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Markets and returns

Global equity markets once again performed strongly over the last financial year with the MSCI AC World Net Index delivering 19% for the year to 30 June 2024, driven by the “Magnificent Seven” stocks, a group which has distorted relative outcomes in recent years.

Platinum’s funds, for the most part, delivered reasonable absolute investment performance during this period, however, most of our funds and portfolios lagged the broader market, largely due to the index composition being heavily dominated by mega-cap US technology stocks, further exacerbated by a weak Chinese market.

The strongest-performing fund during the period was the Platinum International Technology Fund returning 26% for the year ended 30 June 2024.

As I have previously mentioned, Platinum’s investment philosophy and approach delivers a highly differentiated investment portfolio vis a vis the index and Platinum’s peers, providing a source of return which is much less correlated to other global equity investments which investors may hold in their investment portfolios. That said, for a large number of investors, relative investment performance also matters. This combined with the trend towards lower cost passive ETFs meant that net outflows continued during the period putting downward pressure on FUM.

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Financial results and dividends

At 30 June 2024, FUM stood at $13 billion. The change in FUM was predominantly driven by net fund outflows of $4.9 billion which included some large individual outflows including $1.2 billion from one institutional client.

Total fee revenue decreased by 14% to $174 million, and no performance fees were earned.

Adjusted expenses (excluding non-cash accelerated share-based payments expense of $11.4m and turnaround program costs of $9.0 million) decreased by $9.2 million. The decrease in adjusted expenses, which predominantly occurred in the second half of 2024, largely reflects the initial progress on Platinum’s target of annualised run rate savings of at least $25 million, previously announced to the market.

Adjusted Earnings Before Interest and Tax, which is fee revenue less adjusted expenses and excluding interest income, other income and the turnaround program implementation costs, was down 19% at $82.9 million.

With respect to dividends, the Board determined to pay a 2024 final fully franked dividend of 4 cents per share, taking total dividends for the 2024 financial year to 10 cents per share, delivering a yield of 9.6% based on the closing share price at 30 June 2024.

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Turnaround strategy

Following our decision last year to separate the CEO and Chief Investment Officer roles, we conducted an extensive global search in late 2023, appointing Jeff Peters as Platinum’s new CEO and Managing Director in January this year. With over 30 years of industry experience, Jeff brings extensive asset management experience, strategic and management consulting skills, and a new energy and focus to the business.

Jeff has been given an ambitious mandate to renew the organisation, embarking on a comprehensive turnaround strategy since the start of this year. The “stabilise” and “reset” phases of this strategy have focussed on cost control, client retention, resetting remuneration, product rationalisation and a deep examination of the investment platform, in order to create the conditions necessary to enable the delivery of sustainable financial results in the coming periods. With these initial phases of the turnaround largely successfully completed, the Company has started to transition to the next phase of the turnaround. Jeff will provide further details on the progress being made after my address. However, as you are no doubt aware, successful turnarounds do not happen overnight and whilst we are starting to see “green shoots”, we are only 9 months into what is essentially a three year plan. Jeff has so far delivered exceptionally well on the initial phases of the turnaround. I am confident that he will continue to deliver on the next phase of the plan.

Inorganic activity

In mid-September Platinum announced the receipt of an unsolicited confidential, non-binding, indicative proposal from Regal Partners Limited (“Regal”) under which PTM shareholders would receive 0.274 RPL shares for each PTM share – an implied value of $1.10 based on RPL’s closing share price prior to the announcement. The Board rejected Regal’s proposal on 26 September 2024, and subsequently announced that we had agreed to an initial period of non-exclusive, mutual due diligence with Regal to provide an opportunity for an improved proposal and so that

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the Board could assess the absolute and relative value of Regal and the costs and benefits of any combination.

This initial period of mutual due diligence is still ongoing and the Board will continue to keep the market updated in accordance with its continuous disclosure obligations.

We are also engaged with certain parties who have approached Platinum to explore various forms of transactions, which we will assess - as it relates to both commercial logic and value enhancement opportunity for our shareholders - both on their individual merits but also relative to our ongoing standalone restructure and turn around strategy. If these discussions progress, we will update investors in due course.

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Capital management

Before I move on to remuneration matters I wanted to touch on the Board’s capital management policy. The Board aims to maintain:

• a solid balance sheet;

• a strong dividend pay-out ratio;

• sufficient cash to seed new strategies to grow FUM; and

• sufficient capital to be able to move on attractive inorganic opportunities as they arise.

As part of this the Board has been considering paying shareholders a fully-franked special dividend. No decision on this has been made yet.

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Remuneration

As I have already alluded to, Platinum is currently undergoing a significant period of change as we implement a turnaround strategy that aims to reset the business and return it to growth and resetting remuneration has been a key pillar of this strategy.

Following the 2023 AGM, where Platinum received a ‘first strike’ against the adoption of its 2023 Remuneration Report, the Board sought further feedback from shareholders and proxy advisors.

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The changes instituted to our remuneration framework this year have been informed by the feedback that we received from these engagements. As a result:

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• we implemented more financially oriented and quantifiable KPIs for our former executive KMP, resulting in a substantial reduction of their total variable remuneration awards by 59% in aggregate on the previous financial year;

• we simplified our remuneration framework by ceasing use of a range of remuneration plans, including the long-term incentive (“LTI”) plan;

• we did not make any new LTI awards related to the performance period;

• we introduced the concept of a single variable remuneration pool determined as a proportion of fee revenue and profit for 2024/2025; and

• we aligned Platinum’s remuneration cycle to its financial year.

The combination of better defined KPIs, lower overall STI outcomes for our former executive KMP and no allocation of LTI demonstrates that the Board has taken clear steps towards aligning remuneration outcomes with the financial performance of the organisation.

Our newly appointed CEO’s KPIs for the period to 30 June 2024 were explicitly constructed to align with the turnaround plan. They included measures on cost reduction, re-orientation of remuneration, client retention, rationalisation of products and enhancement of the investment process.

The Board is satisfied that the initial goals linked to the turnaround plan have been delivered exceptionally well by Mr Peters, and consequently he was assessed at 95% achievement on his STI scorecard for his first six months in the role.

We acknowledge the concerns of shareholders and we are actively trying to address these through the turnaround. We have taken clear steps and are making progress but it will take time. I would therefore strongly urge shareholders to support the Remuneration Report as a signal of the significant progress we have made.

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Board renewal

Lastly, with the appointment of Jeff Peters as our new fully dedicated CEO, we took the opportunity to streamline the Board and enhance its independence in line with corporate governance best practice, having previously received criticism for our higher than usual number of executive directors. As such, in February 2024 Andrew Clifford, Liz Norman and Andrew Stannard stepped down from the Board.

As mentioned in the notice of meeting, Brigitte Smith, having served two three year successive terms, will retire from the Board at the close of the meeting. I would like to thank Brigitte on behalf of the Board for her valuable contribution over the last six years.

In accordance with ordinary Board renewal practices, Rachel Grimes AM has been appointed to the Board and will be standing for election. We also have James Simpson standing for election to the Board at today’s meeting. James is a self-nominated candidate and the Board is endorsing his election.

Conclusion

To conclude, despite the challenges facing the firm, Platinum’s brand as an Australian retail provider of active global equity management remains strong. We have a solid dividend payout record (driven by profit and franking) and our balance sheet continues to be robust, providing a measure of future flexibility for organic and inorganic growth opportunities.

I thank you for your attention and now invite Jeff Peters to provide an update on Platinum’s general business.

Platinum Asset Management Limited, 2024 Annual General Meeting – CEO address

Good morning and let me add my welcome to this AGM. Having been here 10 months now, I thought I would focus my remarks on the turnaround program we have embarked on at Platinum. It is early in that process but we are seeing some positive signs coming from our initial efforts.

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But

before diving into that, I thought I would start with some context. I am often asked about why I joined Platinum. The answer is that Platinum has great potential. From our brand to our investment heritage, strong client service and operations, there is a great platform to build on at Platinum.

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That said, the firm faces challenges both internal and external – specifically, relative investment performance and flows, product positioning and move to passive and other assets, all which have led to pressure on our financials and difficult share price performance, particularly coming into 2024.

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As a result, when I joined we articulated a turnaround plan which kicked off in earnest in February and March this year. I have covered much of this program previously but to reiterate, it has 3 phases-immediate actions to stabilise the business including reducing costs and revamping remuneration, a second set of “reset” actions around the key parts of the business and then a “growth” phase which is now underway.

Regarding the first phase, the expense reductions are on track with more to come as the operating model advances. Remuneration has also been addressed as you have heard about already today. So, let me spend most of my time on the other two phases of the turnaround.

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First, let me focus on investments. As you heard earlier, Platinum has a benchmark agnostic or unaware philosophy in how we run money. We pick stocks without regard to any benchmark and we have always done this. So, our first step in looking at the investment area was to examine how our stock picks for our international strategy are working. To do that, the best proxy for our process is to look at our performance against an equal weighted global index. Said simply, an equal weighted global index represents the return from investing equal amounts of capital in each stock in the index. This is very different to a market weighted index approach where one would hold more of a particular stock if it made up more of the index.

You can see the different percentages of each country under the two different approaches, with the US dominating the market weighted global index due to the so-called “Magnificent 7” stocks and the rest of the world making up much more of the equal weight index.

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What we have learnt is that against an equal weighted measure, we add value, outperforming by 3- 4% per annum on average against this index over a very long period. That is positive news.

But our performance versus the market weighted global index has lagged significantly as our investment approach has been out of favour, as you have heard already today.

We know this is an issue and we look to identify opportunities to improve how we do things both in terms of our team and our processes. We have taken actions in both areas.

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The first thing we did was look at our investment team. Our prior team structure had the same people doing both research and managing money. This led to issues in terms how people spent their time and a lack of role clarity. Portfolios were also managed as separate parts, or sleeves, which led to complexity.

To address this, we reorganised the team to separate research and portfolio management roles and we eliminated the sleeves. We emerged with a less complex and clearly defined investment team structure which has been in place for 6 months and is well embedded.

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We also examined our investment processes across each fund from our beliefs, to how we pick stocks, to our processes to build and manage the portfolios. Based on this work we have commenced the roll out of enhancements to how we work. We examined our beliefs and enhanced how we do research, risk management, shorting and cash management, as well as our overall investment governance structure.

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And I am pleased to say that we are seeing some early signs of improvement. Year-to-date, our absolute investment returns are up broadly versus the end of 2023 including in both the International and Asia funds. Our Health Care and Brands funds are performing better as well. And both Asia and Health Care funds have outperformed relative to their nominated indices over the past 12 months. There is still work to do but these “green shoots” are nice to see.

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We also looked at our product line and closed several vehicles to remove complexity and cost. Our two listed investment companies, Platinum Asia Investments Limited and Platinum Capital Limited are also undergoing a process to merge with our active ETFs, PIXX and PAXX. PIXX and PAXX, being open-ended, trade close to NAV which will benefit our PAI and PMC shareholders.

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The third element of our plan was to engage more actively with our clients. This was critical to understand their needs better and gain their feedback. We targeted in person meetings with over 80% of our advised FUM and have to date met or spoke with 83% of this group.

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Our key takeaways are as follows:

• our brand, is still strong and well regarded;

• advisers and researchers with major holdings in our funds understand our unique philosophy and our role in their portfolios and have urged us not to change it;

• but they recognise our relative performance challenges and are demanding better, as are we.

We continue to engage with our clients and are moving on a second round of engagement focusing on what we are doing to improve and we are starting to see the first beginnings of a slowdown in outflows with run rate daily net outflows down 13% since the start of the turnaround in February this year.

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The fourth element of the “reset” phase has involved upgrading our operational capability including by outsourcing our investment support “middle office” and transitioning our back office (custody and fund administration) to Northern Trust. We have also replaced some of our legacy IT systems.

We are also on track to outsource our unlisted unit registry function by 2026. The sum total of these actions should allow us to be more scalable, reduce risk and capture some economies.

So, our “reset” phase is on track and beginning to show positive signs. With that, it is now important to develop our next phase - the strategy to grow Platinum again.

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In terms of growth, I have worked in this industry over the past 25 years, and I believe that all successful and growing asset managers share some fundamental elements: strong performance, good client service, top notch talent and a stable financial and operating platform. In my experience, this is the same whether a firm is based here in Australia or in Europe, Asia or the US.

Platinum has many of these strengths - a strong brand, a distinctive investment heritage, a well regarded client service capability and an institutional grade operational platform.

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To grow, we need to leverage all of these assets and diversify our investment product range to better meet our clients’ needs.

First and foremost, we must improve our core business and stabilise FUM. This is our top priority.

To buttress that, however, we will be undertaking two efforts to diversify our business, adding new products which will serve our clients more broadly. Such diversification is highly attractive given our narrow current focus and client demand for other asset classes.

Firstly, there are select opportunities to add new products managed inhouse. And secondly, we have an opportunity to distribute outstanding products managed by external partners in asset classes where we do not currently play.

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Let me talk about the first internally managed opportunity. An example of a new Platinum capability to provide growth is our internally seeded Arrow strategy. It is over 4 years old and has $15m of internally seeded money in it. It invests quantitatively at its core and aims to provide a strong absolute return.

You can see from this chart how it has done 18% per year since inception (gross) outperforming both cash and the MSCI ACWI (Net) since inception. And it has done it within reasonable risk parameters. I won’t go through the technical measures on the right but a key one to focus on is the Sharpe ratio, which equals excess return per unit of risk. Any number over 1 is considered excellent. Arrow is at 1.24 since inception.

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We have also looked at diversifying our product line into asset classes that we aren’t active in but which could be of interest to our clients. In general, new asset classes can be built, bought or accessed from third parties. Building is difficult beyond global equities due to our specific focus. Buying is addressed via inorganic strategy which has been spoken of. And while accessing third parties sacrifices some profit, it has the benefits of being quick to market as well as having lower fixed costs and lower capital requirements as partners can contribute seed.

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For those reasons, we have announced the Platinum Partner Series, which will bring new products to market leveraging the Platinum brand and reach, two of our biggest strengths. We are focusing

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on wholly additive asset classes where we do not have a presence, working with strong global partners who have distinctive performance and institutional presence in Australia but not a retail presence. We are in discussions with several such firms and will update the market when we are more advanced in finalising our partnerships. This will be an added source of new revenue over time enabling us to broaden our ability to better serve investors’ needs.

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So, to sum up, we have made good progress since I joined. The initiatives in our turnaround program are on track and our growth efforts are kicking off. I am happy to see “green shoots” beginning to emerge:

• our cost base has been reset to better match revenue conditions;

• we see performance improvement across our product line, although there is more to do;

• we have re-engaged with our clients and have seen the first signs of a slow-down in outflows; and

• our simplified operating model project is on track.

This is solid progress, and I look forward to providing further positive updates as we advance at Platinum.

Thank you.

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