L1 GROUP LIMITED — Annual Report 2016

Aug 25, 2016

Platinum Asset Management Limited

Kerr Neilson, Managing Director Analyst Briefing 26 August 2016

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1

June 2016 Year: Highlights

• Full year Jun-16 net flows were -$1.4B. Outflows concentrated in one institutional termination and one client rebalancing their portfolio. Excluding these outflows and the PAIL IPO (+$0.3b), net flows were otherwise flat year-on-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 (World, Asia, Japan).

• Average FuM and Fee Revenues were down 1% for the year, with a strong first half being offset by subsequent China volatility and Brexit.

• Profit After Tax of $200.9m 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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Source: Platinum, MSCI

2

Investment Performance

(to 30 Jun 2016)

Long-term performance remains compelling. Our contrarian approach has detracted from the short-term performance of the 3 largest flagship funds during recent market volatility.

Performance of major Platinum Funds (Jun-16)	1 year	5 year	10 year	Since Inception	FuM (A$b)
International Fund - Absolute Return - Relative Return	-6.3% -5.7%	11.2% -2.1%	6.4% +2.2%	12.3% +6.2%	10.0
Asia Fund - Absolute Return - Relative Return	-10.3% -1.1%	10.4% +2.8%	8.8% +3.2%	14.7% +5.3%	4.3
International Brands Fund - Absolute Return - Relative Return	-4.9% -4.3%	9.4% -3.9%	8.3% +4.1%	12.0% +5.9%	0.9
Japan Fund - Absolute Return - Relative Return	-4.0% +2.0%	19.1% +7.0%	7.3% +7.1%	14.5% +12.8%	0.6
European Fund - Absolute Return - Relative Return	-6.5% +1.9%	10.4% +2.4%	6.7% +5.5%	11.1% +9.2%	0.4
Health Care Fund - Absolute Return - Relative Return	-1.5% +0.1%	17.5% -4.9%	9.5% +0.6%	8.8% -0.1%	0.2
Subtotal (A$b) % of Total FuM					16.4 72%

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Source: Platinum. Returns are stated after fees

3

Investment Performance: Portfolio positioning

A highly differentiated portfolio…

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Competitor International Equity Funds as at June 2016
10%
5%
0%
-5%
Platinum International
-10%
Fund (net exposure)
-15%
= Competitor Fund
-20%
0% 20% 40% 60% 80%
% of portfolio allocated to US equities
The rest of the world now looks
relatively cheap...
60% “Rest of the World” Price/Book discount
compared to the US market
50%
40%
30%
20%
10%
0%
2003 2005 2007 2009 2011 2013 2015
Performance relative to the
MSCI ACWI(Year to Jun-16)
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The rest of the world now looks relatively cheap...

…reflects low potential of the US market.

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Cyclically Adjusted P/E Ratio: S&P 500
45
40
35
30 Current: 26x
25
20
15
10
5
0
1881 1896 1911 1926 1941 1956 1971 1986 2001 2016
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…which creates attractive buying opportunities.

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Composite of Portfolio Metrics
Unattractive
Opportunities
Attractive
Opportunities
Many attractive investment
opportunities are emerging
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• Source: Platinum. Competitor data obtained from Fund or Platform websites. Funds selected are Australian registered International equities funds with FuM >$300mn and a long international equities bias.

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• ** Source: Yale, Schiller

*** Composite of Portfolio Metrics; Includes Profitability (RoC), Value (EV/CE, P/e, EBITDA/EV, Yield), Growth (sale, earnings, BV /share) and Leverage (Debt/Book). Source: Platinum

4

PIF vs MSCI World Index – regional and sector breakdown (as at 30 June 2016)

A highly differentiated portfolio…

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PIF vs MSCI World Index – via Region
60%
PIF MSCI World Index
50%
40%
30%
20%
10%
0%
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PIF vs MSCI World Index – via Sector

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25%
PIF MSCI World Index
20%
15%
10%
5%
0%
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Source: Platinum, MSCI

5

Investment Performance. Bull and bear market view

PIF’s long term performance has remained strong through various bull and bear markets.

Performance during the most recent bull market has been generally in line with the market. This outcome is strikingly similar to the performance prior to the tech wreck and, to a lesser extent, pre-GFC.

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

6

A history of building strong accumulated performance…

3 mths 1 yr 3 yrs International Fund (0.4) (6.3) 9.7 MSCI All Country World Net Index 4.3 (0.6) 13.6 (% compound pa, to 30 June	5 yrs 11.2 13.3 2016)	10 yrs 6.4 4.2	Since Inception 12.3 6.1

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Value of $20,000 invested since inception to 30 June 2016
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$0
1995 1998 2001 2004 2007 2010 2013
Platinum International Fund MSCI World Index
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Source: Platinum, MSCI

7

…which has proved especially attractive for retirees

Value of $500,000 invested since inception (in May 1995) and subsequently drawdown at a rate of $5,000 per month[1 ]

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$2,500,000 $2,496,000
$2,000,000
$1,500,000
$1,000,000
$901,000
$660,000
$500,000
$-
May-1995 May-2007 June-2016
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Cumulative Drawdown (@$5k per month), plus Fund balance Cumulative Drawdown (@$5k per month) of MSCI World Index Platinum International Fund balance MSCI World Index balance

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1 Assuming a drawdown rate of $5,000 per month, growing at 3% per annum

8

Source: Platinum

Progress being made across key initiatives

1. Building the local brand with an adviser and direct-to-consumer focus

Segmentation – controllers 20%; information seekers 40%; little or no interest 40%

• 35K PT Fund reports & 20K listed investment company reports sent to investors & advisers each quarter

• expanding The Journal section of our website

• national adviser and investor road shows

• regular meetings with advisers, presentations to their clients, analyst involvement

• marketing strategies continue

• continued enhancements to the functionality of our website

2. Expanding our SMSF-focused, listed product range

• LIC, Platinum Asia Investments Limited (PAI) launched September 2015, raised A$286m net

3. Extending our brand into offshore markets

• 3 European UCIT’s Funds launched in Ireland November 2015, seed funding US$25m

• Professional investor development continuing – but long lead times

• Investing in talent – new members joining investment specialists

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9

Strategic position remains compelling

A strong position in Australian retail funds…

…and the new direct retail listed channel.

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Australian Retail Managed Funds:
Global Equities Segment (A$b )
120
60
Platinum
18.2 19.1 market share
0
≈ 14%
Dec-14 Dec-15
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Offshore opportunities are highly prospective…

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ASX Listed Products
(A$b )
mFund Active Global Equity
0.2
ETF LIC $4.375
LIC -13% 23.4 59 bps Active ETMF $0.666
mFund $0.022
0.0 -15% 64 bps Total $5.063
4.5
30.4
16.6
-13% Platinum market
share ≈ 13%
Jul-11 Jul-16
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…with our services well positioned in growing market segments.

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10% Global Asset Management Markets & Growth Global AuM – by Service
Rates
$43T $71T
Hong Kong
8% Solutions/Balanced 8% 12%
Singapore Alternatives 11% +1% 12%
6% 21%
Active Specialist +1% 22%
Australia
4% Europe
USA
Active Core
Japan 50% -11% 39%
2%
0% / / Passive & ETF’s 10% 15%
0 5 10 15 20 25 36 (US$T) 30 2008 2015
‘07-’15 flows as a % of ‘07 AuM
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• Source : Platinum

• ** Source: Rainmaker Superannuation Revenue Report –Sept 2015, Platinum

• *** Source: BCG Global Asset Management Strategic Insight, State of the Global Fund Industry 2016, Platinum “Active Specialities” includes equity specialists (incl. global, emerging market) and fixed income specialists.

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10

Outlook

1. Small teams improved orientation; specialist approach generating large idea base.

2. Competitive debasement of currencies – reduces attraction of holding cash.

3. Currency volatility but greater awareness of foreign equity markets.

4. Remain index agnostic in a world of shifting goal posts.

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11

Flows & Funds Under Management: June 2016

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Full Year Half Year
2,910 +2% 2,846 -63% 2,125
785
Gross Inflows (A$m)
Jun-16 FY Jun-15 FY Jun-16 H Dec-15 H
large large
80 427
Net Flows (A$m) -1440 -1867
Jun-16 FY Jun-15 FY Jun-16 H Dec-15 H
26.9 26.8
22.7 -16% 22.7 -15%
Closing FUM (A$b)
Jun-16 FY Jun-15 FY Jun-16 H Dec-15 H
-1% -10% 27.2
25.8 26.1 24.6

Average FUM (A$b)
Jun-16 FY Jun-15 FY Jun-16 H Dec-15 H
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Closing FUM (A$b)

• Average FUM (A$b)

• Monthly average for the 12 month period

** Monthly average for the 6 month period, excluding annual distributions of $0.9b. Source: Platinum

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12

Flows: June-16

Gross Flows

• Gross flows for 2016 were up slightly on 2015 but growth was concentrated in the first 6 months. Retail investment slowed sharply in the wake of market volatility caused by China (Jan) and Brexit (June).

• Retail flows were led by flagship funds and the PAIL IPO (+$286m)

• PT Fund clients are at 45k

• Institutional flows continue to be lumpy and episodic in nature

Annual gross flows 2012-2016 (A$m)

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263
113 337
1,002
396 2,846 2,733 2,573
1,581
1,048
2012 2013 2014 2015 2016
Retail Funds Institutional
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Annual net flows 2012-2016 (A$m)
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Net Flows

• Retail net flows were negative in the second half, keeping full year flows flat at -$86m.

• PT Fund net outflows were highly concentrated, with one large client rebalancing their portfolio and generating net outflows of $375m for the year.

• Institutional net outflows were also extremely concentrated, with one large overseas client termination ($1,447m).

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875
691 678
248
80
98
-86
-188
-627 -598
-879
-1354
-1795
-1440
-1697
2012 2013 2014 2015 2016
Retail Funds Institutional Net Inflows
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Notes: “Retail Funds” includes Platinum Trust Funds, Platinum Global Mfund, PAI LIC, PMC LIC, MLC Platinum Global Fund. “Institutional” includes performance fee clients within retail funds, mandates and US$ products.

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(Year to June, unless otherwise stated)

Source: Platinum

13

Funds Under Management

($mn, 12 months to 30 Jun 2016)

FUNDS OPENING BALANCE (1 JUL 2015) NET FLOWS DISTRIBUTIONS INVESTMENT PERFORMANCE CLOSING BALANCE (30 JUN 2016) % OF TOTAL	FUNDS OPENING BALANCE (1 JUL 2015) NET FLOWS DISTRIBUTIONS INVESTMENT PERFORMANCE CLOSING BALANCE (30 JUN 2016) % OF TOTAL	FUNDS OPENING BALANCE (1 JUL 2015) NET FLOWS DISTRIBUTIONS INVESTMENT PERFORMANCE CLOSING BALANCE (30 JUN 2016) % OF TOTAL	FUNDS OPENING BALANCE (1 JUL 2015) NET FLOWS DISTRIBUTIONS INVESTMENT PERFORMANCE CLOSING BALANCE (30 JUN 2016) % OF TOTAL	FUNDS OPENING BALANCE (1 JUL 2015) NET FLOWS DISTRIBUTIONS INVESTMENT PERFORMANCE CLOSING BALANCE (30 JUN 2016) % OF TOTAL	FUNDS OPENING BALANCE (1 JUL 2015) NET FLOWS DISTRIBUTIONS INVESTMENT PERFORMANCE CLOSING BALANCE (30 JUN 2016) % OF TOTAL	FUNDS OPENING BALANCE (1 JUL 2015) NET FLOWS DISTRIBUTIONS INVESTMENT PERFORMANCE CLOSING BALANCE (30 JUN 2016) % OF TOTAL
Retail Funds
Platinum Trust Funds and Platinum Global Fund	19,117	(190)	(907)	(1,481)	16,539	73%
Platinum Listed Investment Company’s – PMC and PAI	398	249		(31)	616	3%
MLC Platinum Global Fund	1,113	(145)		(50)	918	4%
Institutional Funds
Management Fee Mandates	1,977	(37)		(91)	1,849	8%
‘Relative’ Performance Mandates1	3,545	(1,195)		(132)	2,218	10%
‘Absolute’ Performance Mandates	709	(122)		(39)	548	2%
TOTAL	26,859	(1,440)	(907)	(1,824)	22,688	100%

1 Performance fee calculated to 30 June – all global mandates. The FUM consists of PT Funds (mostly institutional) performance fee clients - $262mn and super mandates $1.956bn.

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Source: Platinum

14

Operating Results: June 2016

Fee Revenue (A$m)

Profit After Tax (A$m)

Diluted Earnings Per Share (cps)

Dividends (cps, fully franked)

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Full Year
337.9 -1% 340.9
Jun-16 F Jun-15 F
213.5
200.9 -6%
Jun-16 F Jun-15 F
36.7
34.2 -7%
Jun-16 F Jun-15 F
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20
16 -20%
Jun-16 F Jun-15 F
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Half Year
-10% 178.1
159.8
Jun-16 H Dec-15 H
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119.7
81.2 -32%
Jun-16 H Dec-15 H
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20.4
-32%
13.8
Jun-16 H Dec-15 H
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16 16 Jun-16 H Dec-15 H

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• Final dividend excludes special dividend of 10 cents Source: Platinum

15

Segment Analysis

(as at 30 June 2016)

FUNDS MANAGEMENT JUN-16 ($MN) JUN-15 ($MN) % VAR	FUNDS MANAGEMENT JUN-16 ($MN) JUN-15 ($MN) % VAR	FUNDS MANAGEMENT JUN-16 ($MN) JUN-15 ($MN) % VAR	FUNDS MANAGEMENT JUN-16 ($MN) JUN-15 ($MN) % VAR		INVESTMENTS AND OTHER JUN-16 ($MN) JUN-15 ($MN) % VAR	INVESTMENTS AND OTHER JUN-16 ($MN) JUN-15 ($MN) % VAR	INVESTMENTS AND OTHER JUN-16 ($MN) JUN-15 ($MN) % VAR	INVESTMENTS AND OTHER JUN-16 ($MN) JUN-15 ($MN) % VAR
Fee Revenue	337.9	340.9	(1%)		Fee Revenue	-	-	-
Other Revenue	0.4	0.4	-		Other Revenue	6.4	19.1	(67%)
Total Revenue	338.3	341.3	(1%)		Total Revenue	6.4	19.1	(67%)
Expenses	(61.7)	(58.8)	(5%)		Expenses	(0.8)	(0.1)	(large)
Profit Before Tax	276.6	282.5	(2%)		Profit Before Tax	5.6	19.0	(70%)
Income Tax Expense	(80.7)	(82.3)	(2%)		Income Tax Expense	(1.6)	(5.7)	(71%)
Non controlling interest	-	-	-		Non controlling interest	1.0	-	(large)
Profit After Tax	195.9	200.2	(2%)		Profit After Tax	5.0	13.3	(62%)
Average FuM	25,821	26,141	(1%)		Net Assets	348.9	321.1	9%

• Funds Management revenue was down 1% year-on-year, in line with average Funds Under Management. Profits were down 2% due to a 5% uptick in expenses.

• Profits from investments and other income were down 62% on prior year, almost entirely due to lower currency gains on US$ denominated cash

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16 Source: Platinum

Contributors to Profit After Tax

Jun-16 FY v Jun-15 FY

Other income down largely because of lower gains on foreign exchange.

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+5.7
-3.0 +1.0
-12.7
-3.6
213.5 200.9
30-Jun-15 Fee Other Expenses Tax Minority 30-Jun-16
Revenue Income Interest
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Jun-16H v Dec-15 H

Fees are down due to lower average FuM in Jun-16H. Other income is down largely due to FX. Expense variance is predominantly due to bonuses being paid during Jun-16H.

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+14.1
-18.3
+1.0
119.7 -22.4 -12.9
81.2
31-Dec-15 Fee Other Expenses Tax Minority 30-Jun-16
Half Revenue Income Interest
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Source: Platinum

17

(as at 30 June 2016)

Revenue Analysis

	JUN-16 ($MN)	JUN-15 ($MN) $ VAR. COMMENT	JUN-15 ($MN) $ VAR. COMMENT	JUN-15 ($MN) $ VAR. COMMENT
Management and admin fees	335.3	338.6	(3.3)	Fall is in-line with decrease in average FUM.
Performance fees	2.6	2.3	0.3
Sub-Total: Fee Revenue	337.9	340.9	(3.0)
Interest income	4.1	7.1	(3.0)	Lower interest rates and reduced cash balance ($85.2M used to seed PAIL and UCITs).
Loss on PAIL	(1.5)	-	(1.5)	$800K gain on options set off against $2.3M equity accounted loss.
Gain/(loss) on UCIT’s	(0.9)	0.2	(1.1)	Unrealised mark-to-market loss.
FX gains	5.1	16.0	(10.9)	USD gains lower (AUD dropped 3% against the USD versus in 2016 v’s 18% in 2015). Foreign cash balance also reduced by UCIT seeding.
Loss on JGB futures	-	(3.8)	3.8	Investment disposed during 2015.
Sub-Total: Other Income	6.8	19.5	(12.7)
Total Revenue	344.7	360.4	(15.7)

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Source: Platinum

18

Expense Analysis

(as at 30 June 2016)

	JUN-16 ($MN)	JUN-15 ($MN) $ VAR. COMMENT	JUN-15 ($MN) $ VAR. COMMENT	JUN-15 ($MN) $ VAR. COMMENT
Staff costs, incl. share based payments (1)	31.0	27.9	3.1	Higher incentive compensation and incumbent salary increases.
Custody, administration, trustee and unit registry costs	14.2	16.3	(2.1)	Reduced custody and unit registry rates.
Business development costs	5.8	4.8	1.0	Increase in activity related to investor forums and adviser presentations.
Research	2.1	1.9	0.2	Increase due to higher USD denominated data provider costs.
Other costs	9.4	7.9	1.5	Mostly extra costs associated with establishing PAI and UCIT’s funds
Total Expenses	62.5	58.8	3.7

(1) Accounting for New Deferred Bonus Plan

• $3.65m awarded in the current year, with the related expense totalling $635k

• 4 year vesting period plus award year = 5 year amortisation period

• Expense is adjusted for an estimate of likely future experience

• Award is fully hedged via an Employee Share trust. No future P&L impact of any gains/losses caused by share price variation

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Source: Platinum

19

Strong Balance Sheet

(as at 30 June 2016)

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351 349
335
Net Assets attributable to shareholders (A$m)
Jun-16 Dec-15 Jun-15
327
242 264
Cash & Term Deposits (A$m)
Jun-16 Dec-15 Jun-15
82 89
Seed Investments (A$m) 0
Jun-16 Dec-15 Jun-15
10
16 20 20
Dividends (cps) 16 17 14
FY Jun-16 FY Jun-15 FY Jun-14
Interim Final Special
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• Jun-16 is stated after the deduction of $15.8m related to UCIT fund cash balances

20 ** Refers to PTM’s investment in PAI $48m, PAI options $1m , and UCIT’s $33m Source: Platinum

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Disclaimer

Platinum Asset Management Limited ABN 13 050 064 287 has prepared this presentation material.

Performance results shown have been calculated using the Platinum International 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.

MSCI data has been sourced through MSCI Inc.

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21

Appendix: Detailed Operating Results

($M) JUN-16 JUN-15_% CHANGE_	($M) JUN-16 JUN-15_% CHANGE_	($M) JUN-16 JUN-15_% CHANGE_	($M) JUN-16 JUN-15_% CHANGE_	($M) JUN-16 JUN-15_% CHANGE_	JUN-16 H DEC-15 H_% CHANGE_	JUN-16 H DEC-15 H_% CHANGE_	JUN-16 H DEC-15 H_% CHANGE_
Management and admin fees	335.3	338.6	(1%)		159.7	175.6	(9%)
Performance fees	2.6	2.3	13%		0.1	2.5	(96%)
Interest income	4.1	7.1	(42%)		1.9	2.2	(14%)
Net gains/(losses) on FX, FA & other income	2.7	12.4	(78%)		(9.7)	12.4	(178%)
Total revenue	344.7	360.4	(4%)		152.0	192.7	(21%)
Staff costs, incl. share based payments	31.0	27.9	11%		22.0	9.0	144%
Custody and unit registry costs	14.2	16.3	(13%)		6.8	7.4	(8%)
Business development costs	5.8	4.8	21%		2.8	3.0	(7%)
Research	2.1	1.9	11%		0.9	1.2	(3%)
Other costs	9.4	7.9	19%		5.2	4.2	24%
Total costs	62.5	58.8	6%		37.7	24.8	52%
Pre-tax profit	282.2	301.6	(6%)		114.3	167.9	(32%)
Income tax expense	82.3	88.1	(7%)		34.1	48.2	(29%)
Net profit after tax	199.9	213.5	(6%)		80.2	119.7	(33%)
Net profit after tax attributable to owners	200.9	213.5	(6%)		81.2	119.7	(32%)
Diluted EPS (c)	34.2	36.7	(7%)		13.8	20.4	(32%)
Average FUM ($b)	25.8	26.1	(1%)		24.6	27.2	(10%)
Total no. of shares – issued (mn)	586.7	586.7	-		586.7	586.7	-

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Source: Platinum

22