L1 GROUP LIMITED — Annual Report 2021

Aug 24, 2021

25 August 2021

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ASX Market Announcements Office ASX Limited 20 Bridge Street Sydney NSW 2000

Platinum Asset Management Limited (PTM) Full Year Profit Announcement for the 12 months ended 30 June 2021

The following documents are attached for lodgement:

• Appendix 4E

• Annual Financial Report

• Analyst Presentation

• Appendix 4G

• Corporate Governance Statement

• Corporate Sustainability Report Statement

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 Analyst Briefing 26 August 2021

Platinum Asset Management Limited ABN 13 050 064 287

Andrew Clifford, Co-Founder Andrew Stannard, Finance Director Analyst Briefing

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Financial Highlights

June 2021

• Average FuM $23.4 billion, down 2% on Jun-20.

• Management fee revenue down 4%.

• Total revenue up 6%, largely due to higher investment gains.

• Expenses up 5%. Employee expenses up. Non-staff expenses down.

• Profit before tax up 6%.

• Diluted earnings per share up 5%.

• Final dividend of 12cps, taking full year to 24cps fully franked (~5% annualised yield*).

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Source: Platinum Investment Management Limited.
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Using 30 June 2021 share price of $4.91
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Investment Performance

Very strong absolute performance over last year. Compelling long term relative returns across several funds

several funds
Performance of Platinum	Trust Funds	1 year	5 year	10 year	Since	FuM
As at 30 June 2021		p.a.	p.a.	p.a.	inception	(A$b)
					p.a.
International Fund	- Absolute Return	26.1%	11.1%	11.1%	12.1%	8.5
(PMs: AC, CS, ND)	- Relative Return	-1.6%	-3.3%	-2.8%	+4.5%
Asia Fund	- Absolute Return	26.2%	15.2%	12.8%	14.8%	4.5
(PMs: AC, CR)	- Relative Return	-1.9%	+0.9%	+1.9%	+4.0%
Japan Fund	- Absolute Return	18.3%	10.0%	14.4%	13.5%	0.6
(PM: JH)	- Relative Return	+3.8%	0.0%	+3.4%	+10.1%
European Fund	- Absolute Return	26.2%	11.2%	10.8%	11.1%	0.6
(PMs: ND, ACa)	- Relative Return	+2.4%	+1.0%	+1.7%	+7.5%
Brands Fund	- Absolute Return	50.6%	17.6%	13.4%	13.3%	0.7
(PM: JH)	- Relative Return	+22.9%	+3.2%	-0.5%	+8.8%
Health Care Fund	- Absolute Return	31.9%	20.4%	18.9%	12.0%	0.6
(PM: BO)	- Relative Return	+18.7%	+8.2%	+1.8%	+2.2%
Global (Long Only) Fund	- Absolute Return	32.8%	14.1%	12.5%	11.1%	0.2
(PM: CS)	- Relative Return	+5.1%	-0.3%	-1.4%	+2.7%
Technology Fund	- Absolute Return	29.2%	18.2%	14.8%	10.7%	0.2
(PMs: AB)	- Relative Return	-4.7%	-10.9%	-9.1%	+6.4%
				Subtotal (A$b)		15.9
Portfolio Managers:				%	of Total FuM	68%

Portfolio Managers:

AC = Andrew Clifford, CS=Clay Smolinski, JH=Jamie Halse, ACa=Adrian Cotiga, ND= Nik Dvornak, BO = Bianca Ogden, AB = Alessandro Barbi, CR = Cameron Robertson

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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 represent the combined
income and capital returns over the specified period. Fund returns are net of accrued fees and costs, pre-tax, and assume the reinvestment of distributions. Past performance is
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not a reliable indicator of future performance. Relative returns represent the returns of the relevant fund relative to the fund’s nominated index as stated in the Platinum Trust
Product Disclosure Statement No. 13 dated 14 May 2021.
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Platinum International Fund: FY-21 performance

Strong cyclical/recovery stock returns, partly offset by cautious portfolio positioning to protect clients from downside risk. Market risks remain elevated.

Platinum International Fund

Cumulative monthly performance for the 12 months to 30 June 2021

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30%
MSCI ACWI (A$) +27.7%
25% Platinum International
Fund +26.1%
20%
15%
10%
5%
0%
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-5%
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Good stock picking, partly offset by portfolio protection costs

2021 Returns	PIF	MSCI
100% Long Portfolio	36.2%	27.7%
Downside Protection*	(8.7%)	-
Fee	(1.35%)	-
Net Return	26.1%	27.7%

• Includes shorting losses (5.2%), tactical asset allocation to cash, partly offset by FX and cash returns

Asset allocation reflects caution over overall market valuations

Average Portfolio Weighting	Avg Weight%
Long Positions	91.0
Short Positions	(11.1)
Cash & FX	20.1
Total	100.0

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Source: Platinum Investment Management Limited for Platinum International Fund (“PIF”) returns and Factset Research Systems for MSCI returns. Net PIF returns are
calculated using C Class NAV unit prices for the year to 30 June 2021 and are net of accrued fees and costs, pre-tax, and assume the reinvestment of distributions. Returns
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for the long portfolio and downside protection are based on daily market prices for the year to 30 June 2021. The investment returns shown are historical and no warranty can
be given for future performance. Past performance is not a reliable indicator of future performance.
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Platinum International Fund…we’ve been here before

Investment performance: bull & bear market view since inception to 30 June 2021

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Fund performance vs MSCI AC World net index (AUD), cumulative and by market trend, since inception
Platinum International Fund MSCI AC World net index (AUD)
2000%
Post GFC
1600% Bull Market
Post '87 Tech Boom Tech Wreck 2000's Bull The GFC
Recovery Market
1200%
800%
400%
0%
300%
280%
250%
214%
200%
148%
150%
100% 84%
38% 139%
50% 7%
75% -6%
0%
18%
-50% -48% -31%
-100%
Apr 1995 Mar 1997 Oct 2000 Feb 2003 May 2007 Jul 2012 Jun 2021
incpetion (%)
Total cumulative return since
Returns (%)
Apr 1995 Mar 1997 Oct 2000 Feb 2003 May 2007 Jul 2012 Jun 2021
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Source: Platinum Investment Management Limited for Fund returns and Factset Research Systems for MSCI returns. Fund returns are calculated using the fund’s NAV unit price
6 for C Class over the specified periods and represent the combined income and capital returns over the specified period. Fund returns are net of accrued fees and costs, pre-tax,
and assume the reinvestment of distributions. Past performance is not a reliable indicator of future performance.
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In summary

We see value in economically sensitive stocks.

Lots of discussion of inflation and growth – few are positioned for it. Some segments of the market are INCREDIBLY expensive – shorting will be important.

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This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and
7 requirements and seek professional financial advice before making any financial decisions. The commentary reflects Platinum’s views and beliefs at the time of preparation,
which are subject to change without notice.
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What should investors do here?

Avoid the current favourite themes: eCommerce, payments, staples.

Concern about regulatory crackdown in China are creating new opportunities.

Look where the crowd is NOT interested.

Out of favour stocks can do well. We have been here before.

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This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and
8 requirements and seek professional financial advice before making any financial decisions. The commentary reflects Platinum’s views and beliefs at the time of preparation,
which are subject to change without notice.
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Australia/NZ Business Development Update

 Australia and NZ

• Product initiatives and enhancements:

• Platinum Investment Bond launch

• Fixed Cash Distribution Option for the Platinum Trust Funds introduced

• Carbon Emissions Disclosure and Offset.

• Strong adviser engagement with a mix of webinars, virtual and in-person meetings, as well as commitment to adviser industry events.

• Digital strategy enhanced incorporating use of data, social media and new campaigns.

• Uplift in content generation, accessibility and distribution.

• ESG - our long-standing integrated approach made more explicit.

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9 Source: Platinum
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A broad array of global equity services

Funds under Management by strategy: Year to 30 June 2021, A$mn

INVESTMENT STRATEGY	OPENING	NET	DISTRIBUTIONS	INVESTMENT	CLOSING	% OF
	BALANCE	FLOWS	& OTHER	PERFORMANCE	BALANCE	TOTAL
	(1 JUL 2020)				(30 JUN 2021)
Global long short	12,262	(1,693)	(214)	3,289	13,644	58%
Asia ex-Japan	6,674	(528)	(684)	1,416	6,878	29%
Health Care	335	182	(52)	141	606	3%
Europe	562	(104)	(30)	130	558	2%
Brands	529	(44)	(53)	251	683	3%
Japan	687	(84)	(7)	118	714	3%
Global long only	212	(28)	(17)	61	228	1%
Technology	124	34	-	42	200	1%
Other Seed	-	10	(2)	3	11	-%
TOTAL	21,385	(2,255)	(1,059)	5,451	23,522	100%

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10 Source: Platinum
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We continue to listen to our retail clients and their advisers

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Clients need help as they transition to retirement

Clients need exposure to equities to address longevity risk

Clients need downside protection to address draw down risk

Clients need solutions for intergenerational wealth transfer

Clients want ESG embedded, but also with flexibility

Growing recognition that ESG is complex and one size does not suit all

ESG must be demonstrably integrated into investment process, not “greenwashed”

Some clients want to invest thematically

Solutions should be easy to understand and digital

Preference for listed over unlisted investment vehicles

Continued enhancements to products and services

Increased communication effort through video, webinars, social media and digital channels

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This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and
11 requirements and seek professional financial advice before making any financial decisions. The commentary reflects Platinum’s views and beliefs at the time of preparation,
which are subject to change without notice.
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Retirement

• Australians are retiring with larger than ever portfolio balances but with increasing longevity and sequencing risks.

• Industry solutions tend to be expensive (annuities) and/or complex (risk pooling), both of which drag heavily on overall returns.

• Protecting clients from market volatility, whilst giving them long-biased equity exposure, has been central to Platinum’s investment process for over 25 years.

Performance During Major Market Drawdowns

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3%
-12%
-16% -15%
-18%
-23%
-41%
-50%
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Dot Com Bubble Global Financial Crisis US Debt Crisis Covid (Peak Nov-00, Trough Mar-03) (Peak Dec-07, Trough Mar-09) (Peak Feb-11, Trough Sep-11) (Peak Feb-20, Trough Mar-20)

Platinum International Fund MSCI ACWI (A$)

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Source: Platinum Investment Management Limited for Fund returns and Factset Research Systems for MSCI returns. Fund returns are calculated using the fund’s NAV unit
price for C Class over the specified periods and represent the combined income and capital returns over the specified period. Fund returns are net of accrued fees and costs,
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pre-tax, and assume the reinvestment of distributions. Past performance is not a reliable indicator of future performance.
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Retirement

 Active management is crucial to the retirement phase. Retirees cannot ‘earn back” any market losses by increasing their savings or their time in the market.

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8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
-
Investors Age
Platinum International Fund MSCI ACWI (A$)
65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91
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A Practical (if hypothetical) Example.

 A Platinum HNW investor retired in 1995 at age 65 with a $1m equities allocation in the Platinum International Fund (C Class), drawing down $100,000 per annum thereafter.

• This investor then experienced the dot-com crash, the GFC, the US Debt Crisis, and the Covid crash. She is 91 years old today.

• Her Platinum account has grown to $6.6m*, despite having withdrawn $2.7m over 27 years (combined benefit of $9.3m).

• If she had instead invested in the MSCI ACWI (A$), her money would have run dry ten years ago, at the age of 81, having received $1.7m.

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* Assuming all distributions were reinvested, and no other contributions made.
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Add the following: Source Platinum Investment Management Limited. Past performance is not a reliable indicator of future returns.
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Retirement: two examples

Platinum Investment Bond

• Collaboration with Australian Unity as issuer and administrator

• Focused on long-term savings goals,

• retirement and intergenerational wealth transfer

  • STP of applications

  • No extra client fees

Platinum Fixed Cash Distribution Option

  - Simple, 4%* annual cash yield

• Leverages Platinum’s downside protection

• skills to help retirees manage their draw down risk

• No complex risk pooling or expensive annuitisation. No extra fees.

• Easy for IFA’s to use (one click!) and explain to their retiree clients

   - 100% on-line, one click
  

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• Administered by Platinum’s own in house registry team

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* Fixed yield percentage is subject to change at Platinum’s discretion.
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ESG

• An enduring aspect of Platinum's investment approach continues to be the analysis of environmental, social and governance (ESG) considerations to investing.

• Sound ESG practices are vital to a company's long-term viability, growth and profitability so have always formed part of the Platinum’s investment process.

• We regard all of our PT Funds as being fully ESG compliant but aspire to greater leadership in this space.

• Recent examples include

• Hire of dedicated senior ESG investment specialist

• Refinements to analyst research reporting

• Inaugural Modern Slavery Statement released

• Carbon footprint of PT Funds now measured and reported upon

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• New carbon offset program commenced.

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ESG: Example

Platinum Carbon Offset

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• Transparency on each fund’s carbon footprint, coupled with an integrated option to offset

• The client controls where their offset

spend should go

• Fully on-line, educational content

• Partnership with industry leader

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South Pole
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Offshore Business Development

 Offshore FUM $843m as at 30 June 2021 (includes Optima, Cayman vehicles and UCITS).  +1,000 engagements with asset consultants, distributors and prospects.

 New UCITS markets opened in Europe. Maltese subsidiary created (post Brexit).

 New funds are building track history (5+ years for UCITS, 2+ Years for Cayman).

 International border closures plus performance volatility is extending the sales timeline.

 Organic growth takes time but we are in this for the long haul.

Americas Focus: USA and Canada Client Focus: Institutional (Pension Fund, Endowments, Family Office)

Funds: Cayman 2, $38m, Optima 2 $358m

Europe Focus: UK, Switzerland, EU Office: London Staff: 3 Client Focus: Institutional (Private Bank, Family Office, Pension Fund) Funds: 3 UCITS sub-funds, $447m

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17 Source: Platinum Investment Management Limited
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Looking ahead

• Strong absolute performance by Platinum International and Asia Funds during FY-21, with relative performance largely reflecting the cost of downside protection.

• Outstanding relative and absolute performance by Brands, Global Long Only and Health Care Funds over the last year is encouraging.

• The business remains resilient and well placed for future growth…

• Strong position in Australian retail market. Highly differentiated products.

• Desire for higher international equity exposure continues to increase in Australia.

• Offshore initiatives provide a platform for growth over the medium term.

• Profitable and scalable business with strong dividend capacity and an unlevered balance sheet.

• Continuing to seek opportunities to expand client access via product innovation and new markets.

• …underpinned by a clear client proposition.

• Consistent, benchmark agnostic, investment process and high research quality continues to generate a large idea base.

• An unwavering focus on delivering strong, long term, client outcomes.

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Flows & Funds Under Management

Full year

Half year

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+10% -13%
1,704
1,556
794 910
Gross Inflows (A$m)
Jun-21 Jun-20 June-21 Dec-20
-
+27% -15%
Net Flows (A$m) -2,225 -1,208 -1,047
-3,031
Jun-21 Jun-20 Jun-21 Dec-20
+10% -%
23.5 23.5 23.6
21.4
Closing FUM (A$b)
Jun-21 Jun-20 Jun-21 Dec-20
-
-2% +9%

24.3
23.4 23.7 22.2
Average FUM (A$b)
Jun-21 Jun-20 Jun-21 Dec-20
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Source: Platinum.
19 * Monthly average for the 12 month period. Jun-21 FUM excludes impact of annual distributions.
Monthly average for the 6 month period.
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Flows

Gross InFlows

• Inflows for the 12 months to 30 Jun-21 were $1.7b, slightly up on the prior comparative period.

• Second half inflows were below first half (partly seasonal) but well up on the prior comparative period.

Semi-annual gross flows (A$m)

Annual gross flows (A$m)

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313
238
257 144
3,391 185
2,483
81 63 26 66
1,691 1,560 159
1,371
713 847 868 765
503
2017 2018 2019 2020 2021 Jun-21 Dec-20 Jun-20 Dec-19 Jun-19
Half Half Half Half Half
Retail Funds Institutional
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Net Flows

• Net outflows of $1.2b in the Jun-21 half.

• Retail outflows continued to improve compared to both Dec-20 half and June-20.

• Institutional fund outflows of -$613m in the second half was spread across accounts and, in the case of Asia strategies, largely reflected rebalancing after strong performance. No mandates were lost in the period.

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Net flows
-3565 1034 -246 -3031 -2225 -1208 -1047 -1739 -1292 -935
1,194
-160 -187
-59 -595 -855 -1,136 -803
-1,450 -1,394
-2,530 -613 -192 -132
-2,593 -156
-345
-805
-501
-972
2017 2018 2019 2020 2021 Jun-21 Dec-20 Jun-20 Dec-19 Jun-19
Half Half Half Half Half
Retail Funds Institutional
Annual net flows (A$m) Semi-annual net flows (A$m)
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Source: Platinum. Notes: “Retail Funds” includes Platinum Trust Funds, Platinum Global Fund, Platinum Asia Investments Limited, Platinum Capital Limited, MLC
20
Platinum Global Fund. “Institutional” includes institutional performance fee investors within retail funds, mandates and US$ denominated investment products.
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Operating Results

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Full year Half year
+6% -10%
316.4 166.6
298.7 149.8
Revenue & Other Income (A$m)
Jun-21 Jun-20 Jun-21 Dec-20
+5% -19%
163.3 90.4
155.6 72.9
Profit After Tax (A$m)
Jun-21 Dec-20
Jun-21 Jun-20
-19%
+4%
28.0 15.5
26.8
Diluted Earnings Per Share (cps) 12.5
Jun-21 Jun-20 Jun-21 Dec-20
-
%
-%%
24 24
12 12
Dividends (cps, fully franked)
Jun-21 Jun-20 Jun-21 Dec-20
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Source: Platinum.
21 * Profit after tax and EPS attributable to owners.
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Revenue Analysis

As at 30 June 2021

	JUN-21	JUN-20 ($M)	VAR.	JUN-21	DEC-20	**VAR. **	COMMENT
	($M)			H ($M)	H($M)
Average FuM ($B)*	23.4	23.7	(0.3)	24.3	22.2	2.1
Average Fee**(bps)	114	116	(2)	113	115	(2)	Mix shift away from retail
Management fees	265.2	275.9	(10.7)	137.9	127.3	10.6	Lower average FuM and mix shift
Performance fees	4.0	9.1	(5.1)	0.3	3.7	(3.4)	Primarily from absolute return mandates
Sub-Total: Fee Revenue	269.2	285.0	(15.8)	138.2	131.0	7.2
Interest income	0.5	1.7	(1.2)	0.2	0.3	(0.1)	Lower interest rates
Gain on PAI holding	6.2	3.1	3.1	1.4	4.8	(3.4)	$6.2m comprises $4.1m equity accounted gain and $2.1m dividend received.
Gain on UCITS holding	20.6	2.6	18.0	3.9	16.7	(12.8)	Equity accounted gain
Gain on PAXX	6.7	3.8	2.9	1.5	5.2	(3.7)	$6.7m comprises $6.2m gains and $0.5m distribution received from PAXX
Gains on Cayman funds and							$13.9 comprises $13.0m gains from
Platinum trusts holdings	13.9	1.0	12.9	4.5	9.4	(4.9)	Cayman funds and PT funds. Distribution income received from PT trusts $0.1m
							and dividend income $0.8m
FX gains/(losses)	(0.7)	1.5	(2.2)	0.1	(0.8)	0.9
Sub-Total: Other Income	47.2	13.7	33.5	11.6	35.6	(24.0)
Total Revenue	316.4	298.7	17.7	149.8	166.6	(16.8)

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Source: Platinum.
Average FUM excludes impact of annual distributions.
22
Annualised average management fee, excluding performance fees.
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Expense Analysis

As at 30 June 2021

Expense Analysis As at 30 June 2021
	JUN-21	JUN-20	$ VAR.	**% VAR. **	COMMENT
	($M)	($M)	($M)
Staff costs (ex share based payments)	44.4	37.2	7.2	+20%	Higher variable compensation, salary & on-costs.
Other expenses	29.9	30.9	-1.0	-3%	Lower Custody and Bus. Dev. costs
Sub-Total	74.3	68.1	+6.2	+9%
D epreciation, amortisation and non recurring item
Depreciation of fixed assets	1.3	1.9	-0.6	-32%	Prior year number included once-off office fit-out written off due to office renovation.
Amortisation of Deferred Awards	6.4	6.8	-0.4	-6%
New Leasing Standard (AASB 16)	0.2	0.6	-0.4	Large	Prior year accounting standard change
Legal costs re Trademark case	-	0.5	-0.5	Large	Trademark case was successfully resolved in prior year
Total Expenses	82.2	77.9	4.3	+5%

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23 Source: Platinum.
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Strong Balance Sheet

As at 30 June 2021

Net Assets* (A$m) Cash & Term Deposits (A$m)

Seed Investments** (A$m)

Dividends (cps)

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342 319 319
Jun-21 Dec-20 Jun-20
193
157 155
Jun-21 Dec-20 Jun-20
186
156 155
Jun-21 Dec-20 Jun-20
12 11 14
12 13 13
FY Jun-21 FY Jun-20 FY Jun-19
Interim Final
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Source: Platinum. * Net Assets attributable to owners . ** Includes PTM’s investment in PAI (at fair value) of $39m, in UCITS funds of $66m, in PAXX of $2.6m ,in
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Cayman funds of $38m and other seed’s $11m.
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Questions

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25
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Appendices

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26
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Appendix 1:

Detailed Operating Results

Appendix 1: Detailed Operating Results
($M)	Jun-21	Jun-20	% CHANGE	Jun-21H	Dec-20H	% CHANGE
Management fees	265.2	275.9	-3.9%	137.9	127.3	+8.3%
Performance fees	4.0	9.1	Large	0.3	3.7	Large
Interest income	0.5	1.7	Large	0.2	0.3	-33.3%
Net gains/(losses) on seed investments, FX and other income	46.7	12.0	Large	11.4	35.3	Large
Total revenue	316.4	298.7	+5.9%	149.8	166.6	-10.0%
Staff costs incl. share-based payments	50.8	44.0	+15.5%	28.5	22.3	+27.8%
Custody and unit registry costs	9.6	11.3	-15.0%	4.5	5.1	-11.8%
Business development costs	6.0	6.6	-9.1%	3.4	2.6	+30.8%
Technology, research and data	5.2	5.3	-1.9%	2.6	2.6	+3.8%
Other costs	10.6	10.7	-0.9%	5.9	4.7	+25.5%
Total costs	82.2	77.9	+5.5%	44.9	37.3	+20.4%
Pre-tax profit	234.2	220.8	+6.1%	104.9	129.3	-18.9%
Income tax expense	71.0	65.2	+8.9%	32.1	38.9	-17.5%
Net profit after tax	163.2	155.6	+4.9%	72.8	90.4	-19.5%
Diluted EPS (c)	28.0	26.8	+4.5%	12.5	15.5	-19.4%
Average FUM ($b)	23.4	23.7	-1.6%	23.4	22.2	+5.4%
Total no. of shares – issued (m)	586.7	586.7	-	586.7	586.7	-

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27 Source: Platinum
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Appendix 2

Performance fees

	FUNDS FUM $M (JUN-21) PERFORMANCE FEE PERIOD TO BENCHMARK PARTICIPATION RATE % CARRYFORWARD AT JUN-21*
Retail Funds & LICs	Platinum International Fund 21 30 Jun & 31 Dec MSCI AC World Net Index in A$ 15% -3.1%
	Platinum Asia ex-Japan Fund 13 30 Jun & 31 Dec MSCI AC Asia ex Japan Net Index in A$ 15% -0.7%
	Platinum Japan Fund 4 30 Jun & 31 Dec MSCI Japan Net Index in A$ 15% -1.2%
	Platinum European Fund 3 30 Jun & 31 Dec MSCI AC Europe Net Index in A$ 15% -1.9%
	Platinum Brands Fund 2 30 Jun & 31 Dec MSCI AC World Net Index in A$ 15% -
	Platinum Health Care Fund 14 30 Jun & 31 Dec MSCI AC World Health Care Net Index in A$ 15% -
	Platinum Global Long Only Fund 2 30 Jun & 31 Dec MSCI AC World Net Index in A$ 15% -3.0%
	Platinum Technology Fund 4 30 Jun & 31 Dec MSCI AC World IT Net Index in A$ 15% -2.5%
	Platinum International Fund (Quoted Managed Hedge Fund) 363 30 Jun & 31 Dec MSCI AC World Net Index in A$ 15% -3.1%
	Platinum Asia Fund (Quoted Managed Hedge Fund) 154 30 Jun & 31 Dec MSCI AC Asia ex Japan Net Index in A$ 15% -0.7%
	Platinum Capital Limited 490 30 Jun MSCI AC World Net Index in A$ 15% -33.3%
	Platinum Asia Investment Limited 498 30 Jun MSCI AC Asia ex Japan Net Index in A$ 15% -3.5%
Institutional Clients	Platinum World Portfolios plc 360 30 Jun Various Various Various
	‘Relative’ Performance Fee 3,467 30 Jun Various Various Various
	‘Absolute’ Performance Fee 358 31 Dec Various Various Various
	TOTAL FUNDS/MANDATES WITH PERFORMANCE FEES 5,753

• Represents relative underperformance carried forward to future calculation periods. No performance fee is payable until this amount is offset by relative outperformance.

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28 Source: Platinum
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Appendix 3

Expense Analysis: as at 30 June 2021

	JUN-21	JUN-20	$ VAR.	JUN-21	DEC-20	$ VAR.	COMMENT
	($M)	($M)	($M)	H ($M)	($M)	($M)
Staff costs	28.5	24.3	+4.2	15.4	13.1	+2.3	Increase is primarily due to higher salary and
							on-costs.
Cash variable remuneration(1)
and share-based payments	22.3	19.7	+2.6	13.2	9.1	-4.1	See below.
expense
Custody and unit registry costs	9.6	11.3	-1.7	4.5	5.1	-0.6	Decrease in custody and admin fees from March 2020.
Business development costs	6.0	6.6	-0.6	3.4	2.6	+0.8	Activities such as travel decreased in 2021.
Technology, research and data	5.2	5.3	-0.1	2.6	2.6	-	Flat.
							Change due to adopting AASB 16 in prior
Occupancy costs*	3.8	4.5	-0.7	1.8	2.0	-0.2	year and decreased expenses due to prior
							year’s higher fixed assets written off.
Other costs	6.8	6.2	+0.6	4.0	2.8	+1.2
Total Expenses	82.2	77.9	+4.3	44.9	37.3	+7.6	As above.

(1)Cash Variable Remuneration	JUN-21	JUN-20	JUN-19	JUN-18
% Expense: Investment Team	59%	56%	53%	76%
% Expense: General Plan	36%	39%	42%	19%
% on-costs (payroll tax)	5%	5%	5%	5%
Weighted Average 1 and 3 year investment performance**	+0.5%	-3.4%	-5.9%	+3.7%

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* Includes depreciation of fixed assets, rent, depreciation of right-of-use assets and finance costs on lease liabilities. ** Represents weighted average investment performance
29 of all FUM for the 1 and 3 years ended 31 March of each year, which provided the basis for June analyst and profit share plan variable remuneration awards..
Source: Platinum.
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Appendix 4

Segment Analysis: As at 30 June 2021

FUNDS MANAGEMENT JUN-21 ($M) JUN-20 ($M) % VAR Fee Revenue 269.2 285.0 (5.5%) Other Revenue 0.3 0.5 Large Total Revenue 269.5 285.5 (5.6%) Expenses (82.0) (77.5) 5.8% Profit Before Tax 187.5 208.0 (9.9%) Income Tax Expense (57.6) (61.7) (6.6%) Other comprehensive income - - Profit After Tax attributable to owners 129.9 146.3 (11.2%) Average FuM 23,363 23,749 (1.6%)	INVESTMENTS AND OTHER JUN-21 ($M) JUN-20 ($M) % VAR
	Fee Revenue - - -
	Other Revenue 46.9 13.2 Large
	Total Revenue 46.9 13.2 Large
	Expenses (0.2) (0.4) Large
	Profit Before Tax 46.7 12.8 Large
	Income Tax Expense (13.3) (3.5) (large)
	Other comprehensive income (5.4) (1.0) (large)
	Profit After Tax attributable to owners 27.9 8.3 Large
	Segment Net Assets 242.2 304.2 (20.4%)

• Funds management revenue was down 5.5% year-on-year. Expenses increased 5.8% due to increase in costs such as staff being offset by decrease in custody and fund administration fees.

• Investments recorded a gain for the year, primarily reflecting the mark to market gains made by seed investments.

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30 Source: Platinum.
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Appendix 5

Funds under Management by Product: Year to 30 June 2021, A$mn

FUNDS	OPENING	NET	DISTRIBUTIONS	INVESTMENT	CLOSING	% OF
	BALANCE	FLOWS	& OTHER3	PERFORMANCE	BALANCE	TOTAL
	(1 JUL 2020)				(30 JUN 2021)
Retail Funds
Platinum Trust Funds and Platinum Global Fund1	13,241	(1,323)	(759)	3,389	14,548	62%
Platinum Quoted Managed Funds – PIXX and PAXX	453	(18)	(29)	112	518	2%
Platinum Listed Investment Company’s – PMC and PAI	837	-	(62)	213	988	4%
MLC Platinum Global Fund	656	(109)	-	185	732	3%
Institutional Clients
Platinum World Portfolios plc – UCITS	448	(111)	-	110	447	2%
Fixed Fee Mandates	2,144	(277)	-	559	2,426	10%
Cayman Funds	30	-	-	8	38	0%
‘Relative’ Performance Fee2	3,224	(346)	(209)	798	3,467	15%
‘Absolute’ Performance Fee	352	(71)	-	77	358	2%
TOTAL	21,385	(2,255)	(1,059)	5,451	23,522	100%

1 FuM closing balance excludes QMFs but includes retail performance fee class totalling $63m. FuM excludes $1.3b attributable to institutional investors in the Platinum Trust Funds that have elected a performance fee option.

2 FuM closing balance includes Platinum Trust Fund institutional performance fee clients of $1.3b and mandates of $2.2b attributable to institutional investors.

• 3 “Other” includes dividends and tax payments made by the listed investment companies.

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31 Source: Platinum
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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, AFSL 221935, unless otherwise expressly stated.

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 PTM, Platinum or any other Platinum Group company, or any of 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 Platinum’s expectations and beliefs concerning future developments and are subject to risks and uncertainty which are, in many instances, beyond Platinum’s control. No assurance is given that future developments will be in accordance with Platinum’s expectations. Actual outcomes could differ materially from those expected by Platinum. The market commentary reflects Platinum’s views and beliefs at the time of preparation, which are subject to change without notice. No representations or warranties are made by Platinum as to their accuracy or reliability.

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. Numerical figures have been subject to rounding. Platinum does not guarantee the performance of any fund, the repayment of capital or the payment of income. The investment returns shown are historical and no warranty can be given for future performance.

MSCI Disclaimer: The MSCI information may only be used for your internal use, may not be reproduced or re-disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

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