L1 GROUP LIMITED — Interim / Quarterly Report 2012

Feb 16, 2012

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PTM 31 December 2011 Half-Yearly Results Analyst Briefing

17 February 2012

Kerr Neilson

Platinum Asset Management Limited

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Platinum International Fund Performance
Performance (% compound pa) to 31 January 2012
3 mths 1 yr 3 yrs 5 yrs Since Inception
International Fund 0.9 -12.7 0.0 -0.5 11.8
MSCI All Country World Net Index 2.3 -9.4 -0.9 -7.1 3.4
$160,000 Value of $20,000 invested since inception to 31 January 2012
Platinum International Fund
$140,000
$120,000
$100,000
$80,000
MSCI AC World Index
$60,000
$40,000
$20,000
$0
1995 1997 1999 2001 2003 2005 2007 2009 2011
Source: Platinum, MSCI
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Platinum International Fund Performance
Yearly returns to 31 December, %
70
61
60
50
40
30
24
21 20
20 18 18 15 18
10
10
6 7
0 3
-3
-5
-10 -7
-12
-20
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: Platinum
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Attribution (12 months to 31 December 2011)

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The poor performance of the flagship fund, the Platinum International
Fund, related to our particular investment style of looking for
aberrations/neglect.
-
Composition of the portfolio very different to the MSCI World Index.
-
In previous weak markets, our long exposure to stocks tended to
also behave poorly, however, the shorts usually added value.
This year only a +2% contribution from the shorts.
-
Our cyclical companies (materials, financials etc) performed poorly
having sold off further from historically low valuations to ultra-low
valuations.
Error of timing rather than having bought poor companies -
subsequently increased our exposures to these stocks.
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Correlation of S&P500 stocks to the S&P500 Index
(Median 63 day)
Median 63-Day Correlation of S&P 500 Stocks to the S&P 500 Index Daily Data 4/20/1972 - 2/07/2012
Source: Ned Davis Research, Inc. 2/07/2012=0.74
0.86 0.86
0.84 0.84
0.82 0.82
0.80 0.80
0.78 0.78
0.76 0.76
0.74 0.74
0.72 0.72
0.70 0.70
0.68 0.68
0.66 0.66
0.64 0.64
0.62 0.62
0.60 0.60
0.58 0.58
0.56 0.56
0.54 0.54
0.52 0.52
0.50 0.50
0.48 0.48
0.46 0.46
0.44 0.44
0.42 0.42
0.40 0.40
0.38 0.38
0.36 0.36
0.34 0.34
0.32 0.32
0.30 0.30
0.28 0.28
0.26 0.26
0.24 0.24
0.22 0.22
0.20 0.20
0.18 0.18
0.16 0.16
Shaded Periods are NDR-defined Bear Markets
(BA0540D)
 Copyright 2012 Ned Davis Research, Inc. Further distribution prohibited without prior permission. All Rights Reserved. See NDR Disclaimer at www.ndr.com/copyright.html . For data vendor disclaimers refer to www.ndr.com/vendorinfo/ .
Source: Ned Davis Research Inc
+3 SD
+2 SD
+1 SD
Scale = % Points
Dashed Lines = Std Dev Mean
-1 SD
-2 SD
1977 1982 1987 1992 1997 2002 2007 2012
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Peer comparison (% compound pa, to 31 December	Peer comparison (% compound pa, to 31 December	2011)
	1 yr	3 yrs	5 yrs
Platinum International	-12.0	0.1	-0.8
MSCI AC World Net Index	-7.4	-1.5	-7.0
Composite Average Returns	-7.6	0.3	-7.1
Aberdeen Actively Hedged Int'l Equity	0.1	1.2	-5.2
Advance w/s Int'l Multi Blend	-6.0	1.9	-6.5
AXA w/s Global Equity Growth	-9.5	-4.4	-12.6
AXA w/s Global Equity Value	-14.5	-6.5	-14.8
BT International	-5.1	-1.9	-9.0
Dimensional Strategic Int’l Equity Trust	-7.4	5.9	.
DWS Global Equity Thematic	-14.1	-1.8	-9.4
Five Oceans w/s World	-4.5	1.6	-0.3
GMO Global Equity	-3.3	-3.2	-7.7
Hunter Hall Value Growth	-16.1	7.9	-3.7
K2 Select Int'l Absolute Return	-12.3	8.0	2.2
Magellan Global	9.8	6.2	.
MLC Global Share	-6.9	-0.8	-8.4
Perpetual w/s International	-3.1	-5.4	-7.5
PM Capital Absolute Performance	-19.7	1.7	-12.9
Walter Scott Global Equity	-2.5	-1.0	-3.4
Zurich Global Thematic Share	-6.4	-3.4	-5.2

Source: Platinum, MSCI, Fund Managers’ Websites and Morningstar

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PTM Half-Yearly Results(as at	31 December 2011)
Total revenue	down 15%	$115mn
Net profit after tax	down 14%	$67mn
		2010 comparison
Diluted EPS	11.96 cps	(13.37 cps)
Dividend:	8 cps	(10 cps)
Leaves cash on deposit at	$174 mn	($163 mn)
Source: Platinum

PTM Half-Yearly Results
Management and admin fees Performance fees Interest income Net Gains/(Losses) on FX, FA & Other Income Total Revenue Staff costs Custody and unit registry costs Share-based payments Business development costs Other costs Total Costs Pre Tax Profit Net Profit After Tax Diluted EPS Average FUM Total no. of shares - issued - options Source: Platinum	Dec 2011 $mn 109.8 0.3 6.2 -0.9 115.4 6.8 5.3 1.4 2.5 4.2 20.2 95.2 67.2 11.96 cps 16.2bn 561.3mn 25.3mn	Dec 2010 $ chg 124.4 -14.6 5.3 -5.0 5.7 0.5 -0.5 -0.4 134.9 -19.5 6.0 0.8 6.2 -0.9 3.0 -1.6 2.4 0.1 3.9 0.3 21.5 -1.3 113.4 -18.2 78.4 -11.2 13.37 cps 18.2bn 561.3mn 25.3mn	% chg -12 -95 8 -77 -14 13 -15 -53 3 9 -6 -16 -14 -11 -11

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	Funds Under Management($mn to 31 December 2011)
	15,143 (1,864) (808) 17,815 TOTAL 564 (68) 101 531 “Absolute” Performance Mandates 1,193 (166) 82 1,277 “Relative” Performance Mandates 1,557 (193) 24 1,726 Management Fee Mandates 964 (127) (148) 1,239 MLC Platinum Global Fund 10,865 (1,310) (867) 13,042 Platinum Trust Funds Closing Balance (31 December 2011) Investment Performance Flows Opening Balance (1 July 2011) Funds Source: Platinum

Funds under management and Net profit after tax

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$bn $mn
25 Funds under management (LHS) Net profit after tax – half-yearly (RHS) 100
20 80
15 60
10 40
12 cps 12 cps 8 cps 12 cps 8 cps 14 cps 10 cps 15 cps 8 cps
Dividends paid
5 20
0 0
30-Jun-07 30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11
Source: Platinum
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Platinum Trust Funds – monthly inflows and outflows
$mn
Includes the 30 June 2011 distribution
300
250
200
150
245 241 254
10050 135 152 157 182 128 97 77 83 72 57
0
-50 -110 -132
-100 -203 -196 -178 -232 -232 -253 -242 -177 -255 -226
-150
-330
-200
-250
-300
-350
Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12
Inflows Outflows
Source: Platinum
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Platinum Trust Funds – monthly net flows with
MSCI Index overlay
$mn Index
50 42 45 80
25 22 Monthly net flows (LHS)
78
0
76
-50
-26
-75 -71 -75 74
-100
-100
72
-150 -145
-154 70
MSCI World Index (RHS)
-200
-172 68
-202
-250 66
Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12
Source: Platinum, MSCI
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To summarise

1. The west is still struggling with debt – expect low growth.

2. Chinese policy makers have been slowing their economy by restricting lending (first signs of easing on the horizon).

3. It will be difficult for China’s investment/construction boom to accelerate from these levels. The Chinese economy needs to realign to become more consumption led. The question in the short-term is whether this transition can be smooth.

4. Investing is about the price you pay. The macro outlook is poor, but the valuations are great.

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Platinum International Fund portfolio

(%, as at 31 January 2012)

Region Africa Asia Australia Europe Japan North America South America Cash and Accruals		Long Net 0.8 0.8 17.1 16.5 1.3 1.3 25.3 22.0 16.0 15.2 30.2 16.1 (0.8) 90.7 71.1 9.3 28.9	Currency 20.7 8.1 13.6 4.9 52.7
Total		100.0 100.0	100.0

Long – 159 stocks, 1 option, 4 swaps Short – 29 stocks, 1 index

Source: Platinum

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Platinum International Fund industry breakdown

(%, as at 31 January 2012)

Sector Information Technology Financials Consumer Discretionary Materials Industrials Health Care Consumer Staples Energy Telecom Services Diversified Utilities Funds Other (includes index short position)	Long Net 16.9 13.6 14.7 10.1 14.0 10.2 11.9 11.1 9.9 8.7 7.7 7.6 6.3 5.7 5.2 3.7 2.8 2.8 1.0 1.0 0.3 0.1 -2.7 -0.8

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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