L1 GROUP LIMITED — Interim / Quarterly Report 2021

Feb 23, 2021

Platinum Asset Management Limited Analyst Briefing 24 February 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

December 2020

• Dec-20 average FuM $22.2 billion down 11% on Dec-19.

• Management fee revenue down 12%, in line with reduced average FuM.

• Performance fees of $3.7m, sourced primarily from International, Asia exJapan and Health Care strategies.

• Other income up $27.0m, due to mark to market gains on seed investments.

• Expenses down 8%. Decreases in custody and unit registry fees, business development expenses and legal, compliance & other professional expenses.

• Profit after tax up 14%.

• Earnings per share up 14%.

• Final dividend of 12cps fully franked (~ 5.9% annualised yield*).

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Source: Platinum.
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Using 31 December 2020 share price of $4.08
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Investment Performance

to 31 January 2021

Performance of Platinum Trust Funds	Performance of Platinum Trust Funds	Quarter	1 year	5 year	10	Since	FuM
(31 January 2021)			p.a.	p.a.	year	inception	(A$b)
					p.a.	p.a.
International Fund	- Absolute Return	11.8%	4.8%	8.6%	9.3%	11.9%	8.5
(PMs: AC, CS)	- Relative Return	4.7%	2.7%	(3.1%)	(2.5%)	4.7%
Asia Fund	- Absolute Return	10.1%	34.8%	15.6%	11.9%	15.2%	5.6
(PMs: AC)	- Relative Return	0.2%	16.0%	1.1%	2.0%	4.5%
Japan Fund	- Absolute Return	8.7%	(3.9%)	8.1%	12.8%	13.5%	0.6
(PM: SG)	- Relative Return	2.6%	(4.2%)	(0.4%)	3.6%	10.2%
European Fund	- Absolute Return	15.8%	(6.4%)	7.7%	9.4%	10.8%	0.5
(PM: ND)	- Relative Return	4.9%	1.2%	1.5%	2.2%	7.8%
Brands Fund	- Absolute Return	18.1%	22.6%	14.9%	12.0%	12.8%	0.6
(PM: JH)	- Relative Return	11.0%	20.5%	3.2%	0.2%	8.9%
Health Care Fund	- Absolute Return	24.2%	34.1%	18.3%	18.6%	11.7%	0.5
(PM: BO)	- Relative Return	20.0%	31.4%	8.2%	2.2%	2.3%
Unhedged Fund (long only)- Absolute Return		16.9%	3.1%	11.0%	10.4%	10.6%	0.2
(PM: CS)	- Relative Return	9.8%	1.0%	(0.7%)	(1.4%)	3.0%
Technology Fund	- Absolute Return	11.4%	25.0%	15.8%	12.8%	10.5%	0.2
(PMs: AB, CR)	- Relative Return	0.9%	1.1%	(9.9%)	(8.1%)	6.8%
					Subtotal (A$b)		16.7
Portfolio Managers:					% of Total FuM		70%

Portfolio Managers:

AC = Andrew Clifford, CS=Clay Smolinski, JH=Jamie Halse, SG=Scott Gilchrist, ND= Nik Dvornak, BO = Bianca Ogden, AB = Alessandro Barbi, CR = Cameron Robertson

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Source: Platinum Investment Management Limited. Fund returns (except for the quarter) 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
4
distributions. Past performance is 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 latest Platinum Trust Product Disclosure Statement.
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An extraordinary period for equity markets

Performance from the previous peak (21 Feb 2020) to 19 Feb 2021: PIF +8.7%, MSCI +0.9%

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Market sell-off Fast rally due to fiscal & Rally persists for a relatively small number of perceived Vaccine news leads to rally in cyclical and
due to covid monetary response “COVID immune” stocks, particularly in Tech “recovery” stocks
21Feb-23 Mar 24 Mar - 27 May 28 May - 31 Oct 1 Nov - 19 Feb
PIF -15.1% PIF +5.6% PIF +1.3% PIF +19.6%
MSCI -23.2% MSCI +16.0% MSCI +2.5% MSCI +10.6%
100 15%
Average Average Average Average
Net Market Net Market Net Market Net Market
80 Exposure Exposure Exposure Exposure 10%
65% 67% 82% 84%
5%
60
0%
40
-5%
20
-10%
0
-15%
-20
-20%
-40 -25%
PIF Long (LHS) PIF Short (LHS) PIF Unit Price Return (RHS) ACWI MSCI Return (RHS)
Return
Exposure
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Source: Factset Research Systems and Platinum Investment Management Limited. PIF returns are calculated using the Platinum International Fund NAV unit price for C
5 Class and represent the combined income and capital returns over the specified periods. PIF 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. MSCI returns are the returns of the MSCI AC World Net Index ($A).
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Where we are today

The global economic recovery continues…

…aided by vaccine roll-outs and further fiscal stimulus.

Shortages in both commodity markets and manufacturing supply chains may lead to an inflation scare… …yet markets continue to broaden, with more “cyclical” areas showing strong performance.

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Market commentary reflects Platinum’s views and beliefs at the time of preparation and are subject to change without notice. No representations or warranties are made by
6 Platinum as to their accuracy or reliability.
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Platinum International Fund

Portfolio snapshot

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Semiconductors Travel Electric Vehicles Industrials
Chinese Chinese
Pharma/biotech Financials
insurance consumer
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7 Source: Company Websites. 30 Companies listed comprised 56% based on quarterly disclosure of Platinum International Fund as at 30 September 2020.
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Investment Team Update

 Background

• Platinum has a deep bench of talent

• Platinum has, throughout its history, consistently promoted talent from within

 Recent changes

• Departure of senior Portfolio Manager (“PM”) for the Asia ex-Japan fund created new opportunities for emerging talent

• Announced appointments:

• Appointment of Clay Smolinski to Co-Chief Investment Officer

• Andrew Clifford and Cameron Robertson will co-manage Platinum’s Asia ex-Japan portfolios

• Appointment of Nikola Dvornak alongside Andrew Clifford and Clay Smolinski to the global portfolios

• Discussions with clients and asset consultants have been constructive so far but can take time to conclude:

• Zenith retained ratings

• No significant outflows to date

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8 Source: Platinum
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Business Development Update

 Australia and NZ

• Strong adviser engagement and continued participation in industry events albeit virtually.

• Development and distribution of content for clients (various channels such as Livewire, Morningstar etc).

• Advertising campaigns across print, digital, signage and social media.

• Active product enhancement pipeline, some (modest) announcements coming soon!

• New, senior hire in ESG to support investment team and client engagement. UN PRI signatory January 2021.

 Offshore

 Seeded two Cayman funds for US market.

• Continuing to add access to new offshore jurisdictions for UCITS funds.

• Continued client engagement in a virtual world.

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9 Source: Platinum
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Looking ahead

• The performance of Platinum International Fund and Platinum Asia Fund was above the respective benchmarks for the 3, 6 and 12 months to 31 January 2021.

• Strong relative and absolute performance in most portfolios during the half-year.

• 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

Vs. Prior Half

Corresponding Period

Gross Inflows (A$m)

Net Flows (A$m)

Closing FUM (A$b)

Average FUM (A$b)

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+37% 910 +2%
910 894
662
Dec-20 Jun-20 Dec-20 Dec-19
-
large large
-1,047 -1,047
-1,292
-1,739
Dec-20 Jun-20 Dec-20 Dec-19
+10% -6%
23.6 23.6 25.1
21.4
Dec-20 Jun-20 Dec-20 Dec-19
-
-2% -10%

24.8
*
22.2 22.7 22.2
Dec-20 Jun-20 Dec-20 Dec-19
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Source: Platinum.
11 * Monthly average for the 6 month period. Jun-20 FUM excludes impact of annual distributions.
Monthly average for the 6 month period.
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Flows

Gross In flows

• Inflows for the 6 months to 31 Dec-20 were $910m, consistent the 6 months to 31 Dec-19.

• Inflows slowly recovered in the second half as market sentiment and performance improved.

Semi-annual gross flows (A$m)

Annual gross flows (A$m)

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313
337 238
172
257
3,391 185
2,573 2,483 63 26
66
1,691 1,371 159 1,718
847 868 765
503
2016 2017 2018 2019 2020 Dec-20 Jun-20 Dec-19 Jun-19 Dec-18
Half Half Half Half Half
Retail Funds Institutional
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Net Flows

• Net outflows of $1.0b in the Dec-20 Half

• Outflows have slowed when compared to both Jun-20 Half and Dec-19 Half.

• Net outflows were concentrated in the flagship products.

• Institutional fund outflows of -$192m in the Dec-20 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
-1440 -3565 1034 -246 -3031 -1047 -1739 -1292 -935 689
73
1,194
-187 616
-86 -160
-59 -855 -803
-1,136
-1354 -1,394
-192 -132
-2,593 -2,530 -156
-345
-501
-972
2016 2017 2018 2019 2020 Dec-20 Jun-20 Dec-19 Jun-19 Dec-18
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
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Platinum Global Fund. “Institutional” includes institutional performance fee investors within retail funds, mandates and US$ denominated investment products.
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Operating Results

Vs. Prior Half

Corresponding Period

Revenue & Other Income (A$m)

Profit After Tax* (A$m)

Diluted Earnings Per Share* (cps)

Dividends (cps, fully franked)

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+15% +9%
166.6 166.6
153.6
145.1
Dec-20 Jun-20 Dec-20 Dec-19
+18% +14%
90.4 90.4
76.5 79.1
Dec-20 Jun-20 Dec-20 Dec-19
+14%
+17%
15.5 15.5
13.6
13.2
Dec-20 Jun-20 Dec-20 Dec-19
+9%
-8%%
12 11 12 13
Dec-20 Jun-20 Dec-20 Dec-19
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Source: Platinum.
13 * Profit after tax and EPS attributable to owners.
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Revenue Analysis

As at 31 December 2020

	DEC-20	JUN-20 H	VAR.	DEC-19H	VAR.	COMMENT
	($M)	($M)	($M)	($M)	($M)
Average FuM ($B)*	22.2	22.7	-0.5	24.8	-2.6
Average Fee**(bps)	115	116	-1	115	-	Stable fee bps
Management fees	127.3	131	-3.7	144.9	-17.6	Reflects decrease in average FuM
Performance fees	3.7	9.1	-5.4	0.0	3.7	Primarily from Asia Ex-Japan portfolios
Sub-Total: Fee Revenue	131.0	140.1	-9.1	144.9	-13.9
Interest income	0.3	0.6	-0.3	1.1	-0.8	Lower interest rates
Gain on PAI holding	4.8	1.6	3.2	1.5	3.3	$3.9m equity accounted gain and $0.9m dividend received.
Gain/(loss) on UCITS holding	16.7	(1.9)	18.6	4.5	12.2	Strong returns in all UCITS strategies
Gain/(loss) on PAXX	5.2	1.2	4.0	1.6	3.6
Cayman funds and Platinum trusts holdings	9.4	2.0	7.4	-	9.4	Primarily Cayman funds (Global & Asia ex-Japan)
FX gains	(0.8)	1.5	(2.3)	0.0	(0.8)
Sub-Total: Other Income	35.6	5.0	30.6	8.7	26.9
Total Revenue	166.6	145.1	21.5	153.6	13

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Source: Platinum.
Average FUM excludes impact of annual distributions.
14
Annualised average management fee, excluding performance fees.
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Expense Analysis

As at 31 December 2020

As at 31 December 2020
		DEC-20	DEC-19	$ VAR.	**% VAR. **	COMMENT
		($M)	($M)	($M)
Staff costs		20.4	20.1	+0.3	+1.5%
Other expenses		16.9	20.5	-3.6	-18%
Total Expenses		37.3	40.6	-3.3	-8%
D epreciation, amortisation and non	recurring item
Depreciation of fixed assets		0.6	1.2	-0.6		Dec19 included once off fit-out depreciation adjustment
Amortization of Deferred Awards		1.8	2.5	-0.7		Reduced amortization of deferred awards due to some rights being forfeited during the period
Legal costs re Trademark case		-	0.4	-0.4		Trademark case was successfully closed in FY 2020
Total Underlying Expenses*		34.9	36.5	-1.6	-4%

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15 Source: Platinum. Underlying Expenses are total expenses less depreciation of fixed assets, amortization of deferred awards and certain significant non-recurring items
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Strong Balance Sheet

As at 31 December 2020

Net Assets* (A$m)

Cash & Term Deposits (A$m)

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336 319 321
Dec-20 Jun-20 Dec-19
195
157 155
Dec-20 Jun-20 Dec-19
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Seed Investments** (A$m)

Dividends (cps)

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186 155
125
Dec-20 Jun-20 Dec-19
0 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 $38m, in UCITS funds of $73m, in PAXX of $29m, in Cayman
16
funds $35m and the Arrow Trust $11m
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Questions

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Appendices

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Appendix 1:

Detailed Operating Results

($M)	Dec-20H	Jun-20H	% CHANGE	Dec-20H	Dec-19H	% CHANGE
Management fees	127.3	131.0	-2.8%	127.3	144.9	-12.1%
Performance fees	3.7	9.1	Large	3.7	0.0	Large
Interest income	0.3	0.6	-50.0%	0.3	1.1	-72.7%
Net gains/(losses) on seed investments, FX and other income	35.3	4.4	Large	35.3	7.6	Large
Total revenue	166.6	145.1	+14.8%	166.6	153.6	+8.5%
Staff costs incl. share-based payments	22.3	21.5	+3.7%	22.3	22.5	-0.9%
Custody and unit registry costs	5.1	5.1	Flat	5.1	6.2	17.7%
Business development costs	2.6	3.3	-21.2%	2.6	3.3	-21.2%
Technology, research & data	2.6	2.6	Flat	2.6	2.7	-3.7%
Other costs	4.7	4.8	-2.1%	4.7	5.9	-20.3%
Total costs	37.3	37.3	Flat	37.3	40.6	-8.1%
Pre-tax profit	129.3	107.8	+19.9%	129.3	113.0	+14.4%
Income tax expense	38.9	31.3	+24.3%	38.9	33.9	+14.7%
Net profit after tax	90.4	76.5	+18.2%	90.4	79.1	+14.3%
Total comprehensive income	82.5	76.5	+7.8%	82.5	79.1	+4.3%
Diluted EPS (c)	15.5	13.2	+17.4%	15.5	13.6	+14.0%
Average FUM ($b)	22.2	22.7	-2.2%	22.2	24.8	-10.5%
Total no. of shares – issued (m)	586.7	586.7	-	586.7	586.7	-

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19 Source: Platinum
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Appendix 2

Funds under Management: Half-Year to 31 December 2020, A$mn

FUNDS	OPENING	NET	DISTRIBUTIONS	INVESTMENT	CLOSING		% OF
	BALANCE	FLOWS	& OTHER3	PERFORMANCE	BALANCE		TOTAL
	(1 JUL 2020)				(31 DEC 2020)
Retail Funds
Platinum Trust Funds and Platinum Global Fund1	13,241	(756)	-	1,994	14,479		61%
Platinum Quoted Managed Funds – PIXX and PAXX	453	(13)	-	71		511	2%
Platinum Listed Investment Companies – PMC and PAI	837	-	(29)	140		948	4%
MLC Platinum Global Fund	656	(56)	-	101		701	3%
Institutional Clients
Management Fee Mandates	2,144	(117)	-	323	2,350		10%
UCITS Platinum World Portfolios plc	448	(31)	-	77		494	2%
Platinum Opportunities Funds (Cayman domiciled)	30	-	-	5		35	0%
‘Relative’ Performance Fee2	3,224	(13)	-	506	3,717		16%
‘Absolute’ Performance Fee	352	(32)	-	43		363	2%
TOTAL	21,385	(1,018)	(29)	3,260	23,598		100%

1 FuM closing balance excludes QMFs but includes retail performance fee class totalling $55m. FuM excludes $1.7b 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 $1.7b and mandates of $2b attributable to institutional investors.

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

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20 Source: Platinum
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Appendix 3

Segment Analysis: As at 31 Dec 2020

FUNDS MANAGEMENT DEC-20 ($M) DEC-19 ($M) % VAR Fee Revenue 131.0 144.9 (9.6%) Other Revenue - 0.3 Large Total Revenue 131.0 145.2 (9.8%) Expenses (37.1) (40.5) (8.4%) Profit Before Tax 93.9 104.7 (10.3%) Income Tax Expense (27.4) (31.6) (13.3%) Other comprehensive income - - Profit After Tax attributable to owners 66.5 73.1 (9.0%) Average FuM 22,241 24,803 (10.3%)	INVESTMENTS AND OTHER DEC-20 ($M) DEC-19 ($M) % VAR
	Fee Revenue - - -
	Other Revenue 35.6 8.4 (large)
	Total Revenue 35.6 8.4 (large)
	Expenses (0.2) (0.1) (large)
	Profit Before Tax 35.4 8.3 (large)
	Income Tax Expense (11.5) (2.3) (large)
	Other comprehensive income (7.9) - (large)
	Profit After Tax attributable to owners 16.0 6.0 (large)
	Segment Net Assets 283.8 304.2 (6.7%)

• Funds management revenue was down 9.6% year-on-year. Funds management segment expenses down 8.4% due to decreases in costs such as custody fees and share-based payments expense.

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

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21 Source: Platinum.
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Appendix 4

Expense Analysis: as at 31 Dec 2020

	DEC-20	JUN-20 H	$	DEC-20 H	DEC-19 H	$ VAR.	COMMENT
	H ($M)	($M)	VAR.	($M)	($M)	($M)
			($M)
Staff costs	13.1	12.0	+1.1	13.1	13.0	+0.1	Consistent with Dec-19
Variable remuneration(1) , incl.
share-based payments	9.1	9.5	-0.4	9.1	9.5	-0.4	See below.
expense
Custody and unit registry costs	5.1	5.1	Flat	5.1	6.2	-1.1	Decrease in custody fees from March 2020.
Business development costs	2.6	3.3	-0.7	2.6	3.3	-0.7	Activities such as travel decreased in 2020.
Technology, research & data	2.6	2.6	Flat	2.6	2.7	-0.1	Largely flat.
Occupancy costs**	2.0	2.0	Flat	2.0	2.5	-0.5	Decreased expenses due to once off office fit-out spending in Dec 19.
Other costs	3.6	2.8	+0.8	3.6	3.4	+0.2
Total Expenses	37.3	37.3	Flat	37.3	40.6	-3.3	As above.

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• The Jun-20 figure represents investment performance for the 1 and 3 years ended 31 March 2020, which provided the basis for annual analyst and profit share plan variable remuneration awards. The Dec-20 and Dec-19 figures represent weighted average performance for the 9 months and 33 months ended December 2020. This drives the half year analyst and profit share plan variable remuneration accruals.

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22 ** Includes depreciation of fixed assets, rent, depreciation of right-of-use assets and finance costs on lease liabilities
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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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