L1 GROUP LIMITED — Major Shareholding Notification 2011

Mar 21, 2011

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Facsimile Transmission

Hyperion Asset Management Limited Level 22 307 Queen Street Brisbane Qld 4000 GPO Box1205 Brisbane Qld 4001 Telephone 07 3020 3737 Facsimile 07 3020 3701 www.hyperionam.com.au clientservices@hyperionam.com.au

To: Company Announcements Office Company: ASX Fax No: 1300 135 638 Mr I W Harrison From: Date: 22 March 2011 Subject: Notice of Change of interests of substantial shareholder Pages (incl. Cover): $\overline{7}$

Please find following a Form 604 Notice of change of interests of substantial shareholder for holdings in Platinum Asset Management Limited by Hyperion Asset Management Limited.

$9'$ ho $10'$ and

Mr I W Harrison Company Secretary

HyperIon Asset Management Limited ABN 80 080 135 897
The information contained in this transmission is confidential and may contain legally privileged information intended for the named recipient only. If you are not the i

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	Platinum Asset Management Limited (PTM)
ACN/ARSN	080 075 314

1. Details of substantial holder (1)

Name	Hyperion Asset Management Limited (Hyperion)
ACN/ARSN (if applicable)	ACN 050 064 287
There was a change in the interests of the substantial holder on	21/03/2011

The previous notice was given to the company on	16/09/2010
The previous notice was dated	16/09/2010

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
Orindary Shares	28,093,899	5.00%	34,585,347	6.16%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
		Refer Annexure А

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

$\ddot{\phantom{a}}$

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
		Refer Annexure в

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5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Hyperion Asset Management Limited	Level 22, 307 Queen Street, Brisbane, QLD 4000

Signature

print name	Mr I W Harrison		capacity Company Secretary
	sign here $\frac{1}{2}$ h $\frac{1}{2}$	date	22/03/2011

DIRECTIONS

If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the $(1)$ manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

$(2)$ See the definition of "associate" in section 9 of the Corporations Act 2001.

• $(3)$ See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• The person's votes divided by the total votes in the body corporate or scheme multiplied by 100. $(5)$
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) $(a)$ applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies)

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.
• If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write $(3)$ "unknown".
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$

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PLATINUM ASSET MANAGEMENT LIMITED

Annexure A From 16 September 2010 to 21 March 2011

Security Code: PTM.ASX

From Date	To Date	Person Whose Relevant Interest Changed	Nature of Change	Consideration	Number of Securites
16-Sep-10	21-Mar-11	Auscoal Superannuation Pty Ltd	BUY	2,726,278.04	548,240.00
16-Sep-10	21-Mar-11	Auscoal Superannuation Pty Ltd	SELL	-5,225,863.68	-1,102,368.00
16-Sep-10	21-Mar-11	CBA Officers Superannuation Fund Pty Ltd	BUY	2,368,604.72	476,535.00
16-Sep-10	21-Mar-11	CBA Officers Superannuation Fund Pty Ltd	SELL	-4,043,344.78	-852,908.00
16-Sep-10	21-Mar-11	Coal Mining (Long Service Leave) Funding Corporation	BUY	488,402.55	98,160.00
16-Sep-10	21-Mar-11	Coal Mining (Long Service Leave) Funding Corporation	SELL	$-911,538.75$	$-192,130.00$
16-Sep-10	21-Mar-11	CoINVEST Limited	BUY	351,435.34	70,530.00
16-Sep-10	21-Mar-11	ColNVEST Limited	SELL	-635,471.27	-134,425.00
16-Sep-10	21-Mar-11	Electricity Supply Industry Superannuation (QLD) Limited	BUY	721,590.41	145,060.00
16-Sep-10	21-Mar-11	Electricity Supply Industry Superannuation (QLD) Limited	SELL	$-1,201,147.25$	-249.937.00
16-Sep-10	21-Mar-11	Fawkner Crematorium & Memorial Park	BUY	103,830.22	21,310.00
16-Sep-10	21-Mar-11	Fawkner Crematorium & Memorial Park	SELL	-89,401.36	$-18,484.00$
16-Sep-10	21-Mar-11	Health Super Pty Ltd	BUY	4,247,500.59	854.410.00
16-Sep-10	21-Mar-11	Health Super Pty Ltd	SELL	-7,594,678.98	-1,596,838.00
16-Sep-10	21-Mar-11	Hyperion Flagship Investments Limited	BUY	147,885.42	30,000.00
16-Sep-10	21-Mar-11	Hyperion Flagship Investments Limited	SELL	$-167,926.50$	$-35,000.00$
16-Sep-10	21-Mar-11	Hyperion Australian Growth Companies Fund	BUY	1,618,058.62	333,860.00
16-Sep-10	21-Mar-11	Hyperion Australian Growth Companies Fund	SELL	$-1,723,484.69$	-362,300.00
16-Sep-10	21-Mar-11	Hyperion Small Growth Companies Fund	BUY	309,957.81	63,670.00
16-Sep-10	21-Mar-11	Hyperion Small Growth Companies Fund	SELL	-411,805.29	-85,350.00
16-Sep-10	21-Mar-11	Insurance Commission Western Australia	BUY	4,655,797.15	935,660.00
16-Sep-10	21-Mar-11	Insurance Commission Western Australia	SELL	-400,617.82	$-83,408.00$
16-Sep-10	21-Mar-11	Optimix Wholesale Australian Share Trust	BUY	4,043,581.55	820,300.00
16-Sep-10	21-Mar-11	Optimix Wholesale Australian Share Trust	SELL	-3,742,123.17	-793,826.00
16-Sep-10	21-Mar-11	KARU Pty Ltd ATF Murdoch Family Trust No 1	BUY	6,576.42	1,350.00
16-Sep-10	21-Mar-11	KARU Pty Ltd ATF Murdoch Family Trust No 1	SELL	$-194,608.15$	-40.456.00
16-Sep-10	21-Mar-11	Local Super Pty Ltd	BUY	484,098.94	98,010.00
16-Sep-10	21-Mar-11	Local Super Pty Ltd	SELL	$-1,140,008.08$	$-237,740.00$
16-Sep-10	21-Mar-11	Maritime Super Pty Ltd	BUY	3,169,849.51	638,117.00
16-Sep-10	21-Mar-11	Maritime Super Pty Ltd	SELL	-1,156,302.20	-246,149.00
16-Sep-10	21-Mar-11	Meat Industry Employees' Superannuation Fund Pty Ltd	BUY	2,914,120.35	581,446.00
16-Sep-10	21-Mar-11	Military Superannuation	BUY	486,733.09	101,130.00
16-Sep-10	21-Mar-11	Military Superannuation	SELL	-2,355,660.46	-492,510.00
16-Sep-10	21-Mar-11	Murdoch Investments Pty Ltd ATF The Scope Investment Trust	BUY	8,218.93	1,660.00
16-Sep-10	21-Mar-11	Murdoch Investments Pty Ltd ATF The Scope Investment Trust	SELL	$-13,418.22$	$-2,780.00$
16-Sep-10	21-Mar-11	Tower New Zealand	BUY	145,121.40	29,220.00
16-Sep-10	21-Mar-11	Tower New Zealand	SELL	-381,306.39	-79,366.00
16-Sep-10	21-Mar-11	United Super Pty Ltd	BUY	29,921,497.86	6,510,895.00
16-Sep-10	21-Mar-11	The University of Queensland	BUY	1,075,660.50	220,590.00
16-Sep-10	21-Mar-11	The University of Queensland	SELL	-454,322.50	-97,620.00
16-Sep-10 16-Sep-10	21-Mar-11 21-Mar-11	Vision Australia Foundation ATO Vision Australia Trust	BUY	1,187,308.15	248,500.00
		Individually Managed Accounts IMA	BUY	1,508,270.18	298,302.00
16-Sep-10	21-Mar-11	Individually Managed Accounts Wilson	BUY	312,689.72	64,498.00
16-Sep-10	21-Mar-11	Hyperion Asst Mgt - Aust Clients	BUY	Internal Transfer	3,600.00

Signed by:

$\frac{1}{2}$ w / Lover

I W Harrison

This is Annexure "A" of 1 page as mentioned in form 604 Notice of change of interests of substantial holder

Capacity:

Company Secretary

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As At: 21 March 2011 Annexure B	PTM.ASX			HYPERIOVN
	Holder of Relevant Registered Holder of Security	Person entitled to be Registered as Holder	Nature of Relevant Interest	Class and Number of Securities	Personal Votes
Hyperion	Auscoal Superannuation Pty Ltd A/C A All outperannuation Pty Ltd A/C JP Morgan Chase Nominees Ply Ltd	Auscoal Superannuation Pty Ltd	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	3,298,048.00 Ordinary Fully Paid	3,298,048
Hyperion	Citicorp Nominees Pty Limited < CBA Officers Superannuation Fund Pty Ltd ÀC >	CBA Officers Superannuation Fund Pty Ltd	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	2,552,797.00 Ordinary Fully Paid	2,552,797
Hyperion	JP Morgan Chase Nominees Pty Ltd < Coal Mining (Long Service Leave) Funding Corporation A/C >	Coal Mining (Long Service Leave) Funding Corporation	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	605,925.00 Ordinary Fully Paid	605,925
Hyperion	JP Morgan Chase Nominees Ply Ltd < CoINVEST Limited A/C >	CoINVEST Limited	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and for the dispoal of securities	438, 146.00 Ordinary Fully Paid	438,146
Hyperion	National Nominees Ltd < Electricity Supply Industry Super A/C >	Electricity Supply Industry Superannuation (QLD) Limited	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	1,019,458.00 Ordinary Fully Paid	1,019,458
Hyperion	Citicorp Nominees Pty Limited < FAWKNER A/C >	Fawkner Crematorium & Memorial Park	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	116,618.00 Ordinary Fully Paid	116,618
Hyperion	JP Morgan Chase Nominees Pty Ltd < Health Super Pty Ltd A/C >	Health Super Pty Ltd	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	4,546,926.00 Ordinary Fully Paid	4,546,926
Hyperion	Hyperion Flagship Investments Limited A/C > Citicorp Nominees Pty Limited <	Hyperion Flagship Investments Limited	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and for the dispoal of securities	415,000.00 Ordinary Fully Paid	415,000
Hyperion	Hyperion Australian Growth Companies Citicorp Nominees Pty Limited < Fund A/C >	Hyperion Australian Growth Companies Fund	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	1,297,836.00 Ordinary Fully Paid	1,297,836

PLATINUM ASSET MANAGEMENT LIMITED

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222,322	1,552,317	4,428,982	56,739	1,110,648	1 287 564	581,446	1,855,709	9,459	323,370	6,510,895
222,322.00 Ordinary Fully Paid	1,552,317.00 Ordinary Fully Paid	4,428,982.00 Ordinary Fully Paid	56,739.00 Ordinary Fully Paid	1,110,648.00 Ordinary Fully Paid	1,287,564.00 Ordinary Fully Paid	581 446.00 Ordinary Fully Paid	1,855,709.00 Ordinary Fully Paid	9,459.00 Ordinary Fully Paid	323,370.00 Ordinary Fully Paid	6,510,895.00 Ordinary Fully Paid
Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	Investment Manager or in its own holdings for the persons or trusts listed beside its name. has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and for the dispoal of securities	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities
Hyperion Small Growth Companies Fund	Insurance Commission Western Australia	Optimix Wholesale Australian Share Trust	KARU Ply Ltd ATF Murdoch Family Trust No 1	Local Super Pty Ltd	Maritime Super Pty Ltd	Meat Industry Employees' Superannuation Fund Pty 꾴	Military Superannuation	Murdoch Investments Pty Ltd ATF The Scope Investment Trust	Tower New Zealand	United Super Pty Ltd
Hyperion Small Growth Companies Fund A/C > Citicorp Nominees Pty Limited <	BNP Paribas Australia Ltd < Insurance ←←←←←←←←← ^← Mostern Australia A/C > Commission of Western Australia A/C	Λ BNP Paribas Australia Ltd < Optimix Wholesale Australian Share Trust A/C	Citicorp Nominees Pty Limited < KARU AC >	JP Morgan Chase Nominees Ply Ltd < Local Super SA-NT A/C >	National Nominees Ltd < Maritime Super Pty Ltd A/C >	JP Morgan Chase Nominees Pty Ltd < ٨ Superannuation Fund Pty Ltd A/C Meat Industry Employees	National Nominees Ltd < Military Superannuation A/C >	Citicorp Nominees Pty Limited < Scope Investment Trust A/C >	State Street Australia Pty Ltd < Tower Australia A/C >	National Nominees Ltd < United Super Pty Ltd A/C >
Hyperion	Hyperion	Hyperion	Hyperion	Hyperion	Hyperion	Hyperion	Hyperion	Hyperion	Hyperion	Hyperion

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Hyperion	Citicorp Nominees Pty Limited < University of Queensland A/C >	The University of Queensland	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and for the dispoal of securities	335,672.00 Ordinary Fully Paid	335 672	22
Hyperion	Sandhurst Trustees Ltd < VISION SUPER A/C >	Vision Australia Foundation ATO Vision Australia Trust	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and /or the dispoal of securities	248,500.00 Ordinary Fully Paid	248,500	$03 - 11; 15:45$
Hyperion	Citicorp Nominees Ltd <hyperion asstMgt - Aust Clients A/C>	Individually Managed Accounts	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and for the dispoal of securities	3,600.00 Ordinary Fully Paid	3,600	$\vdots$
Hyperion	HSBC Nominees Pty Ltd <investment Administration Services A/C></investment	Individually Managed Accounts	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and for the dispoal of securities	Ordinary Fully Paid	1,144,976
Hyperion		Individually Managed Accounts	Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting Hyperion Asset Management Limited, in its capacity as and for the dispoal of securities	Ordinary Fully Paid	622.404
Signed by:	d no 1 dan				34,585,357

$\frac{9}{1} \frac{\lambda_0 - 1}{\text{Maximum}}$

Compnay Secretary

Capacity:

This is Annexure "B" of 2 pages as mentioned in form 604 Notice of change of
Interests of substantial holder

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