L1 GROUP LIMITED — Major Shareholding Notification 2012

Jun 27, 2012

$28 - 06 - 12$ ; 14:59 $\overline{\phantom{a}}$

Facsimile Transmission

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;617 3020 3701

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 From: Mr I W Harrison Date: 28 June 2012 Subject: Notice of Change of interests of substantial shareholder Pages (incl. Cover): 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.

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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 intended recipient, you are not the intended recipient

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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		22/06/2012
The previous notice was given to the company on		22/03/2011
The previous notice was dated		22/03/2011

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	34,585,347	6.16%	28,861,644	5.14%

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:

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 $\mathcal{Y}{\mu\nu}$ / $\gamma{\nu}$	date	28/06/2012

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.
• See the definition of "associate" in section 9 of the Corporations Act 2001. $(2)$
• See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001. $(3)$
• 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. $(5)$
• Include details of: $(6)$
• 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
• any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or $(b)$ 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 $(7)$ 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 $(8)$ "unknown".
• Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. (9)

PLATINUM ASSET MANAGEMENT LIMITED

Annexure A

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From 22 March 2011 to 22 June 2012

Security Code: PTM.ASX

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From Date	To Date	Person Whose Relevant Interest Changed	Nature of Change	Consideration	Securites Number of
22-Mar-11	22-Jun-12	Auscoal Superannuation Pty Ltd	ЯJY	652,950.58	153,762
22-Mar-11	22-Jun-12	Auscoal Superannuation Pty Ltd	SELL	$-2,939,181.96$	$-764,813$
22-Mar-11	$22 - Jun - 12$	BUSS (Queensland) Pty Ltd	ЯUУ	3,511,417.92	944,683
22-Mar-11	22-Jun-12	Corporation Pty Ltd Commonwealth Bank Officers Superannuation	BUY	634,952.60	166,551
22-Mar-11	22-Jun-12	Corporation Pty Ltd Commonwealth Bank Officers Superannuation	SELL	$-3,146,673.80$	$-825,602$
22-Mar-11	$22$ -Jun-12	Coal Mining (Long Service Leave) Funding Corporation	RUY	150,272.46	39,549
22-Mar-11	$22 - Jun - 12$	poration Coal Mining (Long Service Leave) Funding Cor	UBS	-744,765.48	$-193,359$
22 Mar-11	$22 - J$ un $-12$	CoINVEST Limited	RUY	34,388.98	9,460
22-Mar-11	$22 - Jun - 12$	CoINVEST Limited	SELL	-474,984.35	$-124,400$
22-Mar-11	$22$ -Jun-12	Electricity Supply Industry Superannuation (QLD) Ltd	NUR	2,943,144.33	685,060
22-Mar-11	$22 -$ Jun-12	D) Ltd Electricity Supply Industry Superannuation (QLI	SEL1	$-1,047,242.89$	$-267,143$
22-Mar-11	22-Jun-12	The Greater Metropolitan Cemetaries Trust	NUR	349,204.16	79,439
22-Mar-11	$22 - Jun - 12$	The Greater Metropolitan Cemetaries Trust	HES	-167,464.63	-40,713
22-Mar-11	$22 - Jun - 12$	Health Super Pty Ltd	Ans	585,617.38	151,849
22-Mar-11	$22 - Jun - 12$	Health Super Pty Ltd	SELL	$-6,047,573.43$	$-1,446,449$
22-Mar-11	$22$ -Jun-12	Hyperion Flagship Investments Limited	ANB	16,349.02	3,923
22-Mar-11	$22 - Jun - 12$	Hyperion Flagship Investments Limited	SELL	$-597,545.13$	$-140,923$
22-Mar-11	22-Jun-12	Hyperion Australian Growth Companies Fund	BUY	1,901,356.47	433,469
22-Mar-11	$22 - Jun - 12$	Hyperion Australian Growth Companies Fund	SELL	$-2, 128, 766.19$	-565,665
22-Mar-11	$22 - Jun - 12$	Hyperion Global SICAV - Australian Growth Companies	BUY	329,019.08	70,577
22-Mar-11	$22 - Jun - 12$	Hyperion Global SICAV - Australian Growth Companies	SELL	$-117,211.57$	$-31,900$
22 Mar 11	$22 - Jun - 12$	Hyperion Small Growth Companies Fund	NTB	428,376.44	102,689
22-Mar-11	22-Jun-12	Hyperion Small Growth Companies Fund	TES	$-575,535.38$	$-148,491$
22-Mar-11	22-Jun-12	nsurance Commission Western Australia	ЯUУ	863,946.67	201,753
22-Mar-11	$22 - Jun - 12$	Insurance Commission Western Australia	SELL	$-2,142,549.06$	-552,807
22-Mar-11	$22 - Jun - 12$	Optimix Wholesale Australian Share Trust	KNB	7,859,167.72	1,872.704
22-Mar-11	22-Jun-12	Optimix Wholesale Australian Share Trust	LED	$-3,545,308.53$	-924,144
22-Mar-11	22-Jun-12	Innova Australian Share Fund	$\frac{5}{10}$	81,049.36	19,992

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22-Mar-11	$22 - Jun - 12$	KARU Ply Ltd ATF Murdoch Family Trust No 1	SELL	$-139, 194.54$	$-36,338$
22-Mar-11	22-Jun-12	Local Super Pty Ltd	YUR	1,107,638.24	263,725
22-Mar-11	$22$ Jun-12	Local Super Pty Ltd	SELL	$-1,601,683.84$	408,120
22-Mar-11	$22 - Jun - 12$	Maritime Super Pty Ltd	XUB	932,598.26	217,167
22-Mar-11	$22 - Jun - 12$	Maritime Super Pty Ltd	SELL	1,614,576.37	422,499
22-Mar-11	22-Jun-12	Meat Industry Employees' Superannuation Fund Pty Ltd	RUY	325,764.42	76,074
22-Mar-11	$22 - Jun - 12$	Meat Industry Employees' Superannuation Fund Pty Ltd	SELL	$-787,360.44$	$-205,380$
22-Mar-11	$22 -$ Jun-12	Commonwealth Superannuation Corporation	BUY	1,103,566.29	257,557
22-Mar-11	$22$ -Jun-12	Commonwealth Superannuation Corporation	SELL		$-748,075$
22-Mar-11	22-Jun-12	Commonwealth Superannuation Corporation	Transfer Out	$-2,897,605.50$ $-5,119,455.25$	$-1,365,191$
22-Mar-11	$22$ -Jun-12	Murdoch Investments Pty Ltd ATF The Scope Investment Trust	SELL	$-11,095.69$	$-2,771$
22-Mar-11	$22 - Jun - 12$	Tower New Zealand	BUY		42,630
22-Mar-11	$22$ -Jun-12	Tower New Zealand	SELL		$-366,000$
22-Mar-11	$22 - Jun - 12$	United Super Pty Ltd	$\sum$	182,495.49 -1,507,045.26 5,414,401.91 -8,333,736.83	1,238,478
22-Mar-11	$22 - Jun - 12$	United Super Pty Ltd	SELL		$-2,210,018$
22-Mar-11	$22 - Jun - 12$	The University of Queensland	BUY		57,804
22-Mar-11	$22$ -Jun-12	The University of Queensland	SELL	245,057.91 -426,164.99	$-109,207$
22-Mar-11	$22 - Jun - 12$	Vision Australia Foundation ATO Vision Australia Trust	YUR	119,553.87	27,950
22-Mar-11	$22 - Jun - 12$	Vision Australia Foundation ATO Vision Australia Trust	SELL	-501,146.94	$-127,621$
22-Mar-11	$22 - Jun - 12$	$\leq$	TIBS	4, 186, 122.53	$-996,450$
22-Mar-11	$22 - Jun - 12$	IMAEX	113	2,369,916.23	-582,289
22-Mar-11	$22 - Jun - 12$	Hyperion Ast Mgt - Aust Clients	NUR	3,218,358.55	765,820

This is Annexure "A" of 2 page as mentioned in form 604 Notice of change of interests of substantial holder

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$\frac{1}{2}$ is $\frac{1}{2}$

Signed by:

Capacity:

IW Harrison
Company Secretary

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As At: 22 June 2012 Annexure B

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SSET

Holder of	Registered Holder of Security	Person entitled to be Registered as Holder	Nature of Relevant Interest	Class and Number of Securities	Personal
Relevant Interest Hyperion	JP Morgan Chase Nominees Pty Ltd < Auscoal Superannuation Pty Ltd A/C >	Auscoal Superannuation Pty Ltd	5 its own holdings for the persons or trusts listed beside its name, has the power to Hyperion Asset Management Limited, in its capacity as Investment Manager or control voting and for the dispoal of securities	2,686,997.00 Ordinary Fully Paid	Votes 2,686,997
Hyperion	BNP Paribas Australia Ltd < BUSS (QUEENSLAND) PTY LTD A/C >	BUSS (Queensland) Ply Ltd	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	944,683.00 Ordinary Fully Paid	944,683
Hyperion	Citicorp Nominees Pty Limited < CBA Officers Superannuation Fund Pty Ltd A/C >	Corporation Pty Ltd <commonwealth bank="" groupCommonwealth Bank Officers Superannuation Super>	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	1,893,746.00 Ordinary Fully Paid	1,893,746
Hyperion	Mining (Long Service Leave) Funding Carporation JP Morgan Chase Nominees Pty Ltd < Coal Ş	Coal Mining (Long Sarvice Leave) Funding Corporation	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	452,115.00 Ordinary Fully Paid	452,115
Hyperion	JP Morgan Chase Nominees Pty Ltd < ColNVEST Limited A/C >	CoINVEST Limited	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	323,206.00 Ordinary Fully Paid	323,206
Hyperion	National Nominees Ltd < Electricity Supply Industry Super A/C >	Electricity Supply Industry Superannuation (QLD) Ltd	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	1,437,375.00 Ordinary Fully Paid	1,437,375
Hyperion	Citicorp Nominees Ply Limited < FAWKNER A/C > The Greater Matropolitan Cemetaries Trust		Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	155,344.00 Ordinary Fully Paid	155,344
Hyperion	JP Morgan Chase Nominees Ply Ltd < Health Super Pty Ltd A/C >	Health Super Pry Ltd	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	3,252,326.00 Ordinary Fully Paid	3,252,326
Hyperion	Citicorp Nominees Pty Limited < Hyperion Flagship Investments Limited A/C >	Hyperion Flagship Investments Limited	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	278,000.00 Ordinary Fully Paid	278,000
Hyperion	Citicorp Nominees Pty Limited < Hyperion Λ Australian Growth Companies Fund A/C	Hyperion Australian Growth Companies Fund	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	1, 165,640.00 Ordinary Fully Paid	1,165,640
Hyperion	Citicorp Nominees Pty Limited < Hyperion Global SICAV - Australian Growth Companies A/C >	Companies Hyperion Global SICAV - Australian Growth	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	38,677.00 Ordinary Fully Paid	38,677
Hyperion	Citicorp Nominees Pty Limited < Hyperion Small Growth Companies Fund A/C >	Hyperion Small Growth Companies Fund	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	176,520.00 Ordinary Fully Paid	176,520
Hyperion	Commission of Western Australia A/C > BNP Paribas Australia Ltd < Insurance	Insurance Commission Western Australia	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	1,201,263.00 Ordinary Fully Paid	1,201,263
Hyperion	JP Morgan Chase Nominees Ply Ltd < Optimix Wholesale Australian Share Trust A/C >	Optimix Wholesale Australian Share Trust	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	5,377,542.00 Ordinary Fully Paid	5,377,542
Hyperion	State Street Australia Pty Ltd < Innova Australian Share Fund A/C >	Innova Australian Share Fund	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and /or the dispoal of securities	19,992.00 Ordinary Fully Paid	19,992
Hyperion	۸ Citicorp Nominees Pty Limited < KARU A/C	KARU Ply Ltd ATF Murdoch Family Trust No	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	20,401.00 Ordinary Fully Paid	20,401
Hyperion	JP Morgan Chase Nominees Pty Ltd < Local Super SA-NT A/C >	Local Super Pty Ltd	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and /or the dispoal of securities	966,253.00 Ordinary Fully Paid	966,253

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Hyperion	National Nominees Ltd < Maritime Super Pty Ltd AIC >	Maritime Super Pty Ltd	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and /or the dispoal of securities	1082,232.00 Ordinary Fully Paid	1,082,232
Hyperion	Industry Employees' Superannuation Fund Pty Ltd JP Morgan Chase Nominees Ply Ltd < Meat AC 2	Meat Industry Employees' Superannuation Fund Pty Ltd	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	452,140.00 Ordinary Fully Paid	452,140
Hyperion	National Nominees Ltd < Military Superannuation AC 2	Commonwealth Superannuation Corporation <military Super></military	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	1,365,191.00 Ordinary Fully Paid	$\circ$
Hyperion	Citicorp Nominees Pty Limited < Scope Investment Trust A/C >	Murdoch Investments Pty Ltd ATF The Scope Investment Trust	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	6,688.00 Ordinary Fully Paid	6,688
Hyperion	National Nominees Ltd < United Super Pty Ltd AC,	United Super Pty Ltd	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and /or the dispoal of securities	5,539,355.00 Ordinary Fully Paid	5,539,355
Hyperion	Citicorp Nominees Pty Limited < University of Queensland A/C >	The University of Queensland	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	284,269.00 Ordinary Fully Paid	284,269
Hyperion	Sandhurst Trustees Ltd < VISION SUPER A/C >	Vision Australia Foundation ATO Vision Australia Trust	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	148,829.00 Ordinary Fully Paid	148,829
Hyperion	Individually Managed Accounts	HSBC Nominees Pty Ltd <investment administrationServices Pty Ltd>	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	142,116.00 Ordinary Fully Paid	142,116
Hyperion	Individually Managed Accounts	IMAEX	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	40,115.00 Ordinary Fully Paid	40,115
Hyperion	IMA_NZ	Hyperion Ast Mgt - NZ Clients	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	6,400.00 Ordinary Fully Paid	6,400
Hyperion	HYPERION IMA	Hyperion Ast Mgt - Aust Clients	Hyperion Asset Management Limited, in its capacity as Investment Manager or in its own holdings for the persons or trusts listed beside its name, has the power to control voting and for the dispoal of securities	769,420.00 Ordinary Fully Paid	769,420
Signed by:	$\frac{1}{2}$ or $\frac{1}{2}$				28,861,644

رم TW Harrison

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

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