L1 GROUP LIMITED — Major Shareholding Notification 2015

May 21, 2015

22 May 2015

The Manager ASX Market Announcements Australian Securities Exchange Limited Sydney NSW 2000

By e-Lodgement

Platinum Asset Management Limited (ASX: PTM) notice of change of interest of substantial shareholder

Please find attached a completed and signed notice of change of interest of substantial shareholder in Platinum Asset Management Limited ("PTM" or "Company").

Ten million ordinary shares in PTM were sold today by a substantial shareholder, Judith Neilson.

There is no intention for Judith Neilson, Kerr Neilson and associated parties to sell any further shares in PTM in the foreseeable future.

It is the intention for Judith Neilson, Kerr Neilson and associated parties to maintain their controlling position in the Company.

Elizabeth Norman Director

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

Form 604

Corporations Act 2001 Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme	PLATINUM ASSET MANAGEMENT LIMITED
ACN/ARSN	ACN 050 064 287

1. Details of substantial holder(1)

Name	JUDITH PATRICIA LYDIA NEILSON
ACN/ARSN (if applicable)
There was a change in the interests of the substantial holder on	22/05/2015
The previous notice was given to the company on The previous notice was dated	23/04/2015 23/04/2015

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)
ORDINARY	322,074,841	55.56%	312,074,841	53.24%

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

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
21/05/2015	KERR NEILSON JUDITH NEILSON	INCREASE IN NUMBER OF SHARES ON ISSUE	NIL	ORDINARY 322,074,841	322,074,841
22/05/2015	KERR NEILSON JUDITH NEILSON	SALE	\$73,000,000.00	ORDINARY 10,000,000	10,000,000

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
KERR NEILSON	JUDITH PATRICIA LYDIA NEILSON	JUDITH PATRICIA LYDIA NEILSON	TAKEN UNDER SECTION 608(1)(B)	ORDINARY 312,074.841	312,074,841

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
J NEILSON	29 MIDDLE ST MCMAHONS POINT NSW 2060
K NEILSON	29 MIDDLE ST MCMAHONS POINT NSW 2060

Signature

	print name ELIZABETH NORMAN	COMPANY DIRECTOR capacity
sign here	Elgebeth Namna 10.000.000.000.000.000.000.000.000.000.	date 22 / 05 / 2015 the company of the contract of the company of the company of the contract of the company of the contract of the contract of the contract of the contract of the contract of the contract of the contract of the contract of th

DIRECTIONS

• If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an $(1)$ 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. $(5)$
• $(6)$ Include details of:
• any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any $(a)$ 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 disposal of the securities to $(b)$ 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, becom'e $(7)$ 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.

$(8)$ If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice. $(9)$