L1 GROUP LIMITED — Share Issue/Capital Change 2021

Jun 24, 2021

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

PLATINUM ASSET MANAGEMENT LIMITED

Date of this announcement

Friday June 25, 2021

The +securities the subject of this notification are:

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+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

Total number of +securities to be issued/transferred

		Total number of
ASX +security		+securities to be
code	Security description	issued/transferred	Issue date
PTMAA	RIGHTS	1,348,964	20/06/2021

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

PLATINUM ASSET MANAGEMENT LIMITED

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ABN

Registration number

13050064287

1.3 ASX issuer code

PTM

1.4 The announcement is

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New announcement

1.5 Date of this announcement

25/6/2021

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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+Other securities issued under an +employee incentive scheme that are not intended to be quoted on ASX

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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has an existing ASX security code ("existing class")

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 3B - number and type of +securities the subject of this notification (existing class) where issue has not previously been notified to ASX in an Appendix 3B

ASX +security code and description PTMAA : RIGHTS

Date the +securities the subject of this notification were issued

20/6/2021

Will these +securities rank equally in all respects from their issue date with the existing issued +securities in that class No

If some of the issued +securities do not rank equally:

Is the actual date from which the +securities will rank equally (non-ranking end date) known? No

Provide the estimated non-ranking end period

20 June 2025 ¿ Deferred Rights have a minimum vesting period of four years

Please state the extent to which the +securities do not rank equally: In relation to the next dividend, distribution or interest payment; or For any other reason

Prior to the Deferred Rights being exercised, there is no entitlement to vote and receive dividends.

After the Deferred Rights have vested and been exercised, the employee will receive an equivalent number of quoted PTM ordinary shares (previously purchased on-market by the Plan).

Were any of the +securities issued to +key management personnel (KMP) or an +associate? Yes

Provide details of the KMP or +associates being issued +securities.

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----- Start of picture text ----- Name of KMP Name of registered holder Number of +securitiesAndrew Stannard Andrew Stannard 51,154Elizabeth Norman Elizabeth Norman 102,308Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive schemeor a summary of the terms-https://www.platinum.com.au/PlatinumSite/media/Financial Statements/ptm_0620.pdf----- End of picture text -----

Please provide a URL link for a document lodged with ASX detailing the terms of the +employee incentive scheme or a summary of the terms - https://www.platinum.com.au/PlatinumSite/media/Financial Statements/ptm_0620.pdf Refer to Remuneration Report on page 36.

Any other information the entity wishes to provide about the +securities the subject of this notification

Determination of the Number of Deferred Rights

The number of Deferred Rights has been determined by dividing an eligible employees' Deferred Bonus award by $4.88721651 being the volume weighted average price (VWAP) of the Company's shares purchased over the relevant

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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period.

Grant Date 20 June 2021

Acceptance Date 30 June 2021

Vesting Date 20 June 2025

Exercise Expiry Date 20 June 2030

Vesting Conditions Continuous employment until the Vesting Date

Deferred Right Exercise Price Nil

Dividend Equivalent Payment The Deferred Rights also carry an entitlement to a dividend equivalent payment.

Upon the valid exercise of a Deferred Right, or deemed exercise, of a Deferred Right, an eligible employee will be entitled to receive an amount approximately equal to the amount of dividends that would have been paid to the eligible employee had they held the share from the Grant Date to the date that the Deferred Rights are exercised.

Issue details

Number of +securities

1,348,964

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted) Total number of ASX +security code and description +securities on issue PTM : ORDINARY FULLY PAID 586,678,900 4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX) Total number of ASX +security code and description +securities on issue PTMAA : RIGHTS 8,752,373

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? No

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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