Platinum Investment Management : PTM Analyst Briefing

Platinum Asset Management Limited

Analyst Briefing

24 February 2022

Platinum Asset Management Limited ABN 13 050 064 287

Andrew Clifford, Co-Founder Andrew Stannard, Finance Director

Analyst Briefing

2

Financial Highlights

December 2021

• Average FuM $22.5 billion, up 1% on Dec-20.
• Management fee revenue up 3%.
• Other income negative $4.9m due to unrealised mark-to-market losses on seed investments.
• Expenses up 16%. Expenses excluding share-based payment expense up 4%.
• Profit excluding unrealised losses on seed investments down 1%.
• Net profit after tax $60m, down 34%.
• Final dividend of 10 cps fully franked (~7.4% annualised yield*).

3 Source: Platinum Investment Management Limited.

• Using 31 December 2021 share price of $2.70

Where are we now?

Evidence the bull market is over

Interest rates going up - what is needed to tame inflation?

Story is being questioned - pain in most speculatively valued and least supportable businesses … and this is all before any actual tightening in financial conditions has occurred

It's important to understand how your manager is invested … remember major bear markets can take over 50% of the share price back

This information is general in nature and does not take into account your specific needs or circumstances. You should consider your own financial position, objectives and

4 requirements and seek professional financial advice before making any financial decisions. The commentary reflects Platinum's views and beliefs at the time of preparation, which are subject to change without notice.