Slides
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Platinum Asset Management Limited ABN 13 050 064 287 Merger of Platinum Asset Management and L1 Capital 8 July 2025
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Agenda 1 Introduction 2 Overview of Merger 3 Overview of L1 Capital 4 Merger Details 5 Conclusion and Next Steps 6 Appendices 2
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Introduction Jeff Peters Chief Executive Officer 3
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Introduction We are pleased to announce the strategic merger of Platinum Asset Management Limited (ASX:PTM, “Platinum”) and First Maven Pty Ltd (“L1 Capital”) ■ The combination of Platinum and L1 Capital will create a market-leading investment platform of listed equities and alternative investment strategies with total AUM of approximately $16.5 billion1 as at June 2025 ■ The merger provides Platinum shareholders with exposure to a growing, scalable and well-diversified investment management business with a client base across institutional, wholesale, high net worth (HNW) and retail investors in Australia and globally ■ The merged entity benefits from L1 Capital’s strong track record of performance through market cycles, participating in performance fees from its flagship Long Short Fund and other strategies ■ Platinum will benefit from L1 Capital’s proven track record of successful strategy launches and from future growth plans ■ The merged entity will be renamed and a new ASX ticker assigned with ownership split 26% Platinum shareholders / 74% L1 Capital shareholders ■ Pro-forma for $20m of annual pre-tax cost synergies2, the proposed transaction is expected to be materially EPS accretive2 for Platinum shareholders over the near to medium term THE PLATINUM BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT PLATINUM SHAREHOLDERS VOTE IN FAVOUR OF THE MERGER AT THE GENERAL MEETING (IN THE ABSENCE OF A SUPERIOR PROPOSAL AND SUBJECT TO THE INDEPENDENT EXPERT CONCLUDING IN THE INDEPENDENT EXPERT’S REPORT THAT THE MERGER IS FAIR AND REASONABLE, OR NOT FAIR BUT REASONABLE, FOR PLATINUM SHAREHOLDERS) 4 Notes: (1) Platinum and L1 Capital. (2) Annual pre-tax cost synergies excludes one-off costs and are expected to be delivered in the 12-18 months following completion. (2) Based on pro-forma synergies, Visible Alpha consensus earnings forecasts for Platinum, management forecasts from L1 Capital, and assumes no significant unforeseeable Platinum / L1 Capital specific or market downturn.
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Overview of Merger Jeff Peters Chief Executive Officer 5
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Creating a Market Leading Investment Platform Overview Strengths ■ One of Australia’s longest serving asset managers with funds deployed globally ■ ASX listed since 2007, founded in 1994 ■ Sydney headquartered with 85+ FTE ■ Independent investment manager with track record of leading investment returns ■ Founded in 2007 ■ Melbourne headquartered with 50+ FTE + 6 ■ Market leading fund manager with over $16.5bn AUM ■ Diversified set of investment teams, products and client base ■ Stand-out brand ■ Strong distribution capabilities Combination ■ Decades of investment and operational experience ■ Well established, highly recognisable brand ■ Strong retail presence with specialist equity offerings ■ Robust balance sheet with high seed balances ■ Equities and alternatives fund manager with focus on innovative and differentiated strategies ■ Leading investment performance ■ Highly regarded by institutional, wholesale, HNW and retail investors ■ Founder led, performance driven culture ■ Strong distribution capabilities Notes: AUM as at 30 June 2025.
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A Broad, Diversified Global Asset Manager Merged Pro-Forma AUM by Asset Class Merged Pro-Forma AUM by Client Type ■ Compelling combination of listed equities and alternative investment strategies in Australia and globally ■ Powerful mix of institutional, wholesale, HNW and retail clients with strengths in each sector 7 Notes: Latest available AUM breakdown. Contains some rounding effects. Retail, 47% LIC's, 17% Institutional, 13% Wholesale, 10% High Net Worth, 8% Staff, 5% Australian Equities, 39% International Equities, 33% Asia ex Japan Equities, 13% Specialist Equities, 6% Multi-Strategy HF, 4% Other Regions Equities, 3% Direct Property, 2%
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Growth and Efficiency Opportunities to Deliver Value Source: Platinum. Notes: (1) AUM as at 30 June 2025. Greater scale ■ Expanded range of investment strategies, products and clients ■ Market leading position servicing institutional, wholesale, HNW and retail investors with AUM of $16.5bn1 Expected growth through market leading investment performance and distribution ■ The merged entity will provide Platinum clients access to a wider range of products and differentiated investment capability, with a strong track record of market leading performance ■ The investment teams can accelerate the potential launch of new investment strategies for the merged entity ■ Significantly improved platform, focused on investment services that generate high reward for skill and performance Streamlining of operations ■ Creating a leading investment platform under a new name, with Platinum funds to retain their trusted brand and world-class operations function ■ Premier distribution / client service and highly efficient institutional grade infrastructure / technology ■ Management has identified an expected $20m of annual pre-tax cost synergies to unlock significant operating efficiencies and support continued profitability Balance sheet strength ■ Strong balance sheet and access to capital expected to support future investment in accretive growth opportunities 8
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Growth and Efficiency Opportunities Across the Short and Long Term Immediate Short Term Longer Term ■ Apply L1 Capital’s culture of investment excellence to prioritise client outcomes ■ Strengthen client share by exposing each client base to both L1 Capital and Platinum products ■ Capture immediate cost efficiencies from merging the two groups ■ Combine middle and back-office capabilities ■ Explore international distribution of key existing and new strategies ■ Consider new products for launch to investors ■ Identify new, differentiated strategies to extend investment capabilities ■ Leverage balance sheet strength to support expansion Expand into most attractive asset classes with a focus on alternatives Efficiently manage merger between L1 Capital and Platinum Accelerate growth through launching new products and exploring international distribution 9
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Board of Directors Management Guy Strapp, Independent Chairman Rachel Grimes AM, Non-Executive Director Jeff Peters, Executive Director Joel Arber, Executive Director Jane Stewart, Executive Director 2 Additional Non-Executive Directors Jeff Peters, Chief Executive Officer Jeff Peters is the current CEO of Platinum Asset Management, bringing over 30 years of global experience in asset management and consulting, with prior leadership roles at Columbia Threadneedle, Putnam Investments and McKinsey & Company. Joel Arber, Chief Operating Officer Joel Arber is the current Chief Operating Officer at L1 Capital, with extensive experience in financial services, consulting, and IT. He joined L1 Capital in 2010 after roles in management consulting and co-founding an IT firm. Andrew Stannard, Chief Financial Officer Andrew is the Finance Director at Platinum Asset Management, with over 25 years of experience in finance, including senior roles at Alliance Bernstein. He is a chartered accountant with expertise in audit, financial control and corporate governance. 10 MergeCo to benefit from a skilled, high quality leadership team and the L1 Capital founders will focus solely on their investing responsibilities. Board and Senior Management
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Overview of L1 Capital Mark Landau L1 Capital 11
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Melbourne Since 2007 Headquarters Australian Equities Overview of L1 Capital Overview Key highlights ▪ Independent, global investment manager founded in 2007 by Mark Landau and Raphael Lamm ▪ 95% owned by founders / senior staff1 ▪ Reputation for investment excellence and best of breed strategies ▪ Track record of strong performance through market cycles ▪ Diverse clients across institutional, asset consultants, financial planners, family offices, HNW and retail clients ▪ Proven track record of successful strategy launches with mix of open and close ended products ▪ All strategies use a fundamental research-based approach to investing $8.4bn Assets under management 5+ Investment strategies 22 Investment professionals $3.0bn Net flows (FY22-FY25) 5 Locations worldwide Global presence New York & Miami Since 2015 Global Opportunities and International Equities London Since 2017 UK Residential Property Sydney Since 2019 International Equities 12Source: L1 Capital as at 30 June 2025. Notes: (1) Remaining 5% owned by an entity affiliated with former employee Lev Margolin who is no longer employed by L1 Capital.
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Source: Bloomberg and L1 Capital as at 30 June 2025. Gold Fund ($251m FUM) and SS20 Fund ($91m FUM) not shown. Please see important information at the end of this pack regarding Zenith and Lonsec ratings, and MSCI indices. Past performance should not be taken as an indicator of future performance. (1) L1 Capital Long Short Fund – Monthly Class since inception (1 September 2014). (2) Ranking amongst funds in Zenith Australian Shares – Long Short sector using FE Analytics data as at 31 May 2025. (3) As at 31 May 2025. Latest data available. (4) Ranking in Morningstar peer group "Australia – Equity World Large Blend” as at as at 31 May 2025. (5) Hedged Class of L1 Capital U.K. Residential Property Fund I to 31 December 2024. net return S.I. (ASX200AI 8.2% p.a.)1 Long Short Fund 18.1% p.a. ZENITH RATING ‘Recommended’ LONSEC RATING ‘Recommended’ Best performing L/S fund in Australia S.I.2 Australian Alternative Investment Awards Best Alternative Manager of the Year 2021 Best Listed Alt. Inv. Product (ASX:LSF) 2021 and 2022 Zenith Fund Award Winner Aus. Equities – Alternative Strategy 2022 Melbourne September 2014 LIC, Cayman Company, Unit Trust Absolute return fund with diversified portfolio of long and short positions based on rigorous, fundamental research process Cayman Company net return S.I.3 Global Opportunities Fund 27.7% p.a. Strong positive returns in every calendar year HFM Asian Performance Awards Winner – Long Term Performance (5 Years) – Multi-Strategy 2022, 2023 and 2024 Highly diversified portfolio of small to mid-cap equities structured to deliver low correlation to common equity and bond benchmarks Miami June 2015 net return S.I. (MSCI World 14.1% p.a.) International Fund 15.3% p.a. Top quartile returns over 1, 3, 5 years and since inception4 Australian Fund Manager Awards Golden Calf Award 2023 Dual registry structure as ETMF and Unit Trust High conviction international equities fund, investing in 20- 40 leaders across all market caps, with focus on long term capital preservation ZENITH RATING ‘Recommended’ LONSEC RATING ‘Recommended’ Sydney March 2019 net return S.I. (ASX200AI 8.2% p.a.) Catalyst Fund 7.6% p.a. High conviction activist strategy Money Management Fund of the Year Awards Innovation Award of the Year 2023 Unit Trust Activist strategy with hands- on ‘owners’ mindset’, typically invests in ~10 quality stocks with clear positive value catalyst ZENITH RATING ‘Highly Recommended’ LONSEC RATING ‘Recommended’ Melbourne July 2021 net total return on U.K. Fund I5 U.K. Residential Property Fund 6.8% p.a. Proven track record in delivering strong rental growth and capital appreciation through active asset management 4 Closed End Unit Trusts Acquiring and repositioning underperforming and under- managed UK property assets to deliver strong income and capital appreciation London September 2017 13 AUM $4.8bn $600m $676m $1.6bn $320m Ownership 100% 50% 50% 65% 45.2% Diverse High-performing Strategies
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58% 19% 8% 7% 4% 3% 1% 0% LSF Catalyst International Global Opportunities UK Property Gold Fund SS20 Fund Other 20% 20% 19% 15% 15% 10% Wholesale LSF LIC Retail HNW Institutional Staff 4% n.a.2 10% 19% 13% 17% 16% 0% 5% 10% 15% 20% FY22 FY23 FY24 Track Record of Growth Through Strong Performance, Inflows and Selectively Adding New Strategies Source: L1 Capital. (1) Based on 10.5-year CAGR from 1 January 2015 to 30 June 2025. (2) Net flows as % of opening AUM not applicable given Catalyst Fund was launched in 1 July 2021. (3) Based on AUM as at 30 June 2025. 0.5 3.8 8.4 Jan-2015 Jan-2020 Today 30% CAGR1 Total AUM ($bn) … underpinned by track record of net inflows … leading to diversified funds and strategies3 … with strong investor support across multiple channels3 Net flows as % of opening AUM 14 +200% +200% $8.4bn AUM $8.4bn AUM LSF International Catalyst Significant AUM growth over the past decade …
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(0.5%) (3.1%) L1 Capital Long Short Fund ASX200 Accumulation Index Flagship L1 Capital Long Short Fund (“LSF”)1 Source: L1 Capital as at 30 June 2025. All performance numbers are quoted net of fees. Based on returns achieved by the L1 Capital Long Short Fund – Monthly Class since inception (1 September 2014). Past performance should not be taken as an indicator of future performance. (1) Platinum shareholders will receive ‘In-Perimeter’ performance fees relating to the first 3.5% of absolute returns (gross performance net of management fees) generated by the L1 Capital Long Short funds and mandates. (2) Ranking amongst funds in Zenith Australian Shares – Long Short sector using FE Analytics data as at 31 May 2025. (3) Total of 49 months where ASX market made negative returns since Fund inception on 1 September 2014 to 30 June 2025. Across the negative months, the average monthly return for the ASX200AI’s was -3.1%, whilst for the Fund’s was -0.5%. Put another way, the Fund only lost ~15% of the value lost by the market i.e. preserved 85% of capital. ▪ Absolute return strategy launched in September 2014 ▪ Diversified portfolio of ~50-100 long and short positions ▪ ASX200 focus, with up to 30% in global equities ▪ Objective – 10+% return p.a. over rolling 5-7 year periods with better downside protection versus market ▪ Delivered 18.1% p.a. net returns vs 8.2% p.a. for ASX200AI ▪ Protected 85% of investors’ capital in down markets3 ▪ Returns primarily from stock-based alpha using fundamental bottom-up valuation and industry research Enduring investment philosophy Ability to adjust market exposure to reflect risk / reward Use shorting to fully express views / preserve capital Broadening opportunity set internationally LSF Monthly Class net returns in ‘ASX down markets’ (average of 49 months) (%)3 = Investment Appeal +Value (50%) Quality (50%) Focused on buying stocks that are both undervalued and high quality 15 LSF is the #1 performing Long Short fund in Australia since inception2 Delivered positive returns in 10 out of 11 calendar years since inception LSF outperformed the market 39 out of 49 down months3
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Full platform distribution ▪ Multi-channel distribution approach with specialist teams across key channels ▪ Ongoing active discussions with institutions for new mandates ▪ Emerging focus on retail landscape to increase with strong pipeline ▪ Longstanding relationships across 7 key national dealer groups and 6 research houses / asset consultants ▪ Established presence across private wealth clients and advisers ▪ Well diversified and continually growing investor base both domestic and offshore ▪ Proven track record of successful new strategy launches since inception ▪ Knowledge and insight sharing based on extensive on-the-ground global research Trusted industry and client relationships Highly supportive investor base Integrated CRM infrastructure ▪ Fully integrated CRM infrastructure to enhance client service ▪ Centralised repository of marketing activity ▪ Well established, mature trade lifecycle procedure eliminating errors ▪ Real-time risk monitoring and automated compliance tool across all levels of controls within the business ▪ Trade settlement fully handled by underlying custodians ▪ High calibre and experienced teams, with fully aligned interests ▪ Strong ethical and professional history ▪ Streamlined organisational structure underpinning accountability in decision making Efficient proprietary systems Well-resourced, high performing team 16 L1 Capital’s Operating Strengths Scalable distribution and client engagement platform, alongside integrated technologies, position MergeCo for scale and expansion
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Merger Details Andrew Stannard Chief Financial Officer 17
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Transaction Overview Proposed Transaction ■ Platinum Asset Management Limited (ASX:PTM) acquires First Maven Pty Ltd (L1 Capital being the trading name) 1 Ownership ■ 26% ownership by existing Platinum shareholders ■ 74% ownership by L1 Capital shareholders In-perimeter performance fees on L1 Capital Long Short funds and mandates ■ Platinum shareholders will receive ‘In-Perimeter’ performance fees relating to the first 3.5% of absolute returns (gross performance net of management fees) generated by the L1 Capital Long Short funds and mandates ■ L1 Capital existing shareholders will retain performance fees on L1 Capital’s Long Short funds and mandates that are not ‘In-Perimeter’ for Platinum following completion, as further described on slide 19 Expected EPS Accretion ■ Pro-forma for $20m of annual pre-tax cost synergies2, the proposed transaction is expected to be double digit EPS accretive in the next twelve months3 following completion, and over 30% EPS accretive in FY273 (the first full fiscal year post completion) for Platinum shareholders Brand ■ The merged entity to be renamed and remain listed on the ASX post completion with a new ticker ■ Funds to retain existing brands Pro-forma shareholding ■ ~33% held by Mark Landau (L1 Capital Co-Founder)4 ■ ~33% held by Raphael Lamm (L1 Capital Co-Founder)4 ■ ~4% held by Joel Arber (L1 Capital COO)4 ■ ~4% Lev Margolin (ex L1 Capital Portfolio Manager)4 ■ ~3% held by Kerr Neilson (Platinum Founder)4 Escrow arrangements ■ 25% of shares held by each L1 Capital shareholder escrowed for 2 years, 25% escrowed for 3 years, with remaining 50% escrowed for 4 years Timing ■ Platinum intends to provide an explanatory memorandum in August 2025, including an Independent Expert’s Report and indicative timetable, and a notice of the general meeting at which Platinum shareholders will be invited to vote to approve the Merger 18 Notes: (1) Excludes Z Class Shares that will be retained by existing L1 Capital shareholders, related to ‘Out-of-Perimeter’ performance fees on L1 Capital’s Long Short funds and mandates. (2) Annual pre-tax cost synergies excludes one-off costs and are expected to be delivered in the 12-18 months following completion. (3) Based on pro-forma synergies, Visible Alpha consensus earnings forecasts for Platinum, management forecasts from L1 Capital, and assumes no significant unforeseeable Platinum / L1 Capital specific or market downturn. Assumes proposed transaction completion by September 2025, and next twelve months reflects 1 October 2025 to 30 September 2026 (4) Including controlled and associated entities.
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Participation in ‘In-Perimeter’ L1 Capital Long Short fund performance fees ■ Platinum shareholders will receive ‘In-Perimeter’ performance fees relating to the first 3.5% of annual absolute returns (gross performance net of management fees) generated by the L1 Capital Long Short funds and mandates ■ Structure enhances certainty for Platinum shareholders • If L1 Capital Long Short funds and mandates deliver actual performance fees lower than the ‘In-Perimeter’ performance fees due on 3.5% of annualised absolute returns in any financial year, the shortfall will be carried forward to be paid in future periods • If in the first half of the financial year, L1 Capital Long Short funds and mandates deliver actual performance fees higher than or equal to the ‘In-Perimeter’ performance fees due on 3.5% of annualised absolute returns estimated for the full year1, then the full year participation will be attributed to Platinum in the first half ■ Structure provides strong and direct link between performance of the existing Long Short strategies and key staff ■ ‘In-Perimeter’ performance fees applies to existing and new Long Short strategies2, with performance fees for all other strategies fully retained by Platinum shareholders Substantial efficiency benefits accelerate Platinum’s own turnaround efforts ■ Targeting 25% to 30% of operating cost reductions off current run-rate merged cost base of ~$134m which includes: • Platinum's pre-planned cost-saving initiatives prior to the merger; and • Pro-forma for $20m of annual pre-tax cost synergies expected to arise over the first 12–18 months post-completion Substantial diversification and growth opportunities in the medium-term ■ Significant short term channel expansion opportunity for both L1 Capital and Platinum strategies (e.g. L1 Capital Long Short into Platinum’s direct retail base) ■ Expected to create dramatically improved Alternatives platform, focused on investment services that generate rewards for skill and performance Opportunity to create leading distribution / client service and highly efficient institutional grade infrastructure / technology Strong balance sheet (net cash position) and access to capital expected to support future growth opportunities Key Commercial Drivers Notes: (1) Estimate utilises the end of first half financial year balance of L1 Capital Long Short funds and mandates to estimate the ‘In-Perimeter’ performance fees for the second half. (2) This excludes ‘Out-of-Perimeter’ performance fees that apply to the Z Class Shares. 19
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Illustrative Run-rate Financials FY25E illustrative run-rate financials Notes: (1) Platinum management fee rate based on Dec-24 half average fee of 1.16% per annum. L1 Capital Based on average fee rate across its funds. L1 Capital includes revenue from affiliates (including L1 Capital International Fund joint venture) on a consolidated basis. (2) Platinum performance fees based on H1 Dec-24 actual – Platinum performance fees has other strategies and includes revenue from affiliates. Illustrative performance fees assumed for L1 Capital’s other strategies in line with historical performance. (3) Based on Dec-24 half actual - Excluding turnaround costs. (4) Approximate Long L1 Capital Short funds and mandates AUM of $4.5bn multiplied by 3.5% investment performance, multiplied by 20% performance fee. (5) L1 Capital presented on a 100% consolidated basis of all strategies and funds. A$ Platinum L1 Capital5 Closing 30 June 2025 AUM $8.1bn $8.4bn Management fees1 $94m $93m In-perimeter LSF performance fees n.a. $34m4 Performance fees for other strategies2 - c.$10m Total fee revenue $94m $137m Operating expenses $79m3 $55m Summary ■ Illustrative run-rate financials for Platinum and L1 Capital, shown on a total basis for AUM, revenue and cost contribution across all strategies / funds ■ Management fee revenue based on June 2025 closing AUM and the current fee rates for each strategy ■ In-perimeter performance fees based on the first 3.5% of returns4 for Long Short strategies and mandates ■ Illustrative performance fees assumed for L1 Capital’s other strategies in line with historical performance ■ Targeting 25% to 30% of operating cost reductions off current run-rate merged cost base of ~$134m which includes Platinum's pre-planned cost-saving initiatives prior to the merger as well as ~$20m of annual pre-tax cost synergies expected to arise over the first 12–18 months post-completion ■ Relative run-rate profit contributions augmented by Platinum’s balance sheet and L1 Capital’s growth trajectory 20
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Conclusion and Next Steps Jeff Peters Chief Executive Officer 21
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Combination of L1 Capital / Platinum investment teams will support performance turnaround, and enhance talent attraction and retention Develop compelling new products for our joint client base Reset cost base Deliver optimal business model Deep pool of talent yields outstanding performance culture Public listing / Platinum cash provides a powerful balance sheet Enhance investment performance Launch new capabilities and expand distribution Synergy capture Develop new middle and back-office business model Revitalise culture / workplace Improve balance sheet Transaction Summary 22 Planned Improvements Expected Outcomes 1 2 3 4 5 6 Merger with L1 Capital Delivers Significant Benefits and Material Accretion for Platinum Shareholders
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8 July 2025: Merger Implementation Agreement announced August 2025: Submit Notice of Meeting, Explanatory Memorandum and Independent Expert Report to ASIC and the ASX August 2025: Dispatch Notice of Meeting, Explanatory Memorandum and Independent Expert Report to Platinum shareholders September 2025: General meeting for Platinum shareholders to vote Late August 2025: Platinum report FY25 Results September 2025: Issue new Platinum shares to L1 Capital and complete the transaction July 2025: Prepare documentation, Notice of Meeting, Explanatory Memorandum and Independent Expert Report September 2025: Commencement of normal trading in the new consolidated shares on ASX 23 Proposed Indicative Transaction Timeline
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Appendices 24
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Appendix – Platinum Financials Year to 30 June (A$m) FY23 FY24 1H25 Management fees 201.4 174.3 69.4 Performance fees 1.2 - - Total investment fees 202.7 174.3 69.4 Other income 14.7 10.6 7.3 Total revenue 217.4 184.9 76.7 Operating expenses (97.9) (87.9) (37.3) EBITDA 119.5 97.0 39.4 Depreciation and amortisation (2.7) (3.1) (1.9) Finance costs and non-operating items (0.1) (0.4) (0.3) Turnaround Program implementation costs - (20.4) (9.6) Profit before tax 116.8 73.1 27.6 Tax expense (35.9) (28.0) (11.6) NPAT 80.9 45.1 16.0 Non-controlling interests (NCI) (0.0) (0.1) (0.0) NPAT post NCI 80.9 45.0 16.0 Summary Consolidated historical financials ▪ This page presents Platinum’s consolidated P&L for FY23, FY24 and 1H25, reflecting statutory financials ▪ To address falling revenues, Platinum implemented an expense control plan from 2H24: ▪ Adjusted operating expenses for the December 2024 half to $37.3 million ▪ The company has upgraded FY26 target savings from $5m to between $10m and $15m ▪ 2H25 expenses are below 1H25 ▪ The middle and back-office transformation project was successfully completed in January 2025 ▪ The company will continue to pursue further cost- saving opportunities to offset potential margin impacts from future AUM declines Notes: Figures may not sum exactly due to rounding. 25
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Appendix – L1 Capital Financials Year to 30 June (A$m) FY23 FY24 1H25 Total consolidated management fees 53.8 68.4 39.2 Total performance fees for LSF 94.1 118.8 - Total performance fees for other strategies 16.6 5.3 7.2 Total investment revenue 164.5 192.6 46.4 Other income 1.8 3.3 1.3 Total revenue 166.3 195.9 47.7 Operating expenses (42.6) (32.5) (22.5) EBITDA 123.7 163.4 25.2 Depreciation and amortisation (2.4) (1.5) (0.6) Finance costs and non-operating items (0.0) 0.9 (0.2) Statutory profit before tax 121.3 162.8 24.4 Tax expense (36.6) (48.5) (7.4) Statutory NPAT 84.7 114.3 17.0 Non-controlling interests (NCI) (3.0) (1.7) (0.7) Statutory NPAT post NCI 81.7 112.6 16.3 Performance fees for LSF (3.5% in-perimeter)2 21 24 - Performance fees for other strategies 17 5 7 Total in-perimeter performance fees 37 29 7 Out-of-perimeter performance fees 73 95 - In-perimeter performance fee carried forward to next period - - 16 ▪ This page presents L1 Capital’s consolidated P&L for FY23, FY24 and 1H25, reflecting statutory financials1 ▪ Total investment revenue reflect management and performance fees earned on a consolidated basis across all L1 Capital strategies (except for L1 Capital International, where L1 Capital receives 50% of pre-tax profits from the joint-venture, which is included in ‘Other Income’) ▪ Total in-perimeter performance fees attributable to MergeCo are also presented on a retrospective basis, which includes (i) performance fees related to the first 3.5% of returns (net of management fees) on the L1 Capital Long Short Fund and mandates and (ii) all performance fees generated by non-LSF L1 Capital strategies ▪ L1 Capital has grown strongly, with FY24 management fees increasing c.27%, and has continued to perform strongly in FY25 ▪ Based on unaudited management reporting, L1 Capital expect to report total management fees of $75m+ and total performance fees of $90m+ across all strategies for FY25. Performance fees in FY25 for the L1 Long Short Fund was ~$80m and will materially exceed the in-perimeter performance fees relating to 3.5% of performance for the L1 Long Short Fund (which is approximately $30m) 26 Summary Consolidated historical financials Notes: (1) 1H25 results are unaudited. Figures may not sum exactly due to rounding. (2) In-perimeter performance fees for LSF for historical periods (FY23, FY24 and 1H25) are estimates based on historical AUM and NAV data, reflective of the in-perimeter performance fee calculation mechanics. Half year carry forward
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Disclaimer Information in this presentation References in this presentation to “Platinum” or “PTM” are to Platinum Asset Management Limited ABN 13 050 064 287, unless otherwise expressly stated. This presentation includes information prepared by Platinum Investment Management Limited ABN 25 063 565 006, AFSL 221935 and First Maven Pty Ltd (ACN 125 379 062) (“L1 Capital”). L1 Capital is responsible for all information in this presentation which relates to L1 Capital, and Platinum assumes no responsibility for the accuracy or completeness of any such information. Past performance and forward-looking Information Past performance and forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance or events. While the information in this presentation has been prepared in good faith and with reasonable care, no representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in the presentation, and to the extent permitted by law, no liability is accepted by Platinum or any other Platinum Group company, L1 Capital or any other L1 Capital Group company, or any of their directors, officers or employees, for any loss or damage as a result of any reliance on this information. Readers are cautioned not to place undue reliance on the forward-looking statements, which are based only on information currently available to Platinum or L1 Capital (as applicable). Except as required by applicable laws or regulations, neither Platinum nor L1 Capital undertake to publicly update or revise the forward-looking statements or other statements in this presentation, whether as a result of new information or future events or circumstances. This presentation may contain forward looking statements. This presentation contains forward looking statements, including those associated with the Transaction. These statements relate to expectations, beliefs, intentions or strategies regarding the future. Forward looking statements may be identified by the use of words like ‘anticipate’, ‘believe’, ‘aim’, ‘estimate’, ‘expect’, ‘intend’, ‘may’, ‘plan’, ‘project’, ‘will’, ‘should’, ‘seek’ and similar expressions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements, as well as statements about market and industry trends, which are based on interpretations of current market conditions. They involve known and unknown risks, uncertainties, assumptions, contingencies and other factors, many of which are beyond the control of Platinum, L1 Capital and their related bodies corporate and affiliates and each of their respective directors, securityholders, officers, employees, partners, agents, advisers and management, and may involve significant elements of subjective judgement and assumptions as to future events that may or may not be correct. Forward-looking statements speak only as of the date of this presentation and there can be no assurance that actual outcomes will not differ materially. Past performance is not indicative of future performance. These forward-looking statements have been made based upon Platinum’s or L1 Capital’s (as applicable) expectations and beliefs concerning future developments and are subject to risks and uncertainty which are, in many instances, beyond Platinum’s or L1 Capital’s (as applicable) control. No assurance is given that future developments will be in accordance with Platinum’s or L1 Capital’s (as applicable) expectations. Actual outcomes could differ materially from those expected by Platinum or L1 Capital (as applicable). The market commentary reflects Platinum’s or L1 Capital’s (as applicable) views and beliefs at the time of preparation, which are subject to change without notice. Financial Data Investors should note that this presentation contains proforma historical financial information. Certain information in this Presentation (including financial information – whether audited, unaudited, historical or anticipated) has been sourced from L1 Capital and its associates. While steps have been taken to review that information, no representation or warranty, expressed or implied, is made as to its fairness, accuracy, correctness, completeness or adequacy. The proforma financial information provided in this presentation is for illustrative purposes only and is not represented as being indicative of Platinum’s, nor L1 Capital’s, nor anyone else’s, views on its future financial condition and / or performance. All dollar values are in Australian dollars ($) unless stated otherwise and figures, amounts, percentages, estimates, calculations of value and other fractions used in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. 27
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Disclaimer No solicitation or investment advice Information in this presentation has been prepared for general information purposes only and without taking into account any recipient’s investment objectives, financial situation or particular circumstances (including financial and taxation position). The information in this presentation does not (and does not intend to) contain a recommendation or statement of opinion intended to be investment advice or to influence a decision to deal with any financial product nor does it constitute an offer, solicitation or commitment by Platinum. Disclaimer To the maximum extent permitted by law, Platinum and its related bodies corporate and each of its respective directors, officers, partners, employees, agents and advisers (together, the “Beneficiaries”) exclude and expressly disclaim all duty and liability (including for fault or negligence) for any expenses, losses, damages or costs incurred by you as a result of the information in this presentation being inaccurate or incomplete in any way for any reason. The Beneficiaries have not independently verified any of the information in this presentation and take no responsibility for any part of this presentation. You represent, warrant and agree that you have not relied on any statements made by the Beneficiaries and you further expressly disclaim that you are in a fiduciary relationship with any of them. Statements made in this presentation are made only as at the date of this presentation. The information in this presentation remains subject to change without notice. MSCI Disclaimer The MSCI information may not be reproduced or re-disseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com). Lonsec The ratings issued for L1 Capital Long Short Fund – Daily Class (October 2024), L1 Long Short Fund Limited (October 2024), L1 Capital Catalyst Fund (October 2024) and L1 Capital International (Unhedged) Active ETF (ETL1954AU and ASX:L1IF) (April 2025) are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. Copyright 2024 Lonsec. All rights reserved. Zenith The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (Zenith) ratings assigned to L1 Long Short Fund Limited (June 2025), L1 Capital Long Short Fund – Monthly Class (June 2025), L1 Capital Long Short Fund – Daily Class (June 2025), L1 Capital Catalyst Fund (June 2025), L1 Capital International (Unhedged) Active ETF L1 Capital International (Unhedged) Active ETF (ETL1954AU and ASX:L1IF) (November 2024) and L1 Capital International (Hedged) Active ETF (ETL3815AU and ASX:L1HI) (November 2024) referred to in this document are limited to General Advice (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines 28