Platinum Asset Management (PTM) AGM 2024 summary

Opening remarks and agenda

• Meeting commenced at 10:00 A.M. AEDT with quorum present and acknowledgment of traditional custodians; Chair Guy Strapp opened the hybrid AGM and introduced the Board and new CEO Jeff Peters.

• Notice of meeting was published and taken as read; hybrid format aimed to encourage broader shareholder participation.

• Voting procedures and Q&A protocols for both in-person and online attendees were outlined.

Financial performance review

• Funds under management at 30 June 2024 were AUD 13 billion, with net outflows of AUD 4.9 billion, including a AUD 1.2 billion outflow from one institutional client.

• Fee revenue fell 14% to AUD 174 million; no performance fees were earned.

• Adjusted EBIT declined 19% to AUD 82.9 million; cost savings initiatives underway with adjusted expenses down AUD 9.2 million.

• Most funds lagged the broader market due to index composition and weak Chinese markets, but the Technology Fund returned 26% for the year.

Board and executive committee updates

• Jeff Peters appointed CEO and Managing Director in January 2024, following a global search and tasked with leading a comprehensive turnaround strategy.

• Board renewal included the resignation of three directors in February 2024 and the appointment of Rachel Grimes AM; Brigitte Smith retiring after two terms.

• James Simpson stands for election as a new Board member, both he and Rachel Grimes endorsed by the board.