Platinum Investment Management : Extension of on-market share buy-back

16 September 2020

The Manager Announcements

Companies Office

Australian Securities Exchange Limited

Sydney NSW 2000

By e-Lodgement

Platinum Asset Management Limited Announces On-Market Share Buy-Back

Platinum Asset Management Limited (ASX code: PTM) today announced its intention to extend its on-market share buy-back for up to 10 per cent of PTM's issued share capital for a further period of up to 12 months commencing from 4 October 2020.

In accordance with PTM's obligations under the Corporations Act 2001 (Cth), PTM will be lodging a new Form 281 with ASIC today, to ensure that sufficient notice of the buy-back is provided prior to 3 October 2020, the date of expiry of the current 12 month buy-back period.

The purpose of extending the share buy-back period, is to enable PTM, as part of its ongoing capital management policy, to buy-back its shares should the PTM share price trade at a significant discount to its underlying value. No target price has been set.

The Board of PTM consider that the share buy-back program is in the interests of all existing shareholders as a whole.

PTM has appointed Credit Suisse Equities (Australia) Limited to act as its broker.

Any buy-back will be funded from PTM's existing cash flows.

An Appendix 3C in respect of the on-market share buy-back is attached.

Joanne Jefferies

Company Secretary

Level 8, 7 Macquarie Place, Sydney NSW 2000, Australia | GPO Box 2724, Sydney NSW 2001

Telephone [phone] | Investor Services 1300 726 700 | Facsimile 61 2 9254 5590 | Email [e-mail] | Website www.platinum.com.au Platinum Asset Management Limited ABN 13 050 064 287

Rule 3.8A

Appendix 3C

Announcement of buy-back

(except minimum holding buy-back)

Information and documents given to ASX become ASX's property and may be made public.

Introduced 1/9/99. Origin: Appendix 7B. Amended 13/3/2000, 30/9/2001, 11/01/10

Name of entity		ABN/ARSN
Platinum Asset Management Limited ("PTM")		13 050 064 287

We (the entity) give ASX the following information.

Information about buy-back

1	Type of buy-back	On-market (within 10/12 limit)

1. +Class of shares/units which is the subject of the buy-back(eg, ordinary/preference)
2. Voting rights (eg, one for one)
3. Fully paid/partly paid (and if partly paid, details of how much has been paid and how much is outstanding)

Ordinary shares

One for one

Fully paid

1. Number of shares/units in the 586,678,900 +class on issue
2. Whether shareholder/unitholder No

approval is required for buy-back

7	Reason for buy-back	The company intends to extend the buy-back
		period for a further period of up to 12 months,
		as part of the company's ongoing capital
		management policy.

• See chapter 19 for defined terms. 11/01/2010 Appendix 3C Page 1

8 Any other information material Nil to a shareholder's/unitholder's decision whether to accept the offer (eg, details of any proposed takeover bid)

On-marketbuy-back

1. Name of broker who will act on the company's behalf
2. Deleted 30/9/2001.
3. If the company/trust intends to buy back a maximum number of shares - that number

Note: This requires a figure to be included, not a percentage.

Credit Suisse Equities (Australia) Limited

Up to 58,667,890 shares.

1. If the company/trust intends to buy back shares/units within a period of time - that period of time; if the company/trust intends that the buy-back be of unlimited duration - that intention
2. If the company/trust intends to buy back shares/units if conditions are met - those conditions

From 4 October 2020 (i.e. the date immediately following the expiration of the 12 month period for the previous buy-back) and ending on 3 October 2021.

The company reserves the right to suspend or terminate the buy-back at any time.

Not applicable

Employee share scheme buy-back

14	Number of shares proposed to be	Not applicable
	bought back
15	Price to be offered for shares
Not applicable

Selective buy-back

1. Name of person or description of class of person whose shares are proposed to be bought back
2. Number of shares proposed to be bought back
3. Price to be offered for shares

Equal access scheme

1. Percentage of shares proposed to be bought back
2. Total number of shares proposed to be bought back if all offers are accepted
3. Price to be offered for shares
4. +Record date for participation in offer

Cross reference: Appendix 7A, clause 9.

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Not applicable

Compliance statement

1. The company is in compliance with all Corporations Act requirements relevant to this buy-back.

or, for trusts only:

1. The trust is in compliance with all requirements of the Corporations Act as modified by Class Order 07/422, and of the trust's constitution, relevant to this buy-back.
2. There is no information that the listing rules require to be disclosed that has not already been disclosed, or is not contained in, or attached to, this form.

Sign here:	............................................................ Date: 16/09/2020
	(Director/Company secretary)
Print name:	Joanne Jefferies

• See chapter 19 for defined terms. 11/01/2010 Appendix 3C Page 3