Platinum European Fund

A diversified portfolio of European companies across industry sectors, the fund offers investors exposure to undervalued businesses in both the developed economies of Western Europe and Eastern Europe’s emerging markets.

Investment objective:
To provide capital growth over the long-term by investing in undervalued companies in the European region.

Key benefits:

Access to a manager with a proven investment philosophy and method for selecting undervalued stocks and a team of experienced investment professionals
Exposure to an actively managed, diversified equity portfolio that seeks to minimise losses during market downturns using risk management techniques
Actively managed currency exposures providing substantial diversification from the Australian dollar
Annual distribution of the fund’s net income, including net realised capital gains

Legal structure:

Unlisted, open-ended unit trust
Distribution:

Annually as at 30 June
Management costs:
- C Class (standard fee option): 1.35% p.a. of NAV
- P Class (performance fee option): 1.10% p.a. of NAV plus 15% p.a. of outperformance over benchmark
Minimum initial investment (per unit class):
- A$10,000 or NZ$10,000
- A$5,000 or NZ$5,000
  (under regular investment plan)
Buy/sell spread:

0.20% / 0.20% of NAV unit price

Portfolio manager(s):

Nikola Dvornak

Portfolio Manager

Nik joined Platinum in 2006 as an analyst in the financials and services sector. He was appointed co-manager of the More

Adrian Cotiga

Portfolio Manager

Adrian was appointed co-manager of the More

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Performance

Fund returns are calculated using the net asset value per unit (which does not include the buy/sell spread) of the stated unit class of the fund and represent the combined income and capital returns of the stated unit class of the fund over the specified period. Returns are net of accrued fees and costs, are pre-tax, and assume the reinvestment of distributions.

All "p.a." returns are annualised.

For the purpose of calculating the “since inception” return of the MSCI index, the inception date of C Class of the fund is used. The the gross MSCI index was used prior to 31 December 1998 as the net MSCI index did not exist then. Index returns assume the reinvestment of dividends from constituent companies, but do not reflect fees and expenses. Platinum does not invest by reference to the weightings of any index or benchmark, and index returns are provided as a reference only. The fund’s underlying assets are chosen through Platinum’s bottom-up investment process and, as a result, the fund’s holdings may vary considerably to the make-up of the index.

The investment returns shown are historical and no warranty can be given for future performance. Historical performance is not a reliable indicator of future performance. Due to the volatility of the underlying assets of the fund and other risk factors associated with investing, investment returns can be negative, particularly in the short-term.

Source: Platinum Investment Management Limited for fund returns and FactSet for MSCI index returns.

All data where MSCI is referenced is the property of MSCI Inc. No use or distribution of this data is permitted without the written consent of MSCI Inc. The data is provided “as is” without any warranties by MSCI Inc. MSCI Inc. assumes no liability for or in connection with this data. See Terms and Conditions for full MSCI disclaimer.

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The investment returns depicted in this graph are cumulative on A$20,000 invested in the specified unit class(es) of the fund over the specified period relative to the specified index. A unit class is shown if and only if it has been in existence for the entire duration of the period specified on the graph (hence, P Class is shown if and only if the graph starts from 3 July 2017 or a later date). Fund returns are calculated using the net asset value per unit (which does not include the buy/sell spread) of the specified unit class and represent the combined income and capital returns of the specified unit class of the fund over the specified period. Investment returns are net of accrued fees and costs, are pre-tax, and assume the reinvestment of distributions.

The investment returns shown are historical and no warranty can be given for future performance. Historical performance is not a reliable indicator of future performance. Due to the volatility in the fund’s underlying assets and other risk factors associated with investing, investment returns can be negative, particularly in the short-term.

The net MSCI index is used, except the gross MSCI index was used prior to 31 December 1998 as the net MSCI index did not exist then. The MSCI index returns assume the reinvestment of dividends from constituent companies. Cash returns reference the AusBond Bank Bill Index (AUBI). Index and cash returns do not reflect fees and expenses, and are provided as a reference only. Platinum does not invest by reference to the weightings of any index or benchmark. The fund’s underlying assets are chosen through Platinum’s bottom-up investment process.

Source: Platinum Investment Management Limited for fund returns; FactSet for MSCI index returns; Bloomberg for AUBI returns and S&P/ASX300 index returns.

All data where MSCI is referenced is the property of MSCI Inc. No use or distribution of this data is permitted without the written consent of MSCI Inc. The data is provided “as is” without any warranties by MSCI Inc. MSCI Inc assumes no liability for or in connection with this data. See Terms and Conditions for full MSCI disclaimer.

Prices & Distributions

Date	Entry (A$)	NAV per unit (A$)	Exit (A$)	Distribution (A$ per unit)
-	-	-	-	-

Date	NAV per unit (A$)	Distribution (A$ per unit)
-	-	-

Date	Entry (A$)	NAV per unit (A$)	Exit (A$)	Distribution (A$ per unit)
-	-	-	-	-

Learn more about unit pricing dates

Platinum uses a forward pricing methodology. Applications for investment in the fund received and identified (and accepted by us) by 3:00 pm (AEST) on a are processed with an entry price calculated for that . Applications received and indentified (and accepted by us) after 3:00pm AEST on a (but by the next cut-off time) will generally be processed using the entry price calculated for the next

Standard Pricing Timeline

Where a withdrawal/application request is accepted by us by 3pm AEST on a , we will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.

For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm, Tuesday 1 September 2020, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Tuesday 1 September 2020. Withdrawal requests are processed in the same manner.

Public Holiday Pricing

Where a withdrawal/application request is accepted by us by 3pm AEST on a which falls prior to a public holiday, we will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.
For example, where an investor has deposited monies and we have accepted their completed Application Form with the necessary supporting documentation by 3pm on Friday 2 October 2020, the prior to the Labour Day holiday, the application will generally receive the entry price calculated by reference to closing prices of global equity markets on Friday 2 October 2020. Withdrawal requests are processed in the same manner.

Unit prices are updated on our website at approximately 5:30 pm AEST each

Please refer to New Investors and Existing Investors for detailed procedures on how to apply for units and make withdrawals.

Date	Distribution (A$ per unit)	Reinvestment price (A$)	Distribution Statement
-	-	-	-

Date	Distribution (A$ per unit)	Reinvestment price (A$)	Distribution Statement
-	-	-	-

The distributions shown above are historical and no warranty can be given for future distributions.

Understanding distributions

The fund may earn income (such as dividends and interest) from its investments and may also realise capital gains or losses on the sale of its investments. Income and net realised capital gains are distributed to unitholders annually as at 30 June. The components of the distribution will vary from year to year, the details of which are set out in the annual distribution and tax statements provided to unitholders. There may also be times when no distribution is payable.

Distributions are calculated in dollars-per-unit on the number of units held by a unitholder as at the end of the distribution date. This means that a unitholder’s distribution entitlement from the fund is not pro-rated for the duration of the unitholder’s investment in the fund during the tax year.

When a distribution is made, the unit price will fully reflect the distribution.

Unitholders will generally receive their entitlement (if payable) within 15 after the distribution date.

Unitholders may elect to have their distribution entitlement:

reinvested as additional units in the same unit class of the fund;
paid into the unitholder’s nominated financial institution account; or
fixed cash distribution option, currently set at 4% per annum

If no election is made, the unitholder’s distribution entitlement will be automatically reinvested. Additional units will be issued at the net asset value unit price on the relevant

, and the buy spread will not apply.

Visit Existing Investors to find out how to change your distribution election.

Investment Strategy

The Platinum European Fund primarily invests in listed securities of European companies. The portfolio will ideally consist of 30 to 70 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. However, the portfolio typically has 50% or more net equity exposure. Platinum may short-sell securities that it considers overvalued.

The fund’s key investment guidelines are summarised below. For further details, please refer to the latest Product Disclosure Statement.

Suggested time horizon	5 or more years
Geographic limits	The fund may invest in European companies (including European companies with securities listed on securities exchanges other than those in Europe) as well as companies that are not listed in Europe but where their predominant business is conducted in Europe. Platinum defines “Europe” as all countries from the UK to the Ural Mountains, a line which runs from the Arctic to the Caspian Sea and then to the Black Sea, including the Russian Federation, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Turkmenistan, Azerbaijan, Armenia and Georgia.
Industry/sector limits	N/A
Number of securities in portfolio	Typically 30 to 70 securities
Net equity exposure	Typically 50% or more of the fund’s net asset value
Cash holdings	Typical range: 0 – 40% of the fund’s net asset value Permissible range: 0 – 100% of the fund’s net asset value
Limits on individual security holdings	The fund will seldom invest more than 5% of its net asset value in the securities of a single issuer.
Short-selling	Subject to the limits on leverage and the use of derivatives, the fund may short-sell securities and indices for risk management purposes or as a way to take opportunities to increase returns. See Platinum’s risk management strategies for further details.
Currency	The fund’s currency exposures are actively managed with the aim of capturing the returns and minimising the risks arising from the fund’s exposure to foreign currency fluctuations, which can change the value of the equity investments measured in the fund’s reporting currency (AUD). Platinum may manage the fund’s currency exposures using foreign exchange forwards, swaps, non-deliverable forwards, currency options and spot foreign exchange trades. See Platinum’s risk management strategies for further details.
Leverage	The fund does not borrow funds (except for short-term overdrafts for trade settlement), though borrowing is permitted under the fund’s constitution. The fund may be leveraged through the use of derivatives (see below for detail).
Derivatives	The fund may use financial derivative instruments for risk management purposes and/or as a way to take opportunities to increase returns, to gain access to markets not readily available to foreign investors and/or to establish short positions. Both over-the-counter (OTC) derivatives and exchange-traded derivatives are permitted. The underlying value of the fund’s derivative positions¹ will not exceed 100% of the fund’s net asset value. The fund’s gross exposure, taking into account all physical securities positions and long and short derivatives,¹ will not exceed 150% of the fund’s net asset value. See Platinum’s risk management strategies for further details. ¹ Where options are employed, the underlying value will be the Delta-adjusted exposure. “Delta” is the theoretical measure of the sensitivity of the option price to a chance in the price of the underlying asset (usually expressed as a percentage).
Securities lending	Not undertaken, although permitted under the fund’s constitution.

Portfolio Snapshot

Industry Breakdown¹

Sector	Long %	Short %	Net %
Financials	30.7	-	30.7
Industrials	16.8	-	16.8
Consumer Discretionary	11.4	(0.6)	10.8
Communication Services	8.5	-	8.5
Health Care	7.3	-	7.3
Materials	5.4	-	5.4
Information Technology	4.4	-	4.4
Energy	3.3	-	3.3
Real Estate	2.4	-	2.4
Consumer Staples	1.3	(0.7)	0.6

Top 10 Positions³

Stock	Country	Industry	%
Airbus SE	France	Industrials	3.5
Banca Transilvania SA	Romania	Financials	3.6
Banco Santander SA	Spain	Financials	3.5
Bank of Ireland Group PLC	Ireland	Financials	3.4
Beazley PLC	United Kingdom	Financials	3.1
Fondul Proprietatea SA	Romania	Financials	4.0
MTU Aero Engines AG	Germany	Industrials	3.4
Raiffeisen Bank Intl	Austria	Financials	3.3
UPM-Kymmene OYJ	Finland	Materials	3.2
Allfunds Group Plc	United Kingdom	Financials	3.1
		Total	34.2

Disposition of Assets²

	Long %	Short %	Net %	Currency%
Asia-Pacific	3.1	-	3.1	5.8
Australia	-	-	-	2.7
China	3.1	-	3.1	3.1
Europe	85.4	(1.4)	84.1	84.9
Austria	4.1	-	4.1	-
Czech Republic	1.1	-	1.1	1.1
Finland	3.2	-	3.2	-
France	9.8	-	9.8	-
Germany	13.7	-	13.7	-
Hungary	0.9	-	0.9	0.9
Ireland	5.1	-	5.1	-
Italy	3.0	-	3.0	-
Netherlands	2.3	(0.6)	1.7	-
Norway	3.0	-	3.0	3.0
Romania	7.6	-	7.6	7.6
Spain	8.6	-	8.6	-
Switzerland	5.6	(0.7)	4.8	5.6
United Kingdom	17.3	-	17.3	17.4
Euro	-	-	-	49.4
North America	3.0	-	3.0	9.2
United States of America	3.0	-	3.0	9.2
Sub-Total	91.5	(1.4)	90.2	100.0
Cash	8.5	-	9.8	-
Total	100.0	-	100.0	100.0

Long - 41 stocks, 1 swap Short - 2 swaps

Top 10 Positions³

Stock	Country	Industry	%
Airbus SE	France	Industrials	3.5
Banca Transilvania SA	Romania	Financials	3.6
Banco Santander SA	Spain	Financials	3.5
Bank of Ireland Group PLC	Ireland	Financials	3.4
Beazley PLC	United Kingdom	Financials	3.1
Fondul Proprietatea SA	Romania	Financials	4.0
MTU Aero Engines AG	Germany	Industrials	3.4
Raiffeisen Bank Intl	Austria	Financials	3.3
UPM-Kymmene OYJ	Finland	Materials	3.2
Allfunds Group Plc	United Kingdom	Financials	3.1
		Total	34.2

All data as at [30 June 2021] .

“Long %” represents the Fund’s effective exposures to the relevant sectors as a percentage of the Fund’s NAV, taking into account direct stock holdings and long derivative positions (stocks and indices). “Net %” represents the Fund’s net exposures to the relevant sectors as a percentage of the Fund’s NAV, taking into account direct stock holdings and both long and short derivative positions (stocks and indices).
“Long %” represents the Fund’s effective exposures to the relevant regions as a percentage of NAV through stock holdings and long derivatives (stocks and indices). “Net %” represents the Fund’s net exposures to the relevant regions as a percentage of NAV through stock holdings and both long and short derivatives (stocks and indices). “Currency %” represents the Fund’s effective exposures to the relevant currencies as a percentage of NAV through stock holdings, cash and the use of derivatives.
The “Top 10 Positions” table shows the Fund’s top 10 long stock positions as a percentage of the Fund's NAV, taking into account direct stock holdings and long derivative positions.

Updates & Reports

06/30/2021 30 Jun 2021
05/31/2021 31 May 2021
04/30/2021 30 Apr 2021
03/31/2021 31 Mar 2021
02/28/2021 28 Feb 2021
01/31/2021 31 Jan 2021
12/31/2020 31 Dec 2020
11/30/2020 30 Nov 2020
10/31/2020 31 Oct 2020
09/30/2020 30 Sep 2020
08/31/2020 31 Aug 2020
07/31/2020 31 Jul 2020
06/30/2020 30 Jun 2020
05/31/2020 31 May 2020
04/30/2020 30 Apr 2020
03/31/2020 31 Mar 2020
02/29/2020 29 Feb 2020
01/31/2020 31 Jan 2020
12/31/2019 31 Dec 2019
11/30/2019 30 Nov 2019
10/31/2019 31 Oct 2019
09/30/2019 30 Sep 2019
08/31/2019 31 Aug 2019
07/31/2019 31 Jul 2019
06/30/2019 30 Jun 2019
05/31/2019 31 May 2019
04/30/2019 30 Apr 2019
03/31/2019 31 Mar 2019
02/28/2019 28 Feb 2019
01/31/2019 31 Jan 2019
12/31/2018 31 Dec 2018
11/30/2018 30 Nov 2018
10/31/2018 31 Oct 2018
09/30/2018 30 Sep 2018
08/31/2018 31 Aug 2018
07/31/2018 31 Jul 2018
06/30/2018 30 Jun 2018
05/31/2018 31 May 2018
04/30/2018 30 Apr 2018
03/31/2018 31 Mar 2018
02/28/2018 28 Feb 2018
01/31/2018 31 Jan 2018
12/31/2017 31 Dec 2017
11/30/2017 30 Nov 2017
10/31/2017 31 Oct 2017
07/31/2017 31 Jul 2017
08/31/2017 31 Aug 2017
09/30/2017 30 Sep 2017
06/30/2017 30 Jun 2017
05/31/2017 31 May 2017
04/30/2017 30 Apr 2017
03/31/2017 31 Mar 2017
02/28/2017 28 Feb 2017
01/31/2017 31 Jan 2017
12/31/2016 31 Dec 2016
11/30/2016 30 Nov 2016
10/31/2016 31 Oct 2016
09/30/2016 30 Sep 2016
08/31/2016 31 Aug 2016
07/31/2016 31 Jul 2016
06/30/2016 30 Jun 2016
05/31/2016 31 May 2016
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03/31/2016 31 Mar 2016
02/29/2016 29 Feb 2016
01/31/2016 31 Jan 2016
12/31/2015 31 Dec 2015
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01/31/2012 31 Jan 2012

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Leverage

Effective 17 February 2021, the buy / sell spread for the following Platinum Trust Fund will change to:

Fund	Current buy / sell spread	New buy / sell spread
Platinum European Fund	0.25% / 0.25%	0.20% / 0.20%

The buy / sell spread for the remaining Platinum Trust Funds and Platinum Global Fund have not changed. These are as follows:

Fund	Current buy / sell spread
Platinum International Fund	0.15% / 0.15%
Platinum Unhedged Fund	0.15% / 0.15%
Platinum Asia Fund	0.20% / 0.20%
Platinum Japan Fund	0.15% / 0.15%
Platinum International Brands Fund	0.15% / 0.15%
Platinum International Health Care Fund	0.15% / 0.15%
Platinum International Technology Fund	0.10% / 0.10%
Platinum Global Fund	0.15% / 0.15%

Buy / sell spreads for the Funds are generally reviewed by Platinum every six months having regard to each Fund’s historic six monthly average of transactional and operational costs over a rolling three year period.

For an explanation of the buy / sell spread, please see page 40 of the Platinum Trust Product Disclosure Statement No. 12 and Supplementary PDSs, and page 7 of the Platinum Global Fund Product Disclosure Statement No. 5. Any changes to the buy / sell spreads for the Platinum Trust Funds and/or the Platinum Global Fund will be updated on the continuous disclosure section of the relevant Fund on our website, www.platinum.com.au.

Appointment of additional portfolio manager

From 1 April 2021, the Platinum European Fund will be co-managed by Nik Dvornak, the current portfolio manager and Adrian Cotiga.

Adrian joined Platinum in 2015 as an investment analyst in the Asia regional team. In December 2019, he moved to the financials/services sector team as team leader. Previously, Adrian worked as a program manager at Lloyds Banking Group and Westpac. Prior to that, Adrian had spent several years in management consulting roles at PricewaterhouseCoopers and Capgemini.

Continuous disclosure for the Platinum European Fund as at 30 June, 2020 (the “reporting period”)

On an annual basis, Platinum is required to provide the following continuous disclosure information.

Liquidity profile

Time to liquidate	Percentage of Fund
1 day	47.8
2 - 7 days	40.1
8 - 30 days	8.9
Greater than 30 days	3.2
Total	100

The Fund held 24.2% in cash as at the reporting period.

Financial liabilities

Maturity	Percentage of Fund
0 - 30 days	3.1
31 - 60 days	0.0
61 - 90 days	0.4
90 - 180 days	0.0

The financial liabilities of the Fund are generally limited to: monies owed by the Fund on equity securities purchased; unrealised losses on derivatives; amounts owed to counterparties on forward FX contracts and, management and administration fees payable to Platinum. The Fund does not have any outstanding loans and does not borrow for investment or other purposes.

Total financial liabilities represented 3.5% of the market value of the net assets of the Fund as at the reporting period.

Leverage

The maximum allowed leverage in a Fund is 150% of the NAV of the Fund, that is, for every $1 invested, the gross invested position of the Fund taking into account all securities and derivatives held, is limited to $1.50. For the purposes of this calculation, the underlying effective value of the derivatives is used. Further, this limitation includes all positions and does not allow for netting of any offsetting positions.

Leverage as at the reporting period

	Percentage of the Fund’s NAV
Gross (Long + Short)	116.9
Long positions	96.4
Short positions	20.5
Net (Long - Short)	75.8

Over the counter ("OTC") counterparties

The Fund can enter into derivative contracts with the following counterparties through International Swaps and Derivatives Association (“ISDA”) contracts.

Australian and New Zealand Banking Group Limited
Credit Suisse Securities (Europe) Limited
Citigroup Global Markets Limited
Citibank N.A.
Deutsche Bank A.G. London
Goldman Sachs International
Merrill Lynch International
Morgan Stanley & Co International PLC
Morgan Stanley Capital Services LLC
Nomura International plc.
UBS AG

Annual Investment Return: Platinum European Fund

Annual Investment Return Year to 30 June	% Return
2020	(11.17)
2019	1.55
2018	16.21
2017	28.45
2016	(6.52)

Investment returns are calculated using the Fund’s unit price (C Class) and represent the combined income and capital return for the specific period. They are net of fees and costs (excluding the buy/sell spread and any investment performance fee payable), are pre-tax and assume the reinvestment of distributions.

The investment returns shown are historical and no warranty can be given for future performance. Historical performance is not a reliable indicator of future performance. Due to the volatility of the underlying assets of the fund and other risk factors associated with investing, investment returns can be negative, particularly in the short-term.

Source: Platinum Investment Management Limited

Platinum Trust Funds and Platinum Global Fund – Trade Date

Please find below forthcoming changes to Platinum’s trade date for the Platinum Trust Funds* and the Platinum Global Fund.

*The Platinum Trust Funds consist of the Platinum International Fund, Platinum Unhedged Fund, Platinum Asia Fund, Platinum European Fund, Platinum Japan Fund, Platinum International Brands Fund, Platinum International Health Care Fund, Platinum International Technology Fund.

A. Changes

As notified with the issuance of the Platinum Trust Product Disclosure Statement (PDS) No. 12 and Platinum Global Fund PDS No. 5, we intend to make the following changes with effect on and from Tuesday, 4 August 2020:

1. Trade date:

Currently (and historically), the date that appears on trade confirmations and statements is based on the date unit pricing is performed (i.e. generally the next business day following acceptance of your trade) as opposed to the date by reference to which the fund is valued for the purposes of calculating exit/entry prices.

The first row in the table below outlines the impact of these new changes for trades accepted by us on a business day, using Tuesday, 4 August 2020 as an example. The second row in the table shows what would happen under the existing process by way of comparison:

	Trade Receipt and Acceptance before 3pm cut-off	Market Close Valuation	Platinum Website Date	Platinum Pricing Email	Trade Date on Confirmation /Statement and Trade Date on Calastone
New Process	Tuesday, 4.08.2020	Tuesday, 4.08.2020	Tuesday, 4.08.2020	Tuesday, 4.08.2020	Tuesday, 4.08.2020
Current Process	Tuesday, 4.08.2020	Tuesday, 4.08.2020	Tuesday, 4.08.2020	Tuesday, 4.08.2020	Wednesday, 5.08.2020

To confirm, there will be NO CHANGE with regard to:
• the date on which we will receipt and accept the trade;
• the reference date of the market close valuation;
• the date that currently appears on Platinum’s website for unit pricing; or
• the date that currently appears on the daily Platinum email with unit prices.
The only CHANGE will be that the trade date that appears on your confirmation and statement will be the acceptance date of your withdrawal/application request rather than the date that the exit/entry price was actually calculated.

2. Definition business day:
The definition of business day will be amended to include bank holidays in Sydney, Australia - meaning that we will process withdrawal/application requests and calculate exit/entry prices on bank holidays.

3. Public holidays:
Where a withdrawal/application request is accepted by us by 3pm AEST on a business day which falls prior to a public holiday, we will generally process those trades with an exit/entry price calculated by reference to closing prices of global equity markets on the trade acceptance date.
The first row in the table below outlines the impact of these new changes for trades accepted by us on a business day which falls prior to a public holiday, using Friday, 2 October 2020 (i.e. last business day prior to labour day on Monday, 5 October 2020) as an example. The second row in the table shows what would happen under the existing process by way of comparison:

	Trade Receipt and Acceptance before 3pm cut-off	Market Close Valuation	Platinum Website Date	Platinum Pricing Email	Trade Date on Confirmation /Statement and Trade Date on Calastone
New Process	Friday, 2.10.2020	Friday, 2.10.2020	Friday, 2.10.2020	Friday, 2.10.2020	Friday, 2.10.2020
Current Process	Friday, 2.10.2020	Monday, 5.10.2020	Monday, 5.10.2020	Monday, 5.10.2020	Tuesday, 6.10.2020

B. Transition weekend
The transition to the new processes outlined in Section A will take place on the forthcoming NSW bank holiday weekend (i.e. the bank holiday that falls on Monday, 3 August 2020). The first row in the table below takes you through the changes that will apply over that weekend only. The second row in the table shows what would happen under the existing process by way of comparison:

	Trade Receipt and Acceptance before 3pm cut-off	Market Close Valuation	Platinum Website Date	Platinum Pricing Email	Trade Date on Confirmation /Statement and Trade Date on Calastone
Transition Process	Friday, 31.7.2020	Monday, 3.8.2020	Monday, 3.8.2020	Monday, 3.8.2020	Monday, 3.8.2020
Current Process	Friday, 31.7.2020	Monday, 3.8.2020	Monday, 3.8.2020	Monday, 3.8.2020	Tuesday, 4.8.2020

Fees & Forms

Management Costs

Fee option	Investment management fee^# (Accrued daily, reflected in daily net asset value (NAV) unit price, and paid monthly to Platinum from the fund’s assets.)	Investment performance fee^# (Accrued daily, reflected in daily net asset value (NAV) unit price, and, if payable, paid semi-annually to Platinum from the fund’s assets.)
C Class – standard fee option	1.35% per annum of the fund’s net asset value	N/A
P Class – performance fee option	1.10% per annum of the fund’s net asset value	The estimated investment performance fee is 0.57%.* This is calculated as 15% of the amount by which the fund’s return (after investment management fees) exceeds the return of the fund’s reference benchmark (MSCI All Country Europe Net Index (A$)). Any accumulated underperformance from previous periods must be recovered before a performance fee can be recognised in the fund’s unit price.

^#Inclusive of GST less any expected reduced input tax credits. ^*The estimated investment performance fee has been calculated based on the average of the actual investment performance of the fund for the last 10 years up to and including 30 June 2020. The actual investment performance fee payable (if any) will depend on the performance of the fund over the relevant period. Past performance is not a reliable indicator of future performance. For further explanation on fees and costs as well as examples of fee calculations, please refer to the latest Product Disclosure Statement.

Buy/Sell Spread

Buy costs (buy spread)	0.20% of the fund’s net asset value unit price on the dealing day	Included in the entry price
Sell costs (sell spread)	0.20% of the fund’s net asset value unit price on the dealing day	Included in the exit price

What is the buy/sell spread?

Buy costs are charged to enter the fund (that is, to buy units) and sell costs are charged to exit the fund (that is, to withdraw units). They are charged because entering or exiting the fund necessitates the buying or selling of investments by the fund, which means that the fund will incur transactional and operational costs. The buy and sell costs are based on Platinum’s estimate of the transactional and operational costs incurred by the fund to invest application money received or sell assets to fund withdrawal payments.

The buy/sell costs are not fees paid to Platinum – they are retained in the fund to cover transactional and operational costs as they are incurred. The reason for charging buy/sell spreads is to ensure that non-transacting investors do not pay the transactional and operational costs associated with other investors entering or exiting the fund.

Total Transactional and Operational Costs

For the Platinum European Fund, our estimate of the net transactional and operational costs for the 2019/2020 financial year are:

Total Transactional and Operational Costs* (% p.a. of NAV)	Recovery through Buy/Sell Spread (% p.a. of NAV)	Net Transactional and Operational Costs (% p.a. of NAV)	For every A$50,000 you have in the fund you will likely incur approximately
0.21%	-0.13%	0.08%	$40

^* Excludes investment management fees and investment performance fees.

The above information is an estimate of the transactional and operational costs incurred for the 2019/2020 financial year. The net transactional and operational costs set out above take into account the buy/sell spread recovered in respect of the 2019/2020 financial year. In practice, your investment balance, plus the fund's volume of trading, and number and value of applications/withdrawals processed will vary from year to year.

Who may invest in the fund	The fund is open for investment to persons (including individuals, companies, trustees, partnerships, etc.) receiving the Product Disclosure Statement (PDS) in Australia and New Zealand.
Applications / Withdrawals	Any Business Day
Minimum initial investment	A$10,000 or NZ$10,000 per unit class. Go to New Investors for Application Form and further details.
Additional investment	Any Business Day. No set minimum amount required. Go to Existing Investors for Additional Investment Form and further details.
Regular investment plan	Minimum initial investment of A$5,000 or NZ$5,000, plus minimum ongoing investments of A$200 or NZ$200 per month or per quarter. If you are investing in the fund for the first time, you may set up a regular investment plan by filling in the relevant information in the Application Form (go to New Investors for details). If you are an existing investor in the fund, you may set up a regular investment plan by completing the Regular Investment Plan Form (go to Existing Investors for details).
Minimum withdrawal amount	A$10,000, or the entire balance of your investment in the relevant unit class where the withdrawal would cause your balance in that unit class to fall below A$10,000. Go to Existing Investors for Withdrawal Form and further details.
Minimum withdrawal amount under regular investment plan	A$10,000, or the entire balance of your investment in the relevant unit class where the withdrawal would cause your balance in that unit class to fall below A$5,000.
Minimum investment balance	A$10,000, or A$5,000 under the regular investment plan.
Switching	You may switch all of a part of your investment in the Platinum European Fund to any of the other Platinum Trust Funds or from one unit class to another unit class at any time, as long as you meet the minimum initial investment and minimum investment balance requirements. A switch is treated as a withdrawal and an additional investment. The buy spread and sell spread will apply when switching between funds, but no buy/sell spread will apply when switching between unit classes of the same fund. Switching between funds or unit classes may give rise to tax consequences. Platinum recommends that you check the tax implications with your tax adviser before sending us a switch request. Go to Existing Investors for Switch Form and further details.
Transfer units	Units cannot be transferred from one investor to another person or entity without Platinum’s prior consent. A transfer of units is executed at the fund’s net asset value unit price of the relevant dealing day, and no buy/sell spread is applied. Transferring units may give rise to tax consequences and Platinum recommends that you check the tax implications with your tax adviser before sending us a transfer request. Go to Existing Investors for Standard Transfer Form and further details.
Distributions	The fund’s income and net realised capital gains are distributed to unitholders annually as at 30 June. Distribution amounts and components vary from year to year. There may be times when no distribution is payable. Distributions are not pro-rated for the duration of your investment during the tax year. If you are a unitholder as at 30 June, you will receive the full distribution for the year. Unitholders will generally receive their entitlement (if payable) within 15 Business Days after the distribution date. Unitholders may elect to have their distribution entitlement (a) reinvested as additional units in the same unit class of the fund or (b) paid to their nominated bank account. If no election is made, or if the unitholder’s bank rejects the payment, distribution entitlement will be automatically reinvested as additional units. Additional units will be issued at the net asset value unit price on the relevant Business Day, and the buy spread will not apply. Go to Existing Investors for details on how to change distribution election.
Reporting	You will receive from us transaction confirmations, holding statements, quarterly investment reports and annual distribution and tax statements. Log onto the Secure Client Website to access your investment account.

These forms are intended for Australian and New Zealand residents.

If you are not resident in Australia or New Zealand, contact us to find out whether you are eligible to invest in the fund.

Online forms – complete online, print & sign.	PDF forms – print, complete & sign.
Initial Investment Form - New Account	Initial Investment Form - New Account (At the back of the current Product Disclosure Statement)
Additional Investment Form	Additional Investment Form
Regular Investment Plan Form (Australian financial institutions)	Regular Investment Plan Form (Australian financial institutions)
New Zealand Specific Direct Debit Authority Form	New Zealand Specific Direct Debit Authority Form
Change of Details Form	Change of Details Form
Switch Form	Switch Form
Withdrawal Form	Withdrawal Form
Operating Authority Form (individual representative)	Operating Authority Form (individual representative)
Operating Authority Form (corporate representative)	Operating Authority Form (corporate representative)
Secure Client Website Registration Form	Secure Client Website Registration Form
	Australian Standard Transfer Form (instructions for completion)

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