Benefits of investing in the Platinum International Health Care Fund

• 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

Investor suitability

The Funds are not suited to Investors who:

1. Expect returns to mirror or better an index at all times. Platinum's investment process pays no heed to recognised benchmarks, such as MSCI Inc.
   
2. Expect to make significant short‐term gains. The minimum suggested time horizon for each Fund is five or more years.
   
3. Cannot tolerate that there may be substantial fluctuations in the value of their investment. Equity markets are volatile and fluctuations will occur in the value of your investment in the Funds.

About the Fund

The fund seeks to take advantage of the changes and developments occurring in the fields of health care and medicine, and offers investors exposure to companies engaged in the provision of a wide range of products and services within the global healthcare ecosystem, from multinational pharmaceuticals to biotechs engaged in early stage research, from medical equipment makers to specialists in diagnostic and laboratory technologies, from hospitals to healthcare software providers.

Investment objective

To provide capital growth over the long-term by investing in health care companies from around the world, ranging from those companies engaged in early exploratory research through to those providing health care services directly to consumers such as hospitals and health insurance providers.

Investment Strategy

The Platinum International Health Care Fund primarily invests in health care companies listed on securities markets around the world. The portfolio will ideally consist of 30 to 100 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.

Why invest with Platinum?

Platinum is one of Australia's leading investment managers in international equities.

Platinum has an independent style of investment management driven by a thematic stock picking approach. The composition of a Fund's assets is determined largely by the availability of companies regarded as undervalued by Platinum rather than by macro economic modelling (referred to as top down asset allocation) or by reference to global share index weightings (referred to as benchmarking).

Platinum's investment strategy is applied with the aim of achieving absolute returns for Investors. This is our central endeavour. It is complemented by monthly and quarterly communications to keep Investors abreast of our perspective and portfolio positioning.

The Funds can be used as stand‐alone investment options for international exposure or may be used to complement the investment styles of other managers.

How we invest your money

The Fund primarily invests in health care companies listed on securities markets around the world. However, the Fund may have some exposure to unlisted investments. It invests in companies engaged in many aspects of providing products and services to the health care industry such as biotechnology, pharmaceuticals, diagnostics, laboratory technologies, distribution, hospitals and nursing care, health insurance and the provision of information technology to such companies.

The Fund will, at times, invest in companies engaged in early stage research and the development of new drugs or treatments. The clinical trial process for such developments has a long gestation period, taking from a few years to many decades to complete. These companies face significant scientific, regulatory and, at times, legal risks with these programs where it is impossible to be certain of a successful outcome. Many of these programs fail, which can impact the volatility and returns of the investment and the Portfolio. The global health care industry is subject to regulatory and political influences that can also be unpredictable and economically adverse.

The construction of the Portfolio can ameliorate only some of the risks associated with investing in companies engaged in the complexities of research and development that span many years. Investors should anticipate periods of significant fluctuations and recognise that some of the investments made by the Fund might take many years to realise their potential (if at all).

The Portfolio will ideally consist of 30 to 100 securities that Platinum believes to be undervalued by the market. Cash may be held when undervalued securities cannot be found. Platinum may short sell securities that it considers overvalued. Refer further to Disclosure Principle 8: Short selling' on page 14 of the PDS.

The Portfolio will typically have 50% or more net equity exposure.

The Portfolio is constructed in accordance with Platinum's Investment Strategy' - refer to page 4 of the PDS.