Benefits of investing in the Platinum European 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

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.

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.

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 listed securities of European companies. European companies may list their securities on exchanges other than those in Europe and the Fund may invest in those securities. The Fund may invest in companies 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, and including the Russian Federation, Kazakhstan, Uzbekistan, Kyrgyzstan, Tajikistan, Turkmenistan, Azerbaijan, Armenia and Georgia.

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. 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.