Kerr Neilson

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Kerr Neilson Platinum Asset Management AFSL
221935 Morningstar Conference 11 June 2008
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(No Transcript)
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US and Chinese Consumption as a of GDP

US
China
Source IMF, Macquarie Bank
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Emerging Economies and G7 Share of Total World GDP

G7
Emerging Economies
Source IMF, Macquarie Bank
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US Equity PE and Inflation
Trailing PE x
Headline CPI
Source Morgan Stanley
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World, G7, Emerging and Developing Economies
annual change in GDP

Emerging and Developing Economies
World
G7
Source IMF, Macquarie Bank
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Investment Share of GDP

Developing Asia
Africa
Eastern European
Russia
Latin America
Source IMF, WEO, CSFB
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Equity Risk Premia
Emerging Markets/Developed Markets Earnings Yield
Source JPMorgan, CEIC
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US and Australian Corporate Profits as a of GDP

Australia
US
Source CSFB, Asianomics
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Energy/Agriculture Index
Source Barry Bannister, Stifel Nicholas
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Inflation and Food Weightings

• Inflation ( yoy) Food Weighting
• Current 2007 average in CPI ()
• Argentina 8.9 8.8 31.3
• Russia 14.3 9.0 40.2
• Saudi Arabia 10.5 4.1 27.7
• Indonesia 10.4 6.4 23.9
• China 8.5 4.8 33.6
• India 7.4 4.9 26.9
• Thailand 7.6 2.2 16.2
• Brazil 5.9 4.1 20.6
• Mexico 4.5 4.0 22.7
• France 3.1 1.5 16.4
• Germany 3.0 2.3 11.4
• Italy 3.6 1.8 16.5
• Japan 0.8 0.1 25.9
• United Kingdom 3.0 2.3 10.2
• USA 3.5 2.5 13.9

Source CEIC Data Company Limited, Haver
Analytics, IMF WEO data
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Vietnam CPI Inflation
Source CEIC Data
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Vietnam Stock Index
Source Bloomberg
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US unsold inventory of existing homes
Source National Association of Realtors
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US owners equity as a of household real estate
Source Fed Reserve
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PIF Performance (value of 10,000 invested since
inception to 31 May 2008)
Platinum International Fund
MSCI AC World Index
(compound pa, to 31.5.08)
3 mths 1 yr 3 yrs 5 yrs
Since Inception International Fund
-2 -9 7 9
15 MSCI All Country World Net
Index 4 -14
6 7 6
Source Platinum, MSCI
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Platinum International Fund portfolio (as at 31
May 2008)
Short 29 stocks and indices
NET INVESTED 60
Source Platinum
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Disclaimer
Platinum Asset Management has prepared this
presentation material. Platinum Investment
Management Limited ABN 25 063 565 006 AFSL 221935
trading as Platinum Asset Management (Platinum)
is the responsible entity and issuer of units in
the Platinum Trust Funds. Platinum is a member
of the Platinum Group of companies. Performance
results shown have been calculated using the
relevant Funds unit price and represent the
combined income and capital return for the
specified period. They are net of fees and costs
(excluding the buy-sell spread and any investment
performance fee payable), pre-tax, and assume the
reinvestment of distributions. The investment
returns are historical and no warranty can be
given for future performance. Past performance
is not a reliable indicator of future
performance. Due to the volatility of underlying
assets of the Funds and other risk factors
associated with investing, returns can be
negative (particularly in the short-term). MSCI
data has been sourced through MSCI. Disclaimer
The information provided in these presentation
slides is not intended to provide advice. It
does not take into account the investment
objectives, financial situation and particular
needs of any person, and should not be used as
the basis for making investment, financial or
other decisions. To the extent permitted by law,
no liability is accepted for any loss or damage
as a result of any reliance on this information.
Platinum does not guarantee the repayment of
capital, payment of income or the performance of
the Funds.