Consensus 40% above SP, page-21

Interesting recent admission from the Chair of Platinum .....

"Some shareholders may also be asking why at the current stock price, we have not implemented
the buyback, particularly given that we have been rolling the buyback for a few years now. As we
have previously stated, the Board would only envisage implementing the buy-back in very
extreme circumstances including if, in the Board’s view, the stock was significantly undervalued.

Our stock is currently trading at 13X consensus 2022 earnings. This is broadly in line with other
listed competitors. Given our recent investment performance and client redemptions we do not
appear to be undervalued right now. That said, the optimal timing and pricing for any buy-back
will very much depend on equity market conditions prevailing at the time as well as what is going
on within Platinum’s business."