Monthly Net Tangible Asset Backing as at 30 Septem

No wonder the directors are selling while the price is good.
NTAB now $1.68 per share.
Fairly high premium paid for this stock at $2.24.

Company Announcement


Monthly Net Tangible Asset Backing as at 30 September 2002

PLATINUM CAPITAL LIMITED 2002-10-09 ASX-SIGNAL-G

HOMEX - Sydney

+++++++++++++++++++++++++
The preliminary unaudited net asset backing as at 30 September 2002
was $1.65 per share (31/08/02 $1.73). The net asset backing
calculation takes investments at net market value and is after
provision for tax on both realised and unrealised income and gains.
The share price at 30 September 2002 was $2.20.

UNAUDITED ADDITIONAL INFORMATION

30 SEPT 31 AUG
2002 2002

Pre-tax NAV 1.5625 1.6882
Realised tax (0.0298) (0.0210)
Unrealised tax 0.1137 0.0649
Dividend Payable - -
Post-tax NAV 1.6464 1.7321

MONTH 12 MONTHS SINCE
TO TO
30/09/02 30/09/02 INCEPTION
PERFORMANCE
Pre-Tax -7.45% 3.85% 288.97%
Post-Tax -4.94% 3.74% 164.82%
MSCI -9.78% -26.60% 80.53%

FRANKING AS AT
ACCOUNT 30/09/02
CENTS PER SHARE

Estimated Realised Franking
Account Balance 88.62

Estimated Franking on Unrealised
Tax Provision (11.37)

Estimated Total Franking 77.25

Estimated retained earnings 70.52cps

The short positions on shares, amount to 36% of the portfolio. 73% of
assets are exposed to the A$, and short the US$ in favour of Euros,
Swiss Francs and Korean Won.

M Halstead
SECRETARY