what is the May ..nta..pls, page-8

NTA for May month arthurd, numbers not as good as expected. The way the US$ is going one can expect next month to show improvements. In addition to the short position in US.
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Monthly Net Tangible Asset Backing as at 31 May 2002

PLATINUM CAPITAL LIMITED 2002-06-11 ASX-SIGNAL-G
HOMEX - Sydney

The preliminary unaudited net asset backing as at 31 May 2002 was $1.80 per share (30/04/02 $1.79). 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
31 May 2002 was $2.38.

Unaudited additional information:

31 MAY 30 APR
2002 2002
$ $

PRE-TAX NAV 1.8302 1.8196

Realised tax (0.0260) (0.0115)
Unrealised tax (0.0051) (0.0139)
Dividends Payable - -

POST-TAX NAV 1.7991 1.7942


MONTH 12 MONTHS SINCE
TO TO INCEPTION
31/05/02 31/05/02

PERFORMANCE

Pre - Tax 0.58% 18.13% 347.91%
Post - Tax 0.28% 13.24% 189.37%
MSCI -4.98% -21.60% 126.07%

FRANKING AS AT
ACCOUNT 31/05/02
CENTS PER
SHARE

Estimated Realised Franking 85.37
Account Balance

Estimated Franking on Unrealised
Tax Provision 1.18

Estimated Total Franking 86.55

Estimated retained earnings 70.07cps

The short positions on shares, amount to 21% of the portfolio. 63% of
assets are exposed to the A$, and short the US$ in favour of Euros,
Swiss Francs and Korean Won.

M Halstead
SECRETARY