East Rocky Health Sciences Fund – Monthly Class

The following changes took effect on 26 October 2026:

• Appointment of Investment Managers and change of investment strategy. Platinum has appointed two investment managers to the Fund (together, the Investment Managers), each under a separate investment management agreement:
  • East Rocky Asset Management LLC (East Rocky), a US-based specialist health care manager, is responsible for the investment management of the Fund’s portfolio. The Fund is managed using East Rocky’s specialised health sciences and biotechnology investment approach, as described in the PDS.
  • East Rocky Biotech Asset Management Pty Ltd (L1 Manager), a Corporate Authorised Representative of L1 Capital Pty Ltd, provides distribution, operational, compliance and administrative support to the Fund.

  Platinum remains the responsible entity of the Fund. Please see below for more information about East Rocky, Portfolio Manager Dr Tom Tang and the investment approach. Under the PDS, the maximum anticipated leverage of the Fund has increased from 150% to 200% of the net asset value of the Fund.

• Change of Fund name. The Fund has been renamed the East Rocky Health Sciences Fund.
• New Product Disclosure Statement (PDS). A standalone PDS for the East Rocky Health Sciences Fund took effect on 26 October 2026. The Platinum Trust PDS no longer includes information about the Fund.
• Classes P and C are closed to new applications. Your existing units remain invested in the Fund in your existing class.
• The fees on your existing units have not changed. You continue to pay the fees that apply to your Class P or C units.
• You can continue to reinvest distributions. If you participate in the Fund’s Distribution Reinvestment Plan (DRP), any units you receive through the DRP will be issued in your existing class and will be subject to the same fees as your existing units.
• Any additional investments are made into the new Monthly Class. Any additional investment in the Fund, other than through the Distribution Reinvestment Plan (DRP), is made into the new Monthly Class. The Monthly Class has total management fees and costs of 2.00% p.a. of NAV (inclusive of GST and net of RITCs). Its performance fee is 20.5% of the amount by which the performance of the Monthly Class exceeds the Fund Benchmark, after the payment or accrual of management fees and costs, subject to a high-water mark (inclusive of GST and net of applicable RITCs). The Fund Benchmark is 50% SPDR S&P Biotech ETF (XBI) / 50% iShares Biotechnology ETF (IBB), rebalanced monthly and calculated on a total return basis in US dollars. It is converted into Australian dollars by applying the change in the AUD/USD exchange rate over the relevant performance period. Any prior underperformance against the Fund Benchmark must be recovered before a further performance fee can be recognised in the Unit price. A performance fee may be payable even when the Monthly Class has a negative return, provided it has outperformed the Fund Benchmark and any prior underperformance has been recovered. The performance fee is accrued daily and payable semi-annually and upon withdrawal of Units. Please read the PDS for the full fees and costs disclosure, including the performance fee calculation methodology and worked example in Section 9.3.

For more information:

• Read the East Rocky Health Sciences Fund PDS effective 26 October 2026
• Read the East Rocky Health Sciences Fund TMD effective 26 October 2026