PM Capital Asian Opportunities Fund Limited

(ASX: PAF)

2016 Annual General Meeting

21 October 2016

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Disclaimer

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This presentation dated 21 October 2016 is provided for information purposes only. The information contained in this presentation does not

constitute an offer, invitation, solicitation or recommendation with respect to the purchase or sale of securities in the Company nor does it

constitute financial product or investment advice nor take into account your investment objectives, taxation situation, financial situation or

needs. You must not act on the basis of any matter contained in this presentation but must make your own assessment of the Company and

conduct your own investigations and analysis. Before making an investment in the Company, you should consider whether such an investment is

appropriate to your particular investment objectives and financial situation and seek appropriate advice, including legal, taxation and financial

advice appropriate to your circumstances. The Company is not licensed to provide financial product advice.

Certain statements in this presentation may constitute forward looking statements. Such forward looking statements involve known and

unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company and which may

cause actual results, performance or achievements to differ materially from those expressed or implied by such statements.

While all reasonable care has been taken in relation to the preparation of this presentation, none of the Company or its directors, officers,

employees, contractors, agents or advisers accepts any responsibility for any loss or damage resulting from the use of, or reliance on, the

presentation by any person.

Past performance is not indicative of future performance, and no guarantee of future returns is implied or given.

All values are expressed in Australian currency unless otherwise stated. Further information is available at the ASX Company Announcements

Platform at www.asx.com.au.

PM CAPITAL Asian Opportunities Fund Limited | ACN 168 666 171

Level 27, 420 George Street

Sydney NSW 2000

Telephone: +612 8243 0888

www.pmcapital.com.au

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Agenda

Chairman’s address 4

Formal items of business 5

Item 2 – Remuneration Report 6

Item 1 – Financial Statements and Reports 5

Item 3 – Election of Directors 8

Investment Manager’s address 10

Questions and answers 17 For

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Chairman’s

address Share price as at 17 September 2015 Close.

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Item 1 – Financial Statements and Reports

Any Questions?

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Item 2 – Remuneration Report

Resolution 1 – Adoption of Remuneration Report

“That the remuneration report as set out on pages 13 – 14 of the 2016 Annual Report is

adopted.”

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Item 2 – Remuneration Report

Resolution 1 – Adoption of Remuneration Report

“That the remuneration report as set out on pages 13 – 14 of the 2016 Annual Report is

adopted.”

Proxy Votes

Proxies have been received in respect of the resolution as follows:

The Chair of the Meeting intends to vote undirected proxies IN FAVOUR of each of the items of business.

For Against Open Abstained/

Excluded

13,855,062 158,441 90,761 49,307

98.24% 1.12% 0.64% For

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Item 3 – Election of Directors

Resolution 2 – Election of Todd Barlow as a Director

“That Todd Barlow, who retires as a Director by rotation under clause 15.6 of the Company’s

Constitution, and being eligible for election, is elected as a Director.”

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Item 3 – Election of Directors

Resolution 2 – Election of Todd Barlow as a Director

“That Todd Barlow, who retires as a Director by rotation under clause 15.6 of the Company’s

Constitution, and being eligible for election, is elected as a Director.”

Proxy Votes

Proxies have been received in respect of the resolution as follows:

The Chair of the Meeting intends to vote undirected proxies IN FAVOUR of each of the items of business.

For Against Open Abstained/

Excluded

14,016,805 0 136,766 0

99.03% 0.00% 0.97% For

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Why PM CAPITAL?

Long term performance accretion

Built on the integrity and consistency of philosophy and process

30+ years, same philosophy, same process

Simple ideas, simple companies, multiple iterations

Alignment through co-investment = minority protection

• PAF 13.5m shares = 24.3%^

• Investors not Fund gatherers

• Not corrupted by external pressures

Performance calculated from Inception date for the Asian Companies Fund, 28 October 1998 to 30 September 2016. ^As at 6th October 2016.

Performance (net of fees)

30 September 2016

Inception

Date

Since

Inception p.a.

Total Return

Since Inception

Asian Companies Fund 07/2008 15.3% 222.8%

MSCI AC Asia ex Japan Net Total Return Index ($A) 7.0% 74.5%

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Why PAF?

To facilitate the offshore investment proposition

A greater breadth of opportunity and superior risk reward

Australian investors over exposed to domestic dynamics

A collection of discounted businesses at a discount*

PAF discount to Pre-Tax NTA (Share Price premium to Pre-Tax NTA): 11.4% (12.9%)

Annual Gross Dividend Yield**

• PAF = 7.68%

A true stock-pickers portfolio: selective and concentrated positions

A different risk reward proposition to the market (reference portfolio)

The objective of any genuine long term investor is to buy assets at a discount to

their inherent value and sell investments that are selling at a premium.

Quasi buyback

* Price discount to NTA (14 October 2016 NTA; 19 October 2016 closing share price). **Annualised dividend grossed up for franking credits, as at 19 October 2016.

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FY16 Review - Asia

PAF 82.9%* invested given China concerns.

50%+ listings on the Shanghai Comp Exchange suspended.

China announces ‘one off’ depreciates RMB = China growth fears take centre

stage.

Portfolio holding Wumart Stores receives privatisation proposal from its

controlling shareholder, transaction finalised January 2016.

Portfolio holding iProperty Group receives takeover offer from REA Group,

transaction finalised in February 2016.

RMB depreciation continues, USDCNY reach 5yr high. New circuit breaker

rules magnify selloff. Worse case scenarios for China growth now in play.

MSCI Asia Ex Japan bottoms – valuations at GFC lows. Oil price hits 13yr lows.

PAF long equity exposure reaches 97.2%**.

August 2

October 3

January 5

February 6

November 4

July 1

March 7

June 8

China government starts to support the underlying economy.

Brexit surprise.

*As at 30 June 2015 **As at 29 February 2016.

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Current Portfolio

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Gaming

Severe cyclical correction.

Long term structural growth

driven by rising affluence &

improved market accessibility.

Financials

Cyclical inflection point,

leveraged to normalisation of

global rates. Depressed

valuations.

Stock specific Misunderstood stock specific

opportunities.

Online classifieds &

e-Commerce

Structural growth. Evolution in

content delivery, consumer

habits & advertising models.

4

1

2

5

Consumer

Rising affluence, increased

distribution reach,

premiumisation, market

consolidation.

3

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• Severe cyclical recovery – industry hit by a perfect storm. Gaming

revenues peak to trough down 50%, share prices 80%

• Asia’s Las Vegas – long term structural evolution of the Chinese mass

market consumer

• Industry going ex-CAPEX with significant free cash flow available to

be returned to shareholders

Source: Bloomberg, DSEC.gov (Macau Government)

Gaming

Macau Monthly Gaming Revenues (Mil Pataca) Share Price History - Macau

-60%

-40%

-20%

0%

20%

40%

60%

80%

100%

120%

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

MOP m YoY Change

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

$5

$10

$15

$20

$25

$30

$35

2011 2012 2013 2014 2015 2016

Wynn Macau (HKD) MGM China (HKD) Las Vegas Sands (USD)

HKD USD

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• Beneficiaries of the shift to consumption lead economies across Asia region.

• Business with strong sustainable industry positions that will benefit from

volume growth and display strong pricing power overtime.

• Sold off short term with concerns surrounding China.

• Trading at a discount to develop market peers.

Source: Bloomberg, DSEC.gov (Macau Government)

Consumer franchises

Share Price History – Hengan International (HKD)

$50

$55

$60

$65

$70

$75

$80

$85

$90

$95

$100

2011 2012 2013 2014 2015 2016

Share Price History – Tsingtao Brewery (HKD)

$20

$25

$30

$35

$40

$45

$50

$55

$60

$65

$70

2011 2012 2013 2014 2015 2016

Initiated

position Initiated

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High barriers to entry

Scalability

Early stages of life cycle

First mover advantage

Low capital intensity

High ROIC

High cash

generative

business

Highly attractive business models

*PM CAPITAL Limited Asian strategies as at 30 September 2016

Structural change | Classified & e-Commerce

Repeatable theme across different

sectors

Current holdings*

• 51Jobs, Zhaopin & 104 Corp. (jobs)

• Autohome Inc. & iCar Asia

(automotive)

• Baidu (search)

Share Price History – iCar Asia (AUD)

$0.00

$0.30

$0.60

$0.90

$1.20

$1.50

$1.80

2012 2013 2014 2015 2016

Initiated

position

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QUESTIONS AND ANSWERS

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