L1 Global Long Short Fund Limited Registered · ASX:GLS
L1 Global Long Short Fund Limited Registered — L1 Global Long Short Fund — Investor Presentation (October 2026)
36 slides from L1 Global Long Short Fund Limited Registered's investor presentation, Oct 6, 2026
Slide 1: Capital Raising | Entitlement Offer
ASX: GLS rsonal use only Capital Raising | Entitlement Offer L1 Global Long Short Fund Limited (ASX:GLS) October 2026
Slide 2: Important information and disclaimer
Important information and disclaimer This investor presentation (Presentation) is dated 6 October 2026 and has been prepared for L1 Global Long Short NO FINANCIAL PRODUCT ADVICE Fund Limited (ACN 063 975 431) (the Company) by its investment manager, L1 Capital Pty Ltd (ABN 21 125 378 145) This Prese
Slide 3: Important information and disclaimer (continued)
Important information and disclaimer (continued) Investors should be aware that certain financial measures included in this Presentation may be “non-IFRS financial economic and financial market conditions in various countries and regions, political risks, product delay or information” under ASIC Reg
Slide 4: Important information and disclaimer (continued)
Important information and disclaimer (continued) NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES arising or relating to the Offer and their respective related bodies corporate and affiliates and their respective officers, This Presentation may not be released or distributed in the United States
Slide 5: Important information and disclaimer (continued)
Important information and disclaimer (continued) To the maximum extent permitted by law, you release and indemnify each of the JLMs and their Extended Parties and COPYRIGHT each of their respective associates from and against all claims, actions, damages, remedies or other matters, whether Copyrigh
Slide 6: L1 Global Long Short Fund Limited
rsonal use only 1 L1 Global Long Short Fund Limited (ASX:GLS) L1 Global Long Short Limited (ASX: GLS) 6
Slide 7: Global Long Short Fund Limited
Global Long Short Fund Limited (ASX:GLS) A global portfolio of stocks leveraging the proven Long Short Fund (LSF) research approach rsonal use only The Global Long Short Strategy has demonstrated strong results to date • GLS portfolio net return +19.4% (MSCI World +12.7%) since L1 Capital appointed
Slide 8: GLS | Same investment process, team and objectives as LSF
GLS | Same investment process, team and objectives as LSF rsonal use only LSF track record LSF1 GLS • 20.1% p.a. (net) return since inception and 21.6% p.a. over past 3 years1 Australia/NZ 70% Global 30% Global 100% GLS absolute return objective GLS Same as LSF1 • 10% net returns p.a. over the long
Slide 9: Global Long Short Company and Strategy | Performance
Global Long Short Company and Strategy | Performance Broad based returns across stocks and sectors GLS net returns S.I.1 rsonal use only Global Long Short Strategy net returns S.I.2 (1 December 2025 to 30 September 2026) (1 January 2025 to 30 September 2026) 25% 120% Global Long 108.3% Short Strateg
Slide 10: Global Long Short | Performance (continued)
Global Long Short | Performance (continued) GLS net returns S.I.1 Global Long Short Strategy net returns S.I.2 (1 December 2025 to 30 September 2026) (1 January 2025 to 30 September 2026) rsonal use only Global Long Out- Out- GLS MSCI World Short MSCI World performance performance Strategy 3 months
Slide 11: GLS | Share price performance
GLS | Share price performance Dramatic improvement in share price performance since L11 investment and GLS transformation rsonal use only $2.20 $2.00 GLS share price up 55%2 since L1 Capital1 acquired shares in early June 2025 $1.80 +55% $1.60 GLS trading at a premium to NTA now 28 Nov 2025 PMC (vs.
Slide 12: GLS | FY27 dividend guidance
GLS | FY27 dividend guidance Board intends to maintain FY27 dividend guidance following the Offer1 rsonal use only 8.0c 6.5% Minimum FY27 dividend per share1 Grossed-up dividend yield2 • Fully franked quarterly dividends of • Based on FY27 dividend guidance and 2.0 cents per share. the Offer Price.
Slide 13: GLS | Portfolio positioning
GLS | Portfolio positioning Recent market volatility has created numerous compelling investment opportunities rsonal use only September quarter moves (%) • Headline stock market indices have been relatively stable recently Brent Crude 34.8% Gold Miners 16.4% • Beneath the surface, sector and share p
Slide 14: GLS | Portfolio positions
GLS | Portfolio positions Examples of current investments rsonal use only FRA Long Global hotel leader. Shares -10% in Sept Qtr on geopolitical risks. Path to return ~20% of mkt cap to s/holders over next 2 years. Global aluminum leader. Shares -46% since late May on weaker commodity prices & recent
Slide 15: GLS | Portfolio metrics
GLS | Portfolio metrics Focused on high quality, lower P/E stocks with strong cash flow and earnings growth rsonal use only Portfolio metrics (Median FY27) Longs Portfolio Metrics P/E 11.1x • Low P/E multiples EPS Growth YoY 14.9% • Very strong earnings growth • Large FCF generation Free cash flow y
Slide 16: Alignment of interests
Alignment of interests rsonal use only Significant founder No personal Performance investment account trading culture • Co-CIOs have a very large • Focus and alignment of all • Investment team pay personal investment in the staff with client objectives skewed to bonuses for GLS strategy alongside •
Slide 17: Why invest in GLS?
Why invest in GLS? Proven investment approach and investment team with an unconstrained global universe rsonal use only Track record Market volatility Attractive entry Alignment of & Team creating at NTA interests opportunities Strong, broad-based Macro backdrop Opportunity to invest L1 Founders hav
Slide 18: Key Details of the Entitlement Offer
rsonal use only 2 Key Details of the Entitlement Offer L1 Global Long Short Limited (ASX: GLS) 18
Slide 19: Key Details of the Offer
Key Details of the Offer • L1 Global Long Short Fund Limited (ASX: GLS) (GLS or the Company) is undertaking a non-underwritten 1-for-2 accelerated non-renounceable entitlement offer (Entitlement Offer or Offer) to eligible shareholders of the Company1 to raise up to ~A$482.7 million. • The Entitleme
Slide 20: How to Participate in the Offer?
How to Participate in the Offer? Syndicate How to participate in the Shortfall Offer1? • New and existing eligible wholesale investors can participate in the Shortfall Offer by contacting Joint Lead Arrangers and Joint Lead Managers rsonal use only their broker. • The Board will determine allocation
Slide 21: Offer timetable
Offer timetable1 Event Date Announcement of the Entitlement Offer and trading halt Tuesday, 6 October 2026 rsonal use only Entitlement Offer cleansing notice lodged with ASX Tuesday, 6 October 2026 Institutional Entitlement Offer and Shortfall Offer bookbuild opening date Tuesday, 6 October 2026 Ins
Slide 22: Key risks
rsonal use only 3 Key risks L1 Global Long Short Limited (ASX: GLS) 22
Slide 23: Key Risks
Key Risks This section discusses some of the key risks associated with an investment in shares in the Company. The risks set out below are not necessarily listed in order of importance and do not constitute an exhaustive list of all risks involved with an investment in the Company. Before investing
Slide 24: Key Risks (continued)
Key Risks (continued) There are inherent risks associated with short selling. Short selling involves borrowing securities which are then sold. If the price of the securities falls, then the Company can buy those securities at a lower price to transfer back to the lender of the securities. However, i
Slide 25: Key Risks (continued)
Key Risks (continued) Compensation fee The Investment Manager receives compensation based on the portfolio’s performance. The performance fee may create an incentive for the Investment Manager to make structure risk investments that are riskier or more speculative than would be the case in the absen
Slide 26: Key Risks (continued)
Key Risks (continued) Small and Medium The Company may invest a portion of its assets in the securities of companies with small to medium-sized market capitalizations. While such companies often provide significant Capitalisation potential for appreciation, those stocks, particularly small-capitaliz
Slide 27: Key Risks (continued)
Key Risks (continued) The laws and regulations affecting western investment and business continue to evolve in an unpredictable manner in certain foreign markets. Laws and regulations applicable to the Uncertain legal and Company’s activities, particularly those involving taxation, currency regulati
Slide 28: Key Risks (continued)
Key Risks (continued) General investment risks The Portfolio will be exposed to economic and market risk as its value can fluctuate as a result of economic and market conditions, including factors such as interest rates, rsonal use only regulations, sentiment and geopolitical events, as well as envi
Slide 29: Appendix | L1 Capital overview
rsonal use only I Appendix | L1 Capital overview L1 Global Long Short Limited (ASX: GLS) 29
Slide 30: L1 Capital Funds | Business overview
L1 Capital Funds | Business overview L1 Capital is a specialist investment manager founded in 2007 by Mark Landau and Rafi Lamm rsonal use only London • ‘L’ – Derived from the surnames of the founders (Lamm and Landau) Since 2017 New York and U.K. Residential Property • ‘1’ – Genuine firm-wide aspir
Slide 31: L1 Capital Equity Funds
L1 Capital Equity Funds Global Long Short Long Short Fund Global Opportunities rsonal use only 19.4% 52.2% p.a. GLS net return S.I. Strategy net return S.I.1 20.1% p.a. net return S.I.2 (ASX200AI 8.2% p.a.) 26.1% p.a. net return S.I. 4 (MSCI World 12.7%) (MSCI World 18.9% p.a.) Global hedge fund
Slide 32: Appendix II | Offer Management Agreement Summary
rsonal use only II Appendix II | Offer Management Agreement Summary L1 Global Long Short Limited (ASX: GLS) 32
Slide 33: Offer Management Agreement Summary
Offer Management Agreement Summary The Company and L1 Capital have entered into an offer management agreement with Taylor Collison Limited (ACN 008 172 450), Morgans Financial Limited (ACN 010 669 726), Ord Minnett Limited (ACN 002 733 048), E&P Capital Pty Limited (ACN 137 980 520), Canaccord Genui
Slide 34: Offer Management Agreement Summary (continued)
Offer Management Agreement Summary (continued) • any of Raphael Lamm, Mark Landau or Julian Russell is removed from office or ceases involvement with the Company, the Manager, or the L1 Group; • there is a change in ownership of L1 Capital; • there is an event or occurrence, including any statute, o
Slide 35: Contact us
Contact us Research Aman Kashyap akashyap@L1Group.com.au +61 477 341 403 Diarmuid Feeney dfeeney@L1Group.com.au +61 416 347 190 rsonal use only Advisers Allan Evans aevans@L1Group.com.au +61 400 993 597 Bryce Leyden bleyden@L1Group.com.au +61 407 876 532 For more Clifford Fernandes cfernandes@L1Grou
Slide 36: Please contact us with any questions.
rsonal use only Please contact us with any questions. Level 45, 101 Collins Street, Melbourne VIC 3000 Phone +61 3 9286 7000 Web www.L1.com.au ABN 21 125 378 145 | AFSL 314302
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