L1 Global Long Short Fund Limited Registered · ASX:GLS
L1 Global Long Short Fund Limited Registered — L1 Global Long Short Fund — Investor Presentation (December 2025)
38 slides from L1 Global Long Short Fund Limited Registered's investor presentation, Dec 2, 2025
Slide 1: Capital Raising – Entitlement Offer and Shortfall Offer
ASX: PMC (To be changed to ASX: GLS) For personal use only Capital Raising – Entitlement Offer and Shortfall Offer L1 Global Long Short Fund Limited (Formerly known as Platinum Capital Limited) 2 December 2025
Slide 2: Important information and disclaimer
Important information and disclaimer This investor presentation (Presentation) is dated 2 December 2025 and has been prepared by L1 Global Long Short NO FINANCIAL PRODUCT ADVICE Fund Limited (ACN 063 975 431) (formerly Platinum Capital Limited) (the Company) and L1 Capital Pty Ltd (ABN 21 125 378 14
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 Investors are strongly cautioned not to place undue reliance on forward-looking statements, including in respect of the information” und
Slide 4: Important information and disclaimer (continued)
Important information and disclaimer (continued) NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES DISCLAIMER This Presentation may not be released or distributed in the United States. This Presentation does not constitute an To the maximum extent permitted by law, each of L1 Capital, the Company
Slide 5: Transitioning the Company's Portfolio to L1 Capital's Global Long Short Strategy
For personal use only 1 Transitioning the Company’s Portfolio to L1 Capital’s Global Long Short Strategy L1 Global Long Short Fund Limited 5
Slide 6: Transitioning the Company's Portfolio to L1 Capital's Global Long Short Strategy
Transitioning the Company’s Portfolio to L1 Capital’s Global Long Short Strategy L1 Capital’s Global Long Short Strategy • Following shareholder approval at the Company’s 2025 Annual General Meeting on 28 November 2025 (AGM): For personal use only • L1 Capital has assumed the role of investment mana
Slide 7: Key Details of the Entitlement Offer and Shortfall Offer
For personal use only 2 Key Details of the Entitlement Offer and Shortfall Offer L1 Global Long Short Fund Limited 7
Slide 8: Key details of the Offer
Key details of the Offer • Entitlement Offer comprises a pro-rata non-renounceable offer of one (1) New Share for every (1) existing share in the Company to Eligible Shareholders.1 • Eligible Shareholders who take up all of their entitlement will have the opportunity to apply for Additional New Shar
Slide 9: How to Participate in the Offer?
How to Participate in the Offer? How to participate in the Shortfall Offer? Syndicate • New and existing wholesale and institutional shareholders can participate in the Shortfall Offer by contacting their broker and bidding into the Shortfall For personal use only Offer. How to participate in the En
Slide 10: Offer timetable
Offer timetable1 Event Date Announcement of the Entitlement Offer Tuesday, 2 December 2025 Appendix 3B released to ASX Tuesday, 2 December 2025 For personal use only Entitlement Offer cleansing notice lodged with ASX Tuesday, 2 December 2025 Shortfall Offer Bookbuild Opening Date Tuesday, 2 December
Slide 11: L1 Capital Global Long Short Strategy (GLSF)
For personal use only 3 L1 Capital Global Long Short Strategy (GLSF) L1 Global Long Short Fund Limited 11
Slide 12: Introducing L1 Capital Global Long Short Strategy (GLSF)
Introducing | L1 Capital Global Long Short Strategy (GLSF) Leveraging the proven LSF research platform to build a high-conviction global portfolio L1 Capital Long Short Fund is Australia’s best Long Short Fund1 For personal use only • L1 Capital Long Short Fund (LSF): 19.1% p.a. since inception2 (AS
Slide 13: Same investment process, investment team & objectives as LSF
Same investment process, investment team & objectives as LSF1 GLSF has no geographical restrictions For personal use only Australia/NZ 70% Global 100% LSF Global 30% GLSF GLSF characteristics GLSF Same as LSF1 Typically 40 – 80 positions Portfolio managers (combined longs and shorts) Investment team
Slide 14: GLSF performance
GLSF performance Broad based returns across stocks and sectors For personal use only GLSF returns from inception on 1 January 2025 to 30 November 2025 (net) 80.0% Since launch 67.5% 60.0% 40 stocks each contributed >1% to returns 40.0% No benefit from IPOs, 20.1% placements or other 20.0% non-replic
Slide 15: Protecting capital in down markets
Protecting capital in down markets GLSF monthly returns from inception on 1 January 2025 (net, %) LSF monthly returns in down markets (net %) For personal use only 20.0% Performance in “ASX Down Market” months Since inception in 2014 (average of 50 months) 15.0% 0.0% 10.0% -0.4% -1.0% 5.0% -2.0% 0.
Slide 16: Investment team
Investment team Experienced, stable and highly incentivised investment team L1 Capital Investment Team For personal use only Mark Landau Raphael Lamm Co-Chief Investment Officer Co-Chief Investment Officer Responsibilities: Responsible for stock selection Responsible for stock selection and portfoli
Slide 17: Examples of current GLSF investments
Examples of current GLSF investments U.S. Long Global leader in alumina and aluminium production. Several potential positive earnings catalysts. For personal use only U.S. Long Largest building products company in the U.S. Major beneficiary of infra stimulus ~18x P/E, double–digit growth. Germany Lo
Slide 18: GLSF portfolio positioning
GLSF portfolio positioning Focused on high quality, lower P/E stocks with strong cash flow and earnings growth For personal use only Portfolio metrics (Median FY26) Portfolio Metrics Longs Short • Lower P/E multiples vs market P/E 9.9x 16.6x • Strong earnings growth EPS Growth YoY 14.2% 4.4% • Stron
Slide 19: Alignment of interests
Alignment of interests For personal use only Significant founder No personal Performance culture investment account trading • Investment team pay • >90% of L1 Capital Co-CIOs’ • Focus and alignment of all skewed to bonuses for investible wealth is invested in L1 stock performance with Capital Funds
Slide 20: Why invest in the L1 Global Long Short Fund?
Why invest in the L1 Global Long Short Fund? Proven investment approach and investment team with unconstrained global universe For personal use only Global Long Short Strategy Extension of existing proven LSF approach: • Same research, investment process and L1 track record investment team L1 LSF is
Slide 21: Learn more about the L1 Capital Global Long Short Strategy
Learn more about the L1 Capital Global Long Short Strategy For personal use only Visit L1.Capital/GLSF to watch an in-depth overview of the L1 Capital Global Long Short Strategy (GLSF). Visit L1.Capital/GLSF to watch an in-depth overview of the L1 Capital Global Long Short Strategy (GLSF). L1 Global
Slide 22: Key Risks
For personal use only 4 Key Risks L1 Global Long Short Fund Limited 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) The Company's ability to pay dividends is contingent on there being sufficient income from the Portfolio. There is no guarantee that the future earnings of the Company will be adequate to allow it to pay dividends to Distribution Risk shareholders. L1 Capital may make poor inve
Slide 25: Key Risks (continued)
Key Risks (continued) • Use of leverage and associated risk: L1 Capital may employ leverage to enhance returns, which can increase Portfolio volatility. Leverage, including through derivatives or short selling, can magnify both gains and losses and may require positions to be closed at a loss or at
Slide 26: Key Risks (continued)
Key Risks (continued) Risks relating to the Offer Not underwritten The Offer is not underwritten. This means that there is no certainty that the Company will raise the amount of capital which it is seeking. For personal use only Non-renounceable Entitlements are non-renounceable and will not be trad
Slide 27: Appendix I: L1 Capital
For personal use only I Appendix I L1 Capital L1 Global Long Short Fund Limited 27
Slide 28: L1 Capital Funds | Investment-led culture
L1 Capital Funds | Investment-led culture Global Long Short Strategy Long Short Fund (LSF) Global Opportunities International Equities (GLSF) For personal use only 67.5% net return S.I. (MSCI World 20.1%) 19.1% p.a. net return S.I.1 (ASX200AI 8.4% p.a.) 27.5% p.a. net return S.I. 15.5% p.a. net
Slide 29: L1 Capital Global Long Short Strategy | Key characteristics
L1 Capital Global Long Short Strategy | Key characteristics Strategy launch date 1 January 2025 For personal use only Investment approach Absolute return, bottom-up stock picking globally. Rigorous, independent research with a contrarian bias. Investment objective The objective of the strategy is to
Slide 30: Contact us
Contact us For personal use only Head of Distribution Chris Clayton cclayton@L1.com.au +61 (0)3 9286 7021 Researchers Aman Kashyap akashyap@L1.com.au +61 477 341 403 For more Advisers Allan Evans aevans@L1.com.au +61 400 993 597 insights, visit Bryce Leyden bleyden@L1.com.au +61 407 876 532 L1.com.a
Slide 31: Appendix II: Offer Management Agreement Summary
For personal use only II Appendix II Offer Management Agreement Summary L1 Global Long Short Fund Limited 31
Slide 32: 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 21 137 980 520), Canaccord Ge
Slide 33: 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 or the L1 Group; • there is a change in ownership of L1 Capital; • there is an event or occurrence, including any statute, order, rule or
Slide 34: Appendix III: International Selling Restrictions
For personal use only III Appendix III International Selling Restrictions L1 Global Long Short Fund Limited 34
Slide 35: International Selling Restrictions
International Selling Restrictions This document does not constitute an offer of New Shares in the Company in any jurisdiction in which it would be New Zealand unlawful. In particular, this document may not be distributed to any person, and the New Shares may not be offered or sold, in any country o
Slide 36: Appendix IV: Pro Forma Statement of Financial Position
For personal use only IV Appendix IV Pro Forma Statement of Financial Position L1 Global Long Short Fund Limited 36
Slide 37: Pro Forma Statement of Financial Position
Pro Forma Statement of Financial Position Pro Forma Statement of Financial Position Balance Sheet 2025 ($’000) Entitlement Offer Pro Forma ($’000) Assets For personal use only Cash at Bank 8 414,845 414,853 Cash on Deposit held within the portfolio 41,734 – 41,734 Receivables 1,742 – 1,742 Financial
Slide 38: Please contact us with any questions
For personal use only Please contact us with any questions. Level 45, 101 Collins Street Melbourne VIC 3000 Phone +61 3 9286 7000 Web https://l1.capital/GLS
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