Litigation Capital Mgmt : Annual Report 2023 Year ended 30 June 2023

About this update from Litigation Capital Management Ltd

Annual Report and Financial Statements 2023 Litigation Capital Management Limited ACN 608 667 509 Our Purpose We strive to deliver growth in our asset management business and through disciplined investment we aim to deliver value and performance that stands out amongst our industry peers. Litigation Capital Management Limited Contents Strategic Report Our Business at a Glance 8 Chairman's Statement 10 Our Principles 12 Our Business Model 16 Group Strategies and KPIs 21 CEO Review 22 Market Overview and Outlook 27 Financial Review Financial Review 30 Risk Management and Internal Controls 39 Sustainability Report 46 Governance Board of Directors 49 The QCA Corporate Governance Code 51 Corporate Governance Statement 56 Directors' Report 65 Auditor's Independence Declaration 70 Financial Statements Consolidated Statement of Profit or Loss 72 and Other Comprehensive Income Consolidated Statement of Financial Position 73 Consolidated Statement of Changes in Equity 74 Consolidated Statements of Cash Flows 75 Notes to the Financial Statements 76 Directors' Declaration 115 Independent Auditor's Report 116 Corporate Directory 119 Annual Report and Financial Statements 2023 1 FY23 Highlights Underpinned by our strong track record, we have focused on developing our asset management business to create long-term shareholder value and stand out as a market leader. PATRICK MOLONEY CEO 2 Litigation Capital Management Limited A$484m TOTAL ASSETS UNDER MANAGEMENT ($M) For more information on total assets under management, please see page 23 of the CEO Review. 78% 12-YEAR CUMULATIVE PORTFOLIO INTERNAL RATE OF RETURN (IRR) FY23 78% FY22 79% FY21 78% 1.78x 12-YEAR CUMULATIVE PORTFOLIO RETURN ON INVESTED CAPITAL (ROIC) FY23 1.78x FY22 1.63x FY21 1.53x A$176m CAPITAL COMMITTED IN YEAR ($M) FY23 176 FY22 104 FY21 109 A$484m TOTAL COMMITTED PORTFOLIO ($M) FY23 484 FY22 414 FY21 336 A$180.8m REALISED REVENUE ($M) FY23 180.8 FY22 47.4 FY21 37.1 A$95m CAPITAL INVESTED ($M) 1 FY23 95 FY22 66 FY21 88 1. Capital deployed includes A$33.2 million related to the third party fund. 434 $106.6m $195.9m NUMBER OF APPLICATIONS $2.9m FY23 434 $4.8m $19.2m FY22 442 $45.1m FY21 572 $171.1m $37.6m  Class action  Commercial disputes  Insolvency  Intellectual Property  Portfolio  Recoveries  Arbitration  Competition DIVERSIFIED PORTFOLIO BY INDUSTRY TYPE AND CAPITAL COMMITMENT (A$M) Annual Report and Financial Statements 2023 3

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