L1 Global Long Short Fund (GLS) Investor Presentation summary

Portfolio transition and strategy

• Portfolio transitioned to L1 Capital's Global Long Short Strategy after shareholder approval on 28 November 2025, with L1 Capital assuming investment management and a new investment management agreement in place.

• Company name changed from Platinum Capital Limited to L1 Global Long Short Fund Limited, with ASX ticker changing from PMC to GLS.

• Existing portfolio monetised; proceeds and new capital to be redeployed into the new strategy by 31 December 2025, subject to market conditions.

• L1 Global Long Short Strategy focuses on long and short positions in global equities, aiming for positive absolute returns and capital preservation.

• No management fee for 12 months from 28 November 2025; performance fees still apply.

Capital raising and offer details

• Pro-rata non-renounceable entitlement offer of 1 new share for every existing share at $1.63 per share, targeting up to $415 million.

• Eligible shareholders can apply for additional shares via a Top-Up Facility; shortfall may be offered to wholesale/institutional investors.

• Offer is not underwritten; L1 Capital to bear approximately $8 million in offer-related fees and costs.

• L1 Group and founders committed to invest ~$90 million, with cornerstone partners adding ~$72 million, totaling ~$162 million.

• New shares will rank equally with existing shares and be entitled to future distributions.

Investment strategy and performance

• L1 Global Long Short Strategy launched January 2025, delivered +67.5% net return YTD to 30 November 2025.

• Strategy removes previous 30% global cap, enabling unconstrained global equity investing.

• Portfolio typically holds 40–80 positions, with a net long exposure of 30–100%.

• Focus on high-quality, lower P/E stocks with strong cash flow and earnings growth; median FY26 P/E for longs is 9.9x.

• Demonstrated downside protection, preserving over 85% of capital in down markets.