L1 Long Short Fund (LSF) AGM 2025 summary

Opening remarks and agenda

• Meeting opened at 11:01 A.M. with a quorum present; directors and key representatives introduced.

• Notice of meeting and explanatory memorandum were distributed to all shareholders.

Financial performance review

• Portfolio delivered a 7.2% net return for FY2024-2025, underperforming the ASX 200 Accumulation Index's 13.8%.

• Five-year annualized net return of 21%, outperforming the index by over 9% per annum.

• Since IPO in 2018, annualized net return of 11%, exceeding the index by 1.6% per annum.

• From June to October 2025, portfolio returned 15.8% net, over 10% above the index.

Dividend announcements

• Interim dividend of AUD 0.0625 per share and final dividend of AUD 0.065 per share, both fully franked, paid in 2025.

• Total dividends for the year reached AUD 0.1275 per share, an 8.5% increase from the prior year.

• Board to commence quarterly dividend payments starting December 2025, with a declared dividend of AUD 0.035 per share.

• Expectation for continued dividend growth in 2026.