Opening of Retail Entitlement Offer and Retail Offer Booklet

• Retail Entitlement Offer opens on 13 October 2026
• Offer price set at $1.76 per new share
• Offer closes on 23 October 2026

L1 Global Long Short Fund Ltd (ASX: GLS) has announced the opening of the retail component of its accelerated pro-rata non-renounceable entitlement offer. The offer allows eligible retail shareholders to apply for one new fully paid ordinary share for every two existing shares held as of the record date, at an offer price of $1.76 per new share. The offer is expected to raise up to approximately $381.7 million and is not underwritten. The offer opened on 13 October 2026 and is scheduled to close on 23 October 2026. New shares are expected to be allotted and issued on 30 October 2026. Eligible retail shareholders may also apply for additional new shares through a top-up facility. Any unallocated shares may be offered to wholesale investors under a shortfall offer. The offer is not underwritten and is subject to investor demand. The company reserves the right to conduct an institutional placement concurrently with, or following the close of, the retail entitlement offer.

Retail Entitlement Offer expected to raise up to $381.7 million

The company aims to raise up to $381.7 million through the retail entitlement offer, subject to investor demand.