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* Ranking amongst funds in Zenith Australian Shares – Long Short sector using FE Analytics data as at 31 March 2025.
^ Based on full year Fund performance versus published universe of ranked funds as at 14 January 2022.
† Net performance as at **DATE** for L1 Capital Long Short Fund – Monthly Class, inception date 1 September 2014. Past performance should not be taken as an indicator of future performance.
‡ Net performance as at **DATE** for L1 Capital International (Unhedged) Active ETF. Past performance should not be taken as an indicator of future performance.
§ Data as at **DATE**. Past performance should not be taken as an indicator of future performance.

** The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (Zenith) rating assigned to L1 Capital Catalyst Fund (June 2024) referred to in this document is limited to General Advice (s766B Corporations Act 2001) for Wholesale clients only. This advice has been prepared without taking into account the objectives, financial situation or needs of any individual, including target markets of financial products, where applicable, and is subject to change at any time without prior notice. It is not a specific recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision and should consider the appropriateness of this advice in light of their own objectives, financial situation and needs. Investors should obtain a copy of and consider the PDS or offer document before making any decision and refer to the full Zenith Product Assessment available on the Zenith website. Past performance is not an indication of future performance. Zenith usually charges the product issuer, fund manager or related party to conduct Product Assessments. Full details regarding Zenith methodology, ratings definitions and regulatory compliance are available on our Product Assessments and at http://www.zenithpartners.com.au/RegulatoryGuidelines