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Lonsec
The ratings issued for L1 Capital Long Short Fund – Daily Class (October 2024), L1 Long Short Fund Limited (October 2024), L1 Capital Catalyst Fund (October 2024) and L1 Capital International Fund (Managed Fund) (May 2024) are published by Lonsec Research Pty Ltd ABN 11 151 658 561 AFSL 421 445 (Lonsec). Ratings are general advice only and have been prepared without taking account of your objectives, financial situation or needs. Consider your personal circumstances, read the product disclosure statement and seek independent financial advice before investing. The rating is not a recommendation to purchase, sell or hold any product. Past performance information is not indicative of future performance. Ratings are subject to change without notice and Lonsec assumes no obligation to update. Lonsec uses objective criteria and receives a fee from the Fund Manager. Visit lonsec.com.au for ratings information and to access the full report. Copyright 2023 Lonsec. All rights reserved.

Zenith
The Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) (Zenith) ratings assigned to L1 Long Short Fund Limited (June 2024), L1 Capital Long Short Fund – Monthly Class (June 2024), L1 Capital Long Short Fund – Daily Class (June 2024), L1 Capital Catalyst Fund (June 2024), L1 Capital International Fund (Managed Fund) (ETL1954AU and ASX:L1IF) (November 2024) and L1 Capital International (Hedged) Active ETF (ETL3815AU and ASX:L1HI) (November 2024) referred to are 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

Genium
The Genium rating for L1 Capital International Fund (Managed Fund) and L1 Capital International Fund (Hedged) Active ETF (assigned August 2024) (assigned August 2024) is issued by Genium Investment Partners Pty Ltd ABN 13 165 099 785, which is a Corporate Authorised Representative of Genium Advisory Services Pty Ltd ABN 94 304 403 582, AFSL 246580. The Rating is limited to “General Advice” (s766B Corporations Act 2001 (Cth)) and 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 notice. Past performance information is for illustrative purposes only and is not indicative of future performance. It is not a recommendation to purchase, sell or hold the relevant product(s). Investors should seek independent financial advice before making an investment decision in relation to this financial product(s). Genium receives a fee from the Fund Manager for researching and rating the product(s). Visit Geniumip.com.au for information regarding Genium’s Ratings methodology.