L1 Long Short Fund Announces Unaudited Net Tangible Asset Backing of $4.17 Per Share as of July 23, 2026

Insight into L1 Long Short Fund's NTA Per Share Figures

L1 Long Short Fund Limited, an Australian investment entity, regularly reports its Net Tangible Asset backing per ordinary share to provide investors with ongoing transparency regarding the fund's asset value and performance. The latest NTA figures, dated 23 July 2026, include two key metrics: an unaudited NTA before tax of $4.1653 per share, representing the net tangible assets prior to accounting for deferred tax on unrealised gains and losses within the investment portfolio. This provides investors with an understanding of the fund’s underlying asset value before tax considerations.

The after-tax NTA of $3.8586 per share accounts for all applicable tax provisions, offering a net tangible asset value available to shareholders after tax liabilities. The difference between these two figures reflects the deferred tax liability associated with unrealised gains and losses in the fund’s holdings. L1 Long Short Fund emphasizes that these figures are unaudited and approximate, consistent with industry standards for periodic NTA reporting. These metrics are vital for shareholders assessing fund performance and comparing valuations across reporting periods.

Calculation Methodology for NTA Before and After Tax

The company clarifies that the NTA before tax of $4.1653 per share is calculated without provisions for deferred tax on unrealised gains and losses, offering an unadjusted perspective of the fund’s net tangible assets based on current market valuations. This figure is particularly useful for investors seeking insight into the portfolio’s asset value in its present state.

The after-tax NTA of $3.8586 per share adopts a conservative approach by including all tax provisions, such as deferred tax liabilities on unrealised gains and losses. This figure reflects potential tax obligations arising from future realisation of positions or tax reporting requirements. Presenting both figures enhances transparency regarding the fund’s embedded tax position, aiding investors in evaluating the after-tax value of their holdings.

Unaudited and Approximate Nature of the Latest Valuation

L1 Long Short Fund clearly states that all disclosed figures are unaudited and approximate, a standard practice for funds providing regular NTA updates between audited reporting periods. These valuations are based on available market data as of 23 July 2026 and have not undergone formal audit by external auditors. Consequently, final audited figures released in the fund’s full financial statements may differ from these estimates.

This approach allows timely disclosure of asset valuations without awaiting full audit completion, aligning with industry norms for investment funds. Investors should consider these figures as a point-in-time snapshot subject to market fluctuations occurring after the valuation date.

Role of the Fund in Delivering Consistent Asset Backing Transparency

L1 Long Short Fund Limited operates as an Australian investment fund committed to regular NTA reporting, providing shareholders with essential insights into fund performance and value. The disclosure of per-share NTA figures enables investors to monitor the asset value attributable to their shares and assess performance over time. As a listed entity on the ASX with Melbourne-based operations, the fund adheres to regulatory compliance and governance standards.

Regular NTA updates foster transparency, allowing investors to make informed decisions and compare valuations across periods. The distinction between before-tax and after-tax NTA figures underscores the fund’s dedication to comprehensive disclosure, catering to diverse investor preferences and supporting market efficiency.

Regulatory and Compliance Framework Governing NTA Reporting

Operating under the Australian Securities Exchange’s regulatory framework, L1 Long Short Fund complies with listing rules and continuous disclosure obligations by releasing NTA figures as of 23 July 2026. The inclusion of both before-tax and after-tax NTA aligns with best practices, providing stakeholders with detailed information on the fund’s tax position and its effect on shareholder value. The fund’s registered office is located at Level 45, 101 Collins Street, Victoria, Melbourne.

The fund’s governance ensures appropriate oversight and disclosure controls, with the company update authorized by the Company Secretary. This transparent approach meets regulatory expectations for listed investment vehicles in Australia.

Impact of Deferred Tax Provisions on Fund Valuations

The difference between the before-tax NTA of $4.1653 and the after-tax NTA of $3.8586 per share highlights the significant effect deferred tax provisions have on fund valuations. These provisions arise from unrealised gains and losses within the portfolio, potentially resulting in future tax liabilities upon realisation or tax reporting. The after-tax figure offers a conservative estimate of net asset value after accounting for these tax obligations, with the $0.31 per share difference illustrating the importance of tax management in fund operations.

By separately disclosing these figures, the fund enables investors to assess the embedded tax burden and its influence on long-term returns. Depending on individual tax circumstances and investment horizons, investors may prioritize either the before-tax or after-tax NTA as a valuation metric. This transparency supports informed decision-making among shareholders.

Shareholder Communication Through Regular NTA Reporting

L1 Long Short Fund’s periodic release of NTA per share serves as a vital communication tool, offering shareholders updates on the fund’s financial position and asset performance. The unaudited NTA figures as of 23 July 2026 are part of an ongoing series of valuations that help investors track fund progress and evaluate their investments.

Maintaining a consistent reporting schedule ensures shareholders have timely access to valuation data, promoting market transparency and supporting efficient trading of fund shares. The fund’s Melbourne office provides investor support via phone and fax, and further information is accessible through its website at www.L1LongShort.com. This commitment to regular disclosure reinforces the fund’s dedication to transparent shareholder relations.

Tracking Investment Portfolio Performance and Asset Value

The disclosed NTA per share figures reflect the aggregate value of L1 Long Short Fund’s investment portfolio, net of liabilities, on a per-share basis. Portfolio composition and investment strategy directly influence NTA movements over time, with gains and losses impacting per-share valuations. While share prices may fluctuate independently due to market factors, NTA changes serve as a key performance indicator.

The fund did not provide specific details on investment strategy, portfolio holdings, or recent performance in this announcement. However, the distinction between before-tax and after-tax NTA remains crucial for investors assessing the tax efficiency and net value of their investment. Regular NTA reporting allows shareholders to monitor value accumulation and compare performance against benchmarks or alternative investments. No comparative historical NTA data or forward-looking guidance was included in this release.