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L1 LONG SHORT FUND LIMITED Net Asset Value 2018

Nov 18, 2018

65269_rns_2018-11-18_888f79d1-f0e4-4d44-a12c-ce0c9ef93b96.pdf

Net Asset Value

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19 November 2018

The Manager ASX Market Announcements Australia Securities Exchange Exchange Centre Level 4, 20 Bridge Street Sydney NSW 2000

Net Tangible Assets (NTA) backing per share for the L1 Long Short Fund Limited as at 14 November were:

NET TANGIBLE ASSET BACKING PER ORDINARY SHARE1 NET TANGIBLE ASSET BACKING PER ORDINARY SHARE1
NTA before tax2 $1.5993
NTA after tax $1.7172

Yours sincerely

Adam Sutherland Company Secretary

1 All figures are unaudited and approximate.

2 The NTA before tax is calculated before the provision for deferred tax on unrealised gains and losses on the investment portfolio. The NTA after tax is calculated after all taxes.

L1 Long Short Fund Limited ACN 623 418 539 Level 28, 101 Collins Street, Melbourne, Victoria 3000 Tel (03) 9286 7000 Fax (03) 9286 7099 www.L1longshort.com