Steven Gladstone

LetterOne is an international investment business headquartered in Luxembourg. We invest our own capital in companies that we think have unrealised potential and where we believe our strategic involvement can improve their performance and build significant value. We are very selective about the sectors in which we invest. We only invest in sectors where we have developed deep industry expertise. As businesspeople we bring, sector experience, strategic expertise, and our own permanent capital, to those companies in which we choose to invest. We are long-term growth investors – with no fixed investment time horizons. We know that building a better performing business takes time and determination. People need energy, food retail, and technology. As demographics change, people are increasingly concerned about their health. They need energy to power homes and grow economies. Therefore, these sectors have longevity and opportunity. Many industries are in significant flux because of changes in society, demographics and technology. Companies around the world are transforming their operating models and deepening their relationships and knowledge of their consumers. Our vision is to build on our proven track record of successful investments to create one of the world's leading international investment businesses. We have successfully managed companies through volatile periods like these and will undoubtedly do so again. We are disciplined when it comes to the execution of strategy. We have an operational mindset. Our investments are focused on the Energy, Retail, Telecoms & Health sectors through our business units, L1 Energy, L1 Retail, L1 Technology and L1 Health. Our liquidity is managed by L1 Treasury.