WAM ACTIVE LIMITED — Capital/Financing Update 2021

May 23, 2021

24 May 2021 ASX announcement

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WAM Strategic Value IPO exceeds minimum on offer open

WAM Strategic Value Limited has exceeded the $16.5 million minimum offer proceeds[*] in its strictly limited $225 million initial public offer capital raising, which opened today, 24 May 2021.

Wilson Asset Management Chairman and Chief Investment Officer Geoff Wilson AO said:

“WAM Strategic Value will provide exposure to Wilson Asset Management’s proven market-driven investment process focused on identifying and capitalising on share price discounts to underlying asset values of listed companies, primarily listed investment companies (LICs) and listed investment trusts (LITs). Essentially, we are focused on identifying and investing in $1 of assets for 80c.

Our experience and expertise in managing closed-end vehicles provides us with a unique methodology to identify and benefit from LIC and LIT market mispricing opportunities and engage proactively with boards, management teams, investors and other stakeholders. This primary focus will be complemented by other market mispricing opportunities arising within the corporate sector, such as takeovers or capital raisings, where we are able to utilise our position as an institutional investor responsible for more than $4 billion of shareholder capital.”

Priority allocation to the Wilson Asset Management Family

A $125 million priority allocation is available to the Wilson Asset Management Family, consisting of:

• a $115 million priority allocation to shareholders of one or more of WAM Capital Limited (WAM Capital), WAM Leaders Limited (WAM Leaders), WAM Global Limited (WAM Global), WAM Microcap Limited (WAM Microcap), WAM Alternative Assets Limited (WAM Alternative Assets), WAM Research Limited (WAM Research) and WAM Active Limited (WAM Active) and their associated entities with registered addresses in Australia or New Zealand; and

• a $10 million priority allocation to past shareholders of the companies listed above, shareholders’ family and friends, subscribers to Wilson Asset Management updates and their associated entities with a registered address in Australia or New Zealand.

Participating in the offer

Shareholders who have a registered email address with the share registry were sent an email with a personalised application form, a unique priority allocation access code and a copy of the prospectus from WAM Strategic Value's share registry, Automic, to apply in the priority allocation offer.

To participate in the offer, investors can apply online at www.wilsonassetmanagement.com.au/strategicvalue or request a mailed prospectus by calling Automic on 1300 408 788. Alternatively, investors can contact their financial planner, stock broker or the joint lead managers, Taylor Collison on (08) 8217 3900 or Morgans Financial on (07) 3334 4888.

WAM Strategic Value webinar

Join Chairman and Chief Investment Officer Geoff Wilson AO for a WAM Strategic Value focused webinar at 10:30am (Sydney time) on Thursday 27 May 2021.

Register now >

*Secured from cornerstone bids from sophisticated and wholesale investors.

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info@wilsonassetmanagement.com.au Level 26, Governor Phillip Tower, 1 Farrer Place Sydney NSW 2000 Australia

wilsonassetmanagement.com.au Telephone. + 61 2 9247 6755 Fax. +61 2 9247 6855

ABN 89 081 047 118

Key dates

Key dates
Broker Firm Offer expected to close^	5:00pm (Sydney time), 4 June 2021
Priority Allocation to the Wilson Asset Management Family and General Offer expected to close^	5:00pm (Sydney time), 10 June 2021
Shares expected to commence trading on the ASX	25 June 2021

About WAM Strategic Value

WAM Strategic Value will take advantage of market mispricing opportunities, including securities trading at discounts to assets or net tangible assets (NTA), corporate transactions and dividend yield arbitrages with franking credit benefits. WAM Strategic Value aims to deliver strong risk-adjusted returns derived from a portfolio primarily composed of discounted asset opportunities selected using the proven market-driven investment process we have developed over more than two decades. Please contact Chief Financial Officer Jesse Hamilton or Head of Corporate Affairs James McNamara on (02) 9247 6755 or email info@wilsonassetmanagement.com.au with any questions about WAM Strategic Value.

About Wilson Asset Management

Wilson Asset Management has a track record of making a difference for shareholders and the community for more than 20 years. As the investment manager for seven leading LICs – WAM Capital, WAM Leaders, WAM Global, WAM Microcap, WAM Alternative Assets, WAM Research and WAM Active – Wilson Asset Management invests over $4 billion on behalf of more than 100,000 retail investors.

Wilson Asset Management created and is the lead supporter of the first listed investment companies to deliver both investment and social returns: Future Generation Australia (ASX: FGX) and Future Generation Global (ASX: FGG). Wilson Asset Management advocates and acts for retail investors, is a member of the global philanthropic Pledge 1% movement, is a significant funder of many Australian charities and provides all team members with $10,000 each year to donate to charities of their choice. All philanthropic investments are made by the Investment Manager.

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For more information visit www.wilsonassetmanagement.com.au or contact:

Geoff Wilson AO	Kate Thorley	Jesse Hamilton
Chairman &	Chief Executive Officer	Chief Financial Officer
Chief Investment Officer	(02) 9247 6755	(02) 9247 6755
(02) 9247 6755	0405 115 644	0401 944 807

James McNamara

Head of Corporate Affairs (02) 9247 6755 0416 734 080

^Subject to the offer being extended or closed early.

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info@wilsonassetmanagement.com.au Page 2 of 2 Level 26, Governor Phillip Tower, 1 Farrer Place Sydney NSW 2000 Australia

wilsonassetmanagement.com.au Telephone. + 61 2 9247 6755 Fax. +61 2 9247 6855

ABN 89 081 047 118