WAM ACTIVE LIMITED — Fund Information / Factsheet 2017

May 9, 2017

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Investment update As at 30 April 2017

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wilsonassetmanagement.com.au ABN 49 126 420 719

Snapshot

Pre-tax net tangible assets

$1.08

Fully franked dividend yield 4.8%

Gross assets $40.4m

Performance (p.a. since January 2008) 12.7%

WAM Active Limited

ASX code Listed	WAA Jan 2008
Gross assets	$40.4m
Market cap	$41.9m
Share price (WAA)	$1.140
Option price (WAAO) NTA before tax	$0.016 $1.08
Shares on issue	36,711,476
Options on issue	33,566,480
Annualised fully franked	5.5c
interim dividend (FY2017)
Fully franked dividend yield	4.8%

Investment objectives

• Deliver shareholders a regular income stream via fully franked dividends

• Provide a positive return with low volatility, after fees, over most periods of time

• Preserve capital

Wilson Asset Management investment & management team

Geoff Wilson Chairman & Portfolio Manager Kate Thorley Chief Executive Officer Chris Stott Chief Investment Officer & Portfolio Manager Matthew Haupt Portfolio Manager Martin Hickson Head of Trading Tobias Yao Senior Equity Analyst John Ayoub Senior Equity Analyst Oscar Oberg Senior Equity Analyst

Company overview

WAM Active Limited (ASX: WAA) is a listed investment company managed by Wilson Asset Management. Listed in January 2008, WAM Active provides investors with exposure to an active trading style with the aim of achieving a sound return with a low correlation to traditional markets.

Key dividend dates

Key dividend dates
Last day to exercise to
receive the interim dividend	11 May 2017
Ex date Record date Last election date for DRP	16 May 2017 17 May 2017 19 May 2017
Payment date	26 May 2017

May 2017 Shareholder

Presentations – last chance to RSVP

For more information and to RSVP, visit wilsonassetmanagement.com.au/RSVP

Exercise your options to receive the interim dividend

Optionholders are able to receive the 2.75 cents per share fully franked interim dividend on options exercised on or before Thursday 11 May 2017 .

Market overview

The S&P/ASX All Ordinaries Accumulation Index closed up 0.8% for the month. During its April board meeting, the Reserve Bank of Australia (RBA) left the cash rate unchanged at 1.5% as widely expected and downgraded its assessment of the Australian labour market following weak February data. The Australian Prudential Regulatory Authority made further comments that it could increase bank capital requirements. At the end of the month the Index came close the 6,000 level following positive news about the French election, Trump’s proposed tax cut announcement and domestic inflation figures that showed headline CPI up 2.1% year on year for Q1 2017.

Stock news

During the month, share registry Computershare (ASX: CPU) held an investor day in Melbourne, reaffirming FY17 earnings per share (EPS) guidance of US56 to US58 cents, up 1.7 cents to 5.3% on the previous corresponding period. We believe in the ability of Computershare’s management to reduce costs, combined with the company’s conservative balance sheet, provide potential for capital management options for the company.

Net tangible asset (NTA) figures

The following NTA figures are before the 2.75 cents per share fully franked interim dividend due to be paid on 26 May 2017. The shares will trade ex dividend on 16 May 2017.

NTA before tax	107.93c
NTA after tax and before tax on unrealised gains	106.69c
NTA after tax	106.69c

The above figures are not adjusted for the 33,566,480 options on issue with an exercise price of $1.14.

Performance

	Performance
								Since
								Inception
	Performance at	1	6	Fin	1	3 Yrs	5 Yrs	%pa
	30 April 2017	Mth	Mth	YTD	Yr	%pa	%pa	(Jan-08)
	WAA Investment Portfolio*	0.5%	4.7%	10.0%	14.6%	11.5%	13.4%	12.7%
	S&P/ASX All Ordinaries	0.8%	12.4%	15.8%	16.6%	7.4%	10.6%	3.6%
	Accumulation Index
	Outperformance	-0.3%	-7.7%	-5.8%	-2.0%	+4.1%	+2.8%	+9.1%
	UBS Bank Bill Index (Cash)	0.1%	0.9%	1.5%	1.9%	2.3%	2.6%	3.8%
	Outperformance	+0.4%	**+3.8% **	**+8.5% **	+12.7%	+9.2%	+10.8%	+8.9%

*Investment performance and Index returns are before expenses, fees and taxes.

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Page 2 of 4

Investment update As at 30 April 2017

wilsonassetmanagement.com.au T +61 2 9247 6755

Growth of $10,000 investment since inception

WAM Active versus the Index

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$25,000
$20,042
$20,000
$14,489
$15,000
$10,000
$5,000
$0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
WAM Active S&P/ASX All Ordinaries Accumulation Index
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Diversified portfolio

March 2017 April 2017 Investment type $m % $m %	March 2017 April 2017 Investment type $m % $m %	March 2017 April 2017 Investment type $m % $m %
Listed equities 25.1 62.9 24.1 59.7
Short portfolio (1.2) (2.9) (1.9) (4.8)
Fixed interest & cash 16.0 40.0 18.2 45.1
Gross assets $39.9 100.0 $40.4 100.0
Total shares on issue 36,397,246 36,711,476*

*During the month, 314,230 options were exercised.

One-for-one option issue

In August 2016, the Company announced a one-for-one bonus option issue to all shareholders at no cost. Options entitle holders to purchase additional ordinary shares in WAM Active at the exercise price of $1.14 at any time on or before 17 September 2018. The options trade on the ASX under the code WAAO. The bonus option issue is an effective way to grow the Company and will deliver benefits to shareholders. As the Company’s size increases, onmarket liquidity for the shares is expected to increase. It will also increase the Company’s relevance in the market, improve the prospect of broker and research coverage, and gain interest from financial planners.

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Investment update As at 30 April 2017

Top 20 holdings

Code Company HHV Hunter Hall Global Value Limited CYA Century Australia Investments Limited TGG Templeton Global Growth Fund Limited WOW Woolworths Limited AFY Afterpay Holdings Limited CPU Computershare Limited FLT Flight Centre Travel Group Limited HGG Henderson Group Plc FXJ Fairfax Media Limited MTS Metcash Limited	Code Company
	MIN Mineral Resources Limited
	BSL BlueScope Steel Limited
	CCP Credit Corp Group Limited
	DOW Downer EDI Limited
	WIC Westoz Investment Company Limited
	TGP 360 Capital Group
	AGF AMP Capital China Growth Fund
	QAN Qantas Airways Limited
	BIN Bingo Industries Limited
	PIC Perpetual Equity Investment Company Limited

Fully franked dividends

On 15 February 2017, the Board announced a fully franked interim dividend of 2.75 cents per share, an increase on last year’s fully franked 2.5 cents per share interim dividend. The interim dividend will be paid on 26 May 2017 and will trade ex on 16 May 2017. The dividend reinvestment plan (DRP) is available to shareholders for the interim dividend. The dividend reinvestment plan will operate at a 2.5% discount. The last election date for the DRP will be 19 May 2017. The last day for shareholders to exercise their options to receive the interim dividend is 11 May 2017.

Fully franked dividends since inception

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Cents per share
10.0
8.0
6.0
4.0
2.0
0.0
2008/09 2009/10 2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17
Fully franked dividends Return of Capital
Annualised interim dividend
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The Board is committed to paying an increasing stream of fully franked dividends to shareholders, provided the Company has sufficient profit reserves and franking credits, and it is within prudent business practices. Dividends are usually paid on a six-monthly basis and the dividend reinvestment plan is available to shareholders for both the interim and final dividend. The Company’s ability to generate franking credits is dependent upon the receipt of franked dividends from investments and the payment of tax.

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Investment update As at 30 April 2017