WAM ACTIVE LIMITED — Fund Information / Factsheet 2018

Mar 11, 2018

==> picture [220 x 40] intentionally omitted <==

Investment update As at 28 February 2018

==> picture [42 x 34] intentionally omitted <==

wilsonassetmanagement.com.au ABN 49 126 420 719

Snapshot

Pre-tax net tangible assets

$1.12

Fully franked dividend yield

5.0%

Gross assets

$46.7m

Performance (p.a. since January 2008) 13.3%

WAM Active Limited

ASX code WAA Date of listing Jan 2008 Gross assets $46.7m Market cap $46.0m Share price (WAA) $1.14 Option price (WAAO) $0.011 NTA before tax $1.12 Shares on issue 40,370,664 Options on issue 30,309,814 Annualised fully franked 5.7c interim dividend (FY2018)

Exercise your options to receive the fully franked interim dividend

WAM Active announced its FY2018 interim results to the market on Thursday 22 February. Highlights from the announcement include:

• Profit before tax up 85%

• 11.2% investment portfolio performance, outperforming the index

• Increased fully franked interim dividend of 2.85 cents per share.

Option holders who exercise their options before 6 April 2018 will be eligible to receive the fully franked 2.85 cents per share interim dividend.

Fully franked dividend yield 5.0%

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 AO	Chairman & Portfolio
	Manager
Kate Thorley	Chief Executive Officer
Chris Stott	Chief Investment Officer
	& Portfolio Manager
Matthew Haupt	Portfolio Manager
Catriona Burns	Portfolio Manager
Martin Hickson Oscar Oberg	Portfolio Manager Portfolio Manager
Tobias Yao	Senior Equity Analyst
John Ayoub	Senior Equity Analyst
Cooper Rogers	Assistant Dealer

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.

Save the date: Shareholder Presentations

Hobart	11 May
Launceston	11 May
Canberra Sydney	14 May 15 May
Brisbane	16 May
Toowoomba	17 May
Perth	21 May
Adelaide	22 May
Melbourne	24 May

Options entitle holders to purchase additional ordinary shares in WAM Active at the exercise price of $1.14. The options expire on 17 September 2018.

Key dividend dates

Key dividend dates
Ex dividend date	12 April 2018
Record date	13 April 2018
Last election date for DRP	17 April 2018
Payment date	27 April 2018

Market overview

The S&P/ASX All Ordinaries Accumulation Index closed up 0.2% in February, an almost flat close to a volatile month.

Global equity markets started the month with turbulence. Data released on US wage growth sparked expectations of higher inflation, which in turn saw bonds sell off on concerns about the pace of interest rate increases. Equity markets around the world followed suit, Australia included. As the month continued, heightened volatility dissipated, and a slightly positive reporting season provided Australian investors with some reassurance.

Overall, it was a satisfactory reporting period with earnings estimates increasing marginally. Improved economic performance translated to increased earnings that are being reinvested and returned to shareholders in the form of higher dividend payout ratios.

Chief Investment Officer Chris Stott recently shared his thoughts on reporting season in an article in the Australian Financial Review .

Net tangible asset (NTA) figures

NTA before tax	112.44c*
NTA after tax and before tax on unrealised gains	110.64c*
NTA after tax	110.59c*

*The NTA before tax figure is after the payment of $289k (0.72 cents per share) in tax during the month. The above figures are not adjusted for the 30,309,814 options on issue with an exercise price of $1.14.

==> picture [64 x 10] intentionally omitted <==

wilsonassetmanagement.com.au Page 2 of 4 T +61 2 9247 6755

Investment update As at 28 February 2018

Performance

Performance
							Since
							inception
Performance at	1	6	Fin	1	3 yrs	5 yrs	%pa
28 February 2018	mth	mths	YTD	yr	%pa	%pa	(Jan-08)
WAA Investment Portfolio*	2.3%	11.9%	14.6%	17.5%	14.9%	12.5%	13.3%
S&P/ASX All Ordinaries Accumulation Index	0.2%	8.1%	9.1%	10.8%	5.7%	8.1%	3.9%
Outperformance	+2.1%	+3.8%	+5.5%	+6.7%	+9.2%	+4.4%	+9.4%
UBS Bank Bill Index (Cash)	0.1%	0.9%	1.2%	1.8%	2.0%	2.3%	3.6%
Outperformance	+2.2%	+11.0%	+13.4%	+15.7%	+12.9%	+10.2%	+9.7%

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

Growth of $10,000 investment since inception

WAM Active versus the Index

==> picture [490 x 226] intentionally omitted <==

----- Start of picture text -----

$25,000
$21,060
$20,000
$15,449
$15,000
$14,383
$10,000
$5,000
$0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
WAM Active (ASX: WAA) S&P/ASX All Ordinaries Accumulation Index UBS Bank Bill Index
----- End of picture text -----

Notes:

1. The above graph reflects the period from inception in January 2008 to 28 February 2018.

2. WAM Active’s performance is calculated using the closing daily share price in Australian dollars and assumes all dividends are reinvested.

3. The S&P/ASX All Ordinaries Accumulation Index and the UBS Bank Bill Index have been chosen for comparison purposes only. The graph is not intended to be an indication of future performance of any asset class, index or the WAM Active portfolio.

Diversified portfolio

Diversified portfolio
		January 2018			February 2018
Investment type	$m		%	$m			%
Listed equities	37.1		80.9	32.0			68.6
Short portfolio	0.0		0.0	(1.6)			(3.5)
Fixed interest & cash	8.8		19.1	16.3			34.9
Gross assets	$45.9		100.0	$46.7*			100.0
Total shares on issue		40,276,018			40,370,664**

*This figure is after the payment of $289k in tax during the month.

**During the month 94,646 options were exercised and allotted.

==> picture [64 x 10] intentionally omitted <==

Page 3 of 4

Investment update As at 28 February 2018

wilsonassetmanagement.com.au T +61 2 9247 6755

Top 20 holdings

Top 20 holdings
Code Company PIA Pengana International Equities Limited SVW Seven Group Holdings Limited TPM TPG Telecom Limited TGG Templeton Global Growth Fund Limited AOG Aveo Group EHE Estia Health Limited MND Monadelphous Group Limited FXJ Fairfax Media Limited CSL CSL Limited WDE Wealth Defender Equities Limited	Code Company
	TGP 360 Capital Group Limited
	NWH NRW Holdings Limited
	PPC Peet Limited
	CPU Computershare Limited
	BRG Breville Group Limited
	FNP Freedom Foods Group Limited
	GUD GUD Holdings Limited
	REA REA Group Limited
	SRX Sirtex Medical Limited
	RWC Reliance Worldwide Corporation Limited

Fully franked dividends

On 22 February 2018, the Company announced a fully franked interim dividend of 2.85 cents per share, an increase on last year’s fully franked interim dividend. The dividend will be paid on 27 April 2018 and will trade ex on 12 April 2018. The dividend reinvestment plan (DRP) will operate for the interim dividend. The dividend reinvestment plan will operate at a 2.5% discount. The last election date for the DRP will be 17 April 2018.

Fully franked dividends since inception

==> picture [480 x 202] intentionally omitted <==

----- Start of picture text -----

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 2017/18
Fully franked dividends Return of capital
Annualised interim dividend
----- End of picture text -----

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. The Company’s ability to generate franking credits is dependent upon the receipt of franked dividends from investments and the payment of tax.

==> picture [64 x 10] intentionally omitted <==

Page 4 of 4

Investment update As at 28 February 2018

wilsonassetmanagement.com.au T +61 2 9247 6755