WAM CAPITAL LIMITED — Major Shareholding Notification 2021

Dec 29, 2021

604 Page 1 of 3 15 July 2001

Form 604

Corporations Act 2001

Section 671B

Notice of change of interests of substantial holder

To Company Name/Scheme

ACN/ARSN

PM Capital Asian Opportunities Fund Limited (ASX:PAF)

ACN 168 666 171

1. Details of substantial holder (1)

Name WAM Capital Limited (refer associated entities listed in Annexure A) ACN/ARSN (if applicable) ACN 086 587 395

There was a change in the interests of the substantial holder on

substantial holder on 29 / 12 / 2021 The previous notice was given to the company on 29 / 12 / 2021 The previous notice was dated 29 / 12 / 2021

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

ompany or scheme, are as follows:
Class of securities (4)	Previous notice		Present notice
	Person’s votes	Voting power(5)	Person’s votes	Voting power(5)
Ordinary Shares	12,349,596	21.54%	14,142,599	24.67%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

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Date of Person whose Nature of change (6) Consideration given in Class and number Person's votes
change relevant interest relation to change (7) of securities affected
changed affected
Increase in
relevant
The
interest as a
consideration
result of WAM
29 described in 1,793,003
WAM Capital Capital's
December the Bidder's ordinary 1,793,003
Limited receipt of
2021 Statement shares
acceptances to
dated 14
its takeover
October 2021
offer dated 14
October 2021
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4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes

604 Page 2 of 3 15 July 2001

WAM Capital Limited	WAM Capital Limited	WAM Capital Limited	Management of portfolio of WAM Capital Limited	14,142,599 ordinary shares	14,142,599

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
N/A

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Refer to Annexure A

Signature

print name sign here	Martyn McCathie capacity Head of Operations
	date 30/12/2021

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.

• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation

604 Page 3 of 3 15 July 2001

to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg. if the relevant interest arises because of an option) write "unknown".

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Annexure A

Wilson Asset Management Group

1. Details of Wilson Asset Management Group

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Name ACN / ARSN
Wilson Asset Management (International) Pty Limited (ACN 081 047 118)
MAM Pty Limited (ACN 100 276 542)
WAM Capital Limited (ACN 086 587 395)
WAM Research Limited (ACN 100 504 541)
WAM Active Limited (ACN 126 420 719)
Botanical Nominees Pty Limited as trustee of the Wilson Asset Management Equity Fund (ACN 081 032 000)
WAM Leaders Limited (ACN 611 053 751)
WAM Microcap Limited (ACN 617 838 418)
WAM Global Limited (ACN 624 572 925)
WAM Strategic Value Limited (ACN 649 096 220)
WAM Alternative Assets Limited (ACN 168 941 704)
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7. Addresses

Name Wilson Asset Management (International) Pty Limited MAM Pty Limited WAM Capital Limited WAM Research Limited WAM Active Limited Botanical Nominees Pty Limited WAM Leaders Limited WAM Microcap Limited WAM Alternative Assets Limited WAM Strategic Value Limited WAM Global Limited Citigroup Pty Limited

Address Level 26,1 Farrer Place, Sydney, NSW 2000 Level 26,1 Farrer Place, Sydney, NSW 2000 Level 26,1 Farrer Place, Sydney, NSW 2000 Level 26,1 Farrer Place, Sydney, NSW 2000 Level 26,1 Farrer Place, Sydney, NSW 2000 Level 26,1 Farrer Place, Sydney, NSW 2000 Level 26,1 Farrer Place, Sydney, NSW 2000 Level 26,1 Farrer Place, Sydney, NSW 2000 Level 26,1 Farrer Place, Sydney, NSW 2000 Level 26,1 Farrer Place, Sydney, NSW 2000 Level 26,1 Farrer Place, Sydney, NSW 2000 Level 21, 2 Park Street, Sydney NSW 2000

Signed: _____

Date: 30/12/2021