WAM MICROCAP LIMITED — Capital/Financing Update 2025

Mar 23, 2025

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Q&A webinar 21 March 2025

Disclaimer

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This presentation has been prepared by WAM Income Maximiser Limited (ACN 683 776 954) ( Company ) and Wilson Asset Management (International) Pty Limited (ACN 081 047 118) (AFSL no. 247 333) ( Wilson Asset Management ). The information contained in this presentation is for information purposes only and has been prepared for use in conjunction with a verbal presentation and should be read in that context.

This presentation is not, and does not constitute, an offer to sell or the solicitation, invitation or recommendation to purchase any securities and neither this presentation nor anything contained in it forms the basis of any contract or commitment. The offer of the Company’s ordinary shares is made pursuant to a replacement prospectus issued by the Company dated and lodged with the Australian Securities & Investments Commission on 11 March 2025 ( Prospectus ).

The Prospectus contains details of an offer of up to 340,000,000 fully paid ordinary shares ( Offer ) at $1.50 per share to raise a maximum of $510,000,000. The Offer is comprised of a priority allocation to members of the Wilson Asset Management Family, detailed in section 3.2 of the Prospectus, a broker firm offer, detailed in section 3.3 of the Prospectus ( Broker Firm Offer ) and a general offer detailed in section 3.4 of the Prospectus ( General Offer ).

The Prospectus and Target Market Determination are available at wilsonassetmanagement.com.au/wam-income-maximiser/. Prospective investors should consider the Prospectus and Target Market Determination in deciding whether to apply for and acquire shares in the Offer.

Investors who want to participate in the Offer will need to complete the acceptance form (physical or online) which accompanies the Prospectus after 12 March 2025 (being the date the Offer opened). Prospective investors who want to acquire shares under the Broker Firm Offer will need to contact their brokers for more information.

The information contained in this presentation is not investment or financial product advice and is not intended to be used as the basis for making an investment decision. Please note that, in providing this presentation, the Company and Wilson Asset Management has not considered the objectives, financial position or needs of any particular recipient. The Company and Wilson Asset Management strongly suggest that investors consult a financial advisor prior to making an investment decision.

This presentation is confidential and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without the express consent of the Company and Wilson Asset Management.

No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of the Company, Wilson Asset Management, their related bodies corporate, shareholders or respective directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability arising out of fault or negligence for any loss arising from the use of information contained in this presentation.

This presentation includes “forward-looking statements”. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, Wilson Asset Management, their respective officers, employees, agents or associates that may cause actual results to differ materially from those expressed or implied in such a statement. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. The Company and Wilson Asset Management assume no obligation to update such information.

This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities of the Company have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended ( Securities Act ) or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws.

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Why did we launch WAM Income Maximiser?

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Key Dates

Prospectus lodged with ASIC	4 March 2025
Replacement Prospectus lodged/expiry of the Exposure Period	11 March 2025
Offer open	12 March 2025
Broker firm offer expected to close	5:00pm (AEDT), 4 April 2025
Priority Allocation to the WAM Family expected to close	5:00pm (AEST), 11 April 2025
General Offer expected to close	5:00pm (AEST), 11 April 2025
Expected date of settlement	17 April 2025
Expected date of allotment	22 April 2025
Date of dispatch of holding statements	24 April 2025
Shares expected to commence trading on the ASX	30 April 2025

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Key Terms

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Key Terms
Company	WAM Income Maximiser Limited (proposed ASX code: WMX)
Securities offered	Fully paid ordinary shares
Application price	$1.50 per share
Capital raising	$510 million / 340 million shares
Priority allocation (Wilson Asset Management Family)	$180 million / 120 million shares
	Management fee: 0.88% per annum, plus GST
Fee structure	Performance fee: 20% plus GST of the outperformance of Benchmark, subject to the recoupment of any prior
	underperformance
Benchmark	Blended benchmark of 60% of the performance of the S&P/ASX 300 Accumulation Index and 40% of the performance of the Bloomberg AusBond Bank Bill Index (Cash) + 100bps (1.0%)
Asset allocation	Initially expected to be 60-70% equity and 30-40% debt
Investment style	Active multi-asset investment strategy
Target Income Return (including franking credits)	RBA Cash Rate + 2.5% per annum
Dividend frequency	Monthly, first dividend expected to be declared and paid in August 2025
Broker firm selling fee	1.25% (plus GST) for brokers and advisors

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Investment Highlights

Aiming to provide monthly franked dividend income.

Responding to shareholder demand. 63% of shareholders . surveyed voted in support

Investment grade corporate debt provides flexibility to pursue capital growth through active equities exposure.

Unique opportunity, only LIC of its kind in Australia.

A core portfolio of high quality ASX300 equities and primarily investment grade corporate debt.

Diversified portfolio of equities and debt which aims to reduce volatility and support capital . stability

Wilson Leveraging the proven Asset Management investment . process

Flexibility to take advantage of all market cycles.

Access to wholesale debt markets not available to retail shareholders.

Levers to capitalise on interest rate movements.

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Dividend Policy of WAM Income Maximiser

Dividend Policy

The Company's intention is to pay a monthly income stream in the form of franked dividends to Shareholders, provided the Company has sufficient profits reserves and franking credits and is within prudent business practices.

Ways LICs can pay dividends

As a LIC, the Company will have the ability to pay dividends to Shareholders from either:

Dividend income and interest income received from the securities within the investment portfolio (less expenses and fees); and

Capital growth on the investment portfolio which can go into the realised capital profits reserve.

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Dividend Policy of WAM Income Maximiser

Potential dividend capacity for WMX

The Target Income Return of the Company is the RBA cash rate + 2.5% p.a. currently expected to be in excess of 6.0% per annum[*] , including franking credits. The total return of the Benchmark for the 12-months to 31 January 2025 was 11.97% and 12.7% including the value of franking credits . The Investment Manager aims to outperform the Benchmark of the Company. The Company will also use realised capital profits from the sale of shares or debt securities in the payment of the Target Income Return to Shareholders. This is not intended to be a forecast, rather it is merely an objective of the Company. The Company may or may not be successful in meeting this objective.

*The Target Income Return of the Company will be calculated with reference to the dividends paid to Shareholders, including franking credits, divided by the NTA of the Company. The initial Target Income Return for franked dividends of over 6.0% per annum, including franking credits, is not expected to be achieved immediately. The Target Income Return is not a forecast, rather, it is an objective of the Company’s to be achieved over time once adequate profits reserves and franking credits have been established.

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Monthly dividend income and capital growth

Monthly Dividends

First dividend expected to be declared and paid in August 2025 Target Income Return & Capital Growth

The Company aims to provide monthly franked dividends and capital growth.

The Target Income Return is the RBA cash rate + 2.5% p.a. currently expected to be in excess of 6.0% per annum[*] , including franking credits.

Realised capital gains on equity and debt securities provides the Company with the ability to also pay franked dividends from the capital profits reserve .

Please refer to Section 4.6.1 of the Prospectus for further information.

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Investment Manager’s
Outperformance
ability to outperform
Capital
profits Benchmark Capital 11.97% Benchmark
reserve Growth 12-month return,
plus franking credits
of 0.7%
2.5% Margin Debt Passive Income
6.6%
Current RBA Cash Rate Equity Passive Income
Target Income Return Benchmark Total Return
Notes:
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The above information is based on the Company’s Target Income Return and the Benchmark return for the 12-months to 31 January 2025, including franking credits. All information is before taxes and includes the benefit of franking credits.

The information is for example purposes only and has not been adjusted for expenses, fees or taxes. Past performance of the Benchmark is not indicative of future performance. The initial Target Income Return for franked dividends of over 6.0% per annum, including franking credits, is not expected to be achieved immediately. The Target Income Return is not a forecast, rather, it is an objective of the Company’s to be achieved over time once adequate profits reserves and franking credits have been established.

*The Target Income Return of the Company will be calculated with reference to the dividends paid to Shareholders, including franking credits, divided by the NTA of the Company.

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Investment portfolio overview

Portfolio composition

Initially expected to be 60-70% equities (ASX 300 focus), 30-40% corporate debt

Performance benchmark

60% S&P/ASX 300 Accumulation Index, plus

40% Bloomberg AusBond Bank Bill Index + 100 basis points (1.0%)

Why? The debt portfolio is high quality and short duration, and the historical average AA spread to bank bills is 100 bps. Historically this blended benchmark would have been:

Annualised Returns per annum	Equities	Bank Bills	Benchmark
Past Year	16.49%	4.47%	11.97%
Past 3 years	10.86%	3.32%	8.21%
Past 5 years	7.88%	2.05%	5.93%
Past 10 years	8.65%	1.96%	6.34%
Past 20 years	8.12%	3.40%	6.63%
Past 30 years	9.65%	4.19%	7.86%

Note : The performance of the S&P/ASX 300 Accumulation Index and Bloomberg AusBond Bank Bill Index is based on trading data prepared using Bloomberg. Bloomberg has not consented to the use of this data. The has been chosen for comparison purposes only. The above table is not intended to be an indication of future performance of any asset class, index or the Company.

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Investment Process

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Equity
Macroeconomic
Analysis
Debt
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Equities Strategy

• Enhanced free cash flow approach rather than traditional high-yield dividend investing (“dividend harvesting”)

• Proprietary quant screens and models create the universe for fundamental analysis

• Unique equity portfolio due to screening process layered with the proven Wilson Asset Management

investment process

• Dynamic portfolio approach based on macroeconomic and positioning factors

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Debt Strategy

• Enhanced investment approach using equity gathered intelligence

• Proprietary quant screens and models feed into gathered analysis

• Consistent cross checking market expectations with on the ground knowledge

• Deep understanding of drivers of returns and timing

• Dynamic portfolio approach based on macroeconomic and positioning factors

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Key risks

You are encouraged to read the Prospectus carefully as it contains detailed information about the Company and the Offer. Like all investments, an investment in the Company carries risk. The performance of the Company will be dependent on the Investment Manager’s ability to deliver on the investment objectives. For more information on the key risks, please read Section 6 of the Prospectus.

Read the Prospectus and Target Market Determination

The Prospectus and Target Market Determination are available at wilsonassetmanagement.com.au/wamincome-maximiser/.

Prospective investors should consider the Prospectus and Target Market Determination in deciding whether to apply for and acquire shares in the Offer.

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Priority Allocation

The Board of Directors has allocated $180 million of the $510 million raising to existing shareholders of WAM Capital (ASX: WAM), WAM Leaders (ASX: WLE), WAM Global (ASX: WGB), WAM Microcap (ASX: WMI), WAM Strategic Value (ASX: WAR), WAM Research (ASX: WAX) and WAM Active (ASX: WAA). The Priority Offer is also offered 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.

How to apply for the priority allocation

To apply for the priority allocation, visit the Priority Offer Application Portal for a copy of the Prospectus and its . accompanying application form for completion, at https://boardroomlimited.com.au/ca/wamincomemaximiser/ If you are an existing shareholder, click on ‘Current Wilson Asset Management shareholder’ and enter your Wilson Asset Management Family Priority Code which can be found in an email or letter you would have received from Boardroom. If you are a past shareholder 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, click on ‘New shareholder’ and check the box ‘Please tick this box if you are a past shareholder of Wilson Asset Management listed investment companies, subscribers to Wilson Asset Management updates and shareholders’ family and friends.’

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Q&A

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Get in touch

info@wilsonassetmanagement.com.au (02) 9247 6755 www.wilsonassetmanagement.com.au

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