WAM RESEARCH LIMITED — Capital/Financing Update 2016

Oct 23, 2016

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Dividend Reinvestment Plan Shortfall Placement oversubscribed

24 October 2016 ASX announcement

WAM Research Limited (ASX: WAX) has successfully raised $12,501,876.73 million (7.93 million ordinary shares) through an oversubscribed placement to professional and sophisticated investors[*] .

The Placement has been made at the Dividend Reinvestment Plan (DRP) price of $1.5766 a 19.1% premium to the Company’s 30 September 2016 ex-dividend pre-tax net tangible assets (NTA) of $1.3243 per share.

Issuing new shares at a premium will increase the Company’s NTA per share to the benefit of all shareholders.

*These terms are defined in the Corporations Act as individuals with net assets greater than $2.5 million, or those who earn gross income of $250,000, or a Superannuation Fund with net assets of at least $10 million.

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About WAM Research

WAM Research Limited (ASX: WAX), one of Australia’s leading Listed Investment Companies, is managed by Wilson Asset Management. Listed in August 2003, WAM Research provides investors with exposure to a diversified portfolio of undervalued growth companies, which are generally small-to-medium sized industrial companies listed on the Australian Securities Exchange. WAM Research’s investment objectives are to provide a rising stream of fully franked dividends and achieve a high real rate of return, comprising both income and capital growth, within acceptable risk parameters.

For more information visit wilsonassetmanagement.com.au

Should you have any queries, please contact:

Geoff Wilson Kate Thorley James McNamara Chairman & Portfolio Manager Chief Executive Officer Head of Corporate Affairs (02) 9247 6755 (02) 9247 6755 (02) 9247 4902 +61 412 242 712 +61 405 115 644 +61 416 734 080

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info@wilsonassetmanagement.com.au Level 11, 139 Macquarie Street Sydney NSW 2000 Australia

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

ABN 15 100 504 541