Wam Income Maximiser Limited · ASX:WMX
Wam Income Maximiser — Wilson Asset Management — Investor Presentation (May 2026)
61 slides from Wam Income Maximiser's investor presentation, May 2026
Slide 1: National Shareholder Presentation
National Shareholder Presentation
Slide 2: Disclaimer
Disclaimer Wilson Asset Management and its related entities and each of the respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (express or implied) is made as to the accuracy, completeness
Slide 3: Geoff Wilson AO
Geoff Wilson AO Chairman and Lead Portfolio Manager
Slide 4: Positioning for the long term
Positioning for the long term If you missed thetop 10 daysin the marketover the past 10 years, you wouldlose out on over 50%of your potential equity market returns. 146.9% 58.0% S&P/ASX All Ordinaries S&P/ASX All Ordinaries 4.7% p.a. Accumulation Index 9.5% p.a. Accumulation Index (ex. 10 best days)
Slide 5: Premium / Discount to NTA
Premium / Discount to NTA at 31 March 2026 39.8% premium 32.9% premium 21.2% premium 4.2% premium 0% at NTA 4.7% discount 10.7% discount 12.1% discount 15.1% discount 5
Slide 6: Our proven investment process
Our proven investment process WAM Strategic Value provides shareholders with exposure to Wilson Asset Management’s proven investment process focused on identifying and capitalising on share price discounts to underlying asset values of listed companies, primarily listed ment invest companies (LICs)
Slide 7: LIC Sector Tailwinds
LIC Sector Tailwinds LIC/LIT sector market capitalisation- Average discounts across the LIC sector has an all time high narrowed in the first half of FY2026 60,000 50,000 9% 6% $’mMarketcap 40,000 Weighted average Weighted average 30,000 discount to NTA discount to NTA in in June 2025 December 2025
Slide 8: Diversified investment portfolio by LIC/LIT sector
Diversified investment portfolio by listed investment company/trust (LIC/LIT) sector at 31 March 2026 LIC/LIT Global Equities: 50.7% 25.7% LIC/LIT Domestic Equities: 17.5% 1.3% Listed Property Fund: 4.8% 50.7% 4.8% Direct Discount Asset: 1.3% Cash and Cash Equivalents: 25.7% 17.5% 8
Slide 9: Regal Asian Investments Premium / Discount
Regal Asian Investments (ASX: RG8) as at 31 March 2026 Total shareholder return (TSR) 48.5% Grossed-up dividend yield 7.7% Discount to net tangible assets (NTA) -13.6% $4.00 25.0% $3.00 20.0% 15.0% $2.00 10.0% Premium / Discount Share price / NTA $1.00 5.0% $0.00 0.0% -$1.00 -5.0% -10.0% -$2.00 -15.
Slide 10: Australian Unity Office Fund
Australian Unity Office Fund (ASX: AOF) as at 31 March 2026 Invested at a discount Distributions received Expected proceeds (May 24) 30.2% discount 83.1 cpu 37-38 cpu Mar-24 Nov-24 to Apr-25 Apr-26 Confirmed strategy Completion of sale of 3 AOF announced proposed sale of to divest assets remaining a
Slide 11: Look-through pre-tax NTA: Realising intrinsic value
Look-through pre-tax NTA: Realising intrinsic value $1.40 The look-through pre-tax NTA is an $0.03 estimation of the Company’s pre -tax NTA calculated using the most recently $0.01 available pre-tax NTA (or estimated pre- $0.02 tax NTA, where one is not available) of $0.02 the underlying investment
Slide 12: Matthew Haupt
Matthew Haupt Lead Portfolio Manager
Slide 13: One Long War
One Long War 13
Slide 14: A century of energy conflict
A century of energy conflict 1914 1939 1956 1980 2003 2022 WWI WWII Suez Crisis Iran–Iraq Gulf War 2 Russia–Ukraine 1932 1951 1973 1990 2011 Chaco War Iran Oil Oil Embargo Gulf War Libya Nationalisation 2026 US - Iran 14
Slide 15: Australia: The Safest Pair of Hands in Global Energy
Australia: The Safest Pair of Hands in Global Energy 1-in-5 One jurisdiction LNG cargoes traded globally Combining LNG, base, precious are from Australia and rare earths under a single rule of law Queensland GLNG · QCLNG · APLNG Zero defaults 49% Darwin / NT on sixty years of LNG supply of the world
Slide 16: Stock Pitch: Woodside Energy
Stock Pitch: April 2026 | ASX: WDS Woodside Energy FY26 forecasts 198M bbl US$3.4bn 23% 12x 6.7% Oil produced Net profit after tax (NPAT) NPAT margin Price / Earnings Grossed-up dividend yield Sellers are back in the driver's seat Why now— and why Woodside Energy 17% 16% 1. Supply is structurally ti
Slide 17: Stock Pitch: Macquarie Group
Stock Pitch: April 2026 | ASX: MQG Macquarie Group FY26 forecasts A$4.7bn 13.0% 8.0% 3.0% Net profit after tax (NPAT) Return on Equity (ROE) 3 Year Forward Earnings Growth p.a. Grossed-up dividend yield Why now— and why Macquarie Group Annuity-style | Income Markets-facing | Income CGM – Commodity v
Slide 18: Portfolio Positioning
Portfolio Positioning as at 31 March 2026 4.7% 3.3 years 10.1% Investment portfolio Dividend Grossed-up outperformance of coverage^ dividend yield# the S&P/ASX 200 Accumulation Index FYTD * Active Sector Weights Financials Industrials Consumer staples Health care Utilities Communication services Con
Slide 19: Volatility rewards conviction
Volatility rewards conviction 19
Slide 20: Catriona Burns
Catriona Burns Lead Portfolio Manager
Slide 21: AI and long-term quotes
“AI is going to be the most transformative technology ever” Demis Hassabis, DeepMind “Focus on what won’t change” Jeff Bezos, Amazon
Slide 22: Artificial Intelligence: Models are improving exponentially
Artificial Intelligence: Models are improving exponentially 22
Slide 23: Software and Quality headwinds FYTD
Software and Quality headwinds FYTD Price change FYTD +35.3% +30.5% +2.1% -8.0% -30.3% Unprofitable Tech (GS) Unprofitable Russell (MS) MSCI World Quality (MS) Software Sector 23
Slide 24: What doesn't change? Multi-year investment drivers
What doesn’t change? Multi -year investment drivers Innovative Health Critical Assets 24
Slide 25: Identifying opportunities globally using our proven investment process
Identifying opportunities globally using our proven investment process Undervalued Exposure to quality global Catalyst mispricing companies opportunities Grossed-up dividend yield* Dividend coverage^ On the ground insights: 8.9% 5.7 years 700+ company meetings across the USA, Europe and Asia *Based
Slide 26: Oscar Oberg
Oscar Oberg Lead Portfolio Manager
Slide 27: All Ordinaries Accumulation Index vs Small Industrials Index
S&P/ASX All Ordinaries Accumulation Index vs S&P/ASX Small Industrials Index 9,800 4000 S&P/ASX All Ordinaries Accumulation Index 9,600 3800 S&P/ASX Small Industrials Index 9,400 AI disruption 9,200 3600 9,000 Inflation 8,800 3400 8,600 War 3200 8,400 8,200 3000 -14.8% 8,000 7,800 2800 Oct-25 Nov-25
Slide 28: JB Hi-Fi Limited 2017
JB Hi-Fi Limited (ASX: JBH) 2017 $30 $29 $28 $27 $26 -21.3% $25 $24 $23 $22 $21 Feb-17 Mar-17 Apr-17 May-17 JB-Hi-Fi Share Price 28
Slide 29: JB Hi-Fi Limited 2020 to 2025
JB Hi-Fi Limited (ASX: JBH) 2020 to 2025 $120 $100 $80 $60 +444.1% $40 $20 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 JB-Hi-Fi Share Price 29
Slide 30: ResMed 2023
ResMed (ASX: RMD) 2023 $36 $34 $32 $30 $28 -40.1% $26 $24 $22 $20 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Resmed Share Price 30
Slide 31: ResMed 2023 to 2026
ResMed (ASX: RMD) 2023 to 2026 $44 $36 $28 +56.7% $20 Oct-23 Dec-23 Feb-24 Apr-24 Jun-24 Aug-24 Oct-24 Dec-24 Feb-25 Apr-25 Jun-25 Aug-25 Oct-25 Dec-25 Resmed CDI Share Price 31
Slide 32: Cobram Estate Olives and Bega Cheese
Cobram Estate Olives Limited Bega Cheese Limited (ASX: CBO) (ASX: BGA) 32
Slide 33: Historical Investment Portfolio Performance
Historical Investment Portfolio Performance Financial Year WAM Capital investment portfolio performance FY2022 -18.8% Investment portfolio performance in the 12 months to 30 June 2022 FY2023 +18.2% Investment portfolio performance in the 12 months to 30 June 2023 FY2024 +26.4% Investment portfolio p
Slide 34: Damien Boey
Damien Boey Portfolio Strategist
Slide 35: Why WAM Income Maximiser?
Why WAM Income Maximiser? Monthlyfully franked dividends The only Australian LIC that Access to wholesale markets invests across debt and equity not available to retail shareholders Actively managed with levers An ‘enhanced hybrid’with debt Diversified portfolioof equities to capitalise on interest
Slide 36: One year on, exceeded target income return
One year on, exceeded target income return +12.0% 39.0% 6.9% Investment portfolio Less volatility than the ASX Annualised April 2026 fully performancesince inception 300 since inception (Apr-25) franked dividend yield on IPO * (Apr-25) to 31 March 2026 to 31 March 2026 ^ price, including the value o
Slide 37: Seeking the best securities on offer from major Australian companies
Seeking the best securities on offer from each of the major Australian companies 6.4% 6.5% 5.8% 4.7% 3.9% 1-year Term Floating Rate Fixed Rate Debt; Hybrid; 2030 Call ASX: CBA Equity Deposit Note; 2036 2046 Maturity Grossed-up Maturity Dividend Yield Yields by Security Sources: WAM, Bloomberg 37
Slide 38: We are navigating peak rates in Australia
We are navigating peak rates in Australia 20% 15% 10% 5% 0% -5% 1989 1994 1999 2004 2009 2014 2019 2024 RBA Cash Rate Taylor Rule Sources: WAM, Bloomberg 38
Slide 39: We are navigating peak rates in Australia
We are navigating peak rates in Australia 18% 15% 12% 9% 6% 3% 0% 1970 1974 1978 1982 1986 1990 1994 1998 2002 2006 2010 2014 2018 2022 2026 Australian 10-year Government Bond Yield Long-term Neutral Rate Sources: WAM, Bloomberg 39
Slide 40: Dependable returns in uncertain times
Dependable returns in uncertain times 8 7 6 5 4 3 2 1 0 2016 2018 2020 2022 2024 2026 2028 Equity Volatility Rates Volatility Policy Uncertainty AI Uncertainty Sources: WAM, Bloomberg 40
Slide 41: Nick Kelly
Nick Kelly Portfolio Manager
Slide 42: Best in class investment partners
Best in class investment partners At 31 March 2026– on a fully deployed basis 50% Growth 40% Defensive 30% 20% 10% 0% Private Equity Real Estate Infrastructure Water Agriculture Private Debt ^Includes undrawn capital commitments to various closed -end strategies, which are expected to be called prog
Slide 43: What is Private Equity (PE)?
What is Private Equity (PE)? Buys / Acquires interest in Not listed / traded on Private Equity Firm Businesses Stock Market How do they make money? Helps them Later sells it at Buy private business Improve profitability Higher Price • Buy cheaply • Revenue growth • Sell within 4-5yrs for 2.5-3x • Bi
Slide 44: How does WMA invest in PE?
How does WMA invest in PE? Companies that have been or are owned by Private Equity in Australia Company A Private Equity WMA Fund I Company B Company C WMA makes a “commitment” to a fund and this commitment is then drawn down on over approx. 4 years The stats on private equity Over 60,000 businesses
Slide 45: What is the J Curve and why does it matter?
What is the J Curve and why does it matter? Returns WMA Years 45
Slide 46: The WMA PE portfolio is maturing out of the J Curve
The WMA PE portfolio is maturing out of the J Curve 7.0 4.0 3.5 3.5 3.0 Carrying Value 2.5 2.3 2.0 2.0 2.0 1.9 1.7 1.6 1.5 1.5 1.4 1.4 1.4 1.3 1.2 1.2 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.6 0.5 0.0 2021 2022 2023 2024 2025 2026 Vintage 46
Slide 47: Best in class investment partners
Best in class investment partners At 31 March 2026– on a fully deployed basis 50% Growth 40% Defensive 30% 20% 10% 0% Private Equity Real Estate Infrastructure Water Agriculture Private Debt ^Includes undrawn capital commitments to various closed -end strategies, which are expected to be called prog
Slide 48: WAM Alternative Assets - why now is the time
WAM Alternative Assets - why now is the time Diversification Noise creates opportunity Low correlation with Long term thematic portfolio traditional assets Discount WMA Returns 15.1% share price 8.7% per annum discount since Oct-20 and The PE portfolio is maturing to NTA* embedded value in Strong in
Slide 49: Register your interest (WRAF)
(WRAF) Register your interest Available to wholesale investors and retail advised investors only Scan the QR code to register for further information regarding the Wilson Asset Management Real Assets Fund. Alternatively, you can email: [email protected]
Slide 50: Future Generation
Future Generation Lee Hopperton Bonnie Ashton Chief Investment Officer General Manager
Slide 51: Why invest with Future Generation
Why invest with Future Generation $1.3 billion $175 million $100 million Assets under management Fees saved. Exceeding donations. Social investment to date Access highly diversified No management or Invest with purpose, Australian and global performance fees without compromising investment portfolio
Slide 52: Diversified by boutique manager, strategy & style
Diversified by boutique manager, strategy & style ASX: FGX ASX: FGG Australian equities Global equities
Slide 53: Yesterday's winners
Yesterday's winners The worlds largest 10 companies at the start of each decade 10 9 8 Energy Number of companies 7 Technology 6 Financials 5 Communication Industrials Consumer Services 4 Energy 3 2 1 - 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020 2025
Slide 54: Global market concentration risk
Global market concentration risk Largest 10 companies as % of global market FGG exposure to largest 10 companies 6% 30% 28% FGG: 13% 25% 4% MSCI: 28% % Share of MSCI 20% 2% 15% - Meta Apple Tesla Alphabet (A) Microsoft JP Morgan Amazon NVIDIA Broadcom Alphabet (C) 10% 2017 2021 2018 2015 2016 2019 2
Slide 55: Australian market concentration risk
Australian market concentration risk Largest 10 companies as % of Australian market FGX exposure to largest 10 companies 10% 6 9% 5 8% FGX: 17% Number of companies 4 7% S&P/ASX 300: 46% 6% 3 5% 2 4% 3% 1 2% - 1% Mining Real estate Financials Pharmaceuticals Telecommunications - Consumer discretionar
Slide 56: Strong, sustainable dividend growth
Strong, sustainable dividend growth 12.0 8.9 years 7.3% 10.0 3.0 cps special fully Dividend coverage * Fully franked dividend yield 3.0 franked dividend incl. special ^ 8.0 Cents per share 6.0 71.5 cps 10.4% 4.0 8.0 Profits reserve at 31 March Grossed -up dividend 7.0 7.2 7.4 2026 yield incl. specia
Slide 57: Strong, sustainable dividend growth
Strong, sustainable dividend growth 8.0 7.0 6.3 years 5.5% Dividend coverage Fully franked dividend yield * 6.0 5.0 Cents per share 4.0 3.0 6.0 6.5 6.7 7.0 7.2 45.5 cps 7.9% 5.2 Profits reserve at 31 March Grossed -up dividend 5.0 4.4 4.6 2026 yield * 2.0 4.0 4.1 1.0 - 2015 2016 2017 2018 2019 2020
Slide 58: Best in class philanthropy
Best in class philanthropy Cumulative donations over 10 years Millions $100 $90 $100 million $80 Donations to our social impact partners $70 $60 $50 $40 $30 $20 $10 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Future Generation Australia Future Generation Global Future Generation Women
Slide 59: Supporting vulnerable children and youth wellbeing
Supporting Australia’s most Supporting youth wellbeing vulnerable children to thrive & mental health
Slide 60: ASX: FGX | ASX: FGG
Partnering with CommSec to rebate brokerage if you buy Future Generation shares through your CommSec account ASX: FGX | ASX: FGG
Slide 61: National Shareholder Presentation Q&A Panel
National Shareholder Presentation Q&A Panel
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