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WAM Strategic Value Access the recording FY2026 Interim Results Webinar Geoff Wilson AO Chairman & Lead Portfolio Manager Jesse Hamilton Chief Financial Officer Martyn McCathie Investment Specialist \\ '
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2 Disclaimer Wilson Asset Management and their related entities and each of their 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 or reliability of any statements, estimates or opinions or other information contained in these materials (any of which may change without notice) and to the maximum extent permitted by law, the Disclosers disclaim all liability and responsibility (including, without limitation, any liability arising from fault or negligence on the part of any or all of the Disclosers) for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from these materials. This information has been prepared and provided by Wilson Asset Management. To the extent that it includes any financial product advice, the advice is of a general nature only and does not take into account any individual’s objectives, financial situation or particular needs. Before making an investment decision an individual should assess whether it meets their own needs and consult a financial advisor.
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3 Financial highlights *Investment portfolio performance is before expenses, fees and taxes. ^Based on the 24 February 2026 share price of $1.185 per share and the annualised FY2026 fully franked interim dividend of 6.5 cents per share . #Grossed-up dividend yield includes the value of franking credits and is based on a tax rate of 30.0%. FY2026 Interim Results Operating profit before tax in HY2026 Investment portfolio performance in the six months to 31 December 2025* Dividends paid since inception, when including the value of franking credits $16.0m +9.8% 26.8 cps Annualised FY2026 fully franked interim dividend Fully franked dividend yield ^ Grossed-up dividend yield# 6.5 cps 5.5% 7.9%
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4 Fully franked dividends since inception in June 2021 FY2026 Half Year Results Key dividend dates 3.25cps fully franked interim dividend Ex-dividend date 1 May 2026 Dividend record date (7:00pm Sydney time) 4 May 2026 Last election date for DRP 6 May 2026 Payment date 29 May 2026 Since inception in June 2021, the Company has paid 18.75 cents per share in dividends to shareholders and 26.8 cents per share when including the value of franking credits. 1.0 1.5 2.25 3.0 3.25 2.0 2.0 3.0 3.0 1.0 3.25 - 1.0 2.0 3.0 4.0 5.0 6.0 7.0 2021/22 2022/23 2023/24 2024/25 2025/26 Fully franked interim dividend Fully franked final dividend Special fully franked dividend Annualised fully franked interim dividend Cents Per Share
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5 Company performance *The Company’s look-through pre-tax NTA is an estimate only . The look-through pre-tax NTA disclosed is an estimation of the Company’s pre-tax NTA calculated using the most recently available pre -tax NTA (or estimated pre- tax NTA, where one is not available) of the underlying investment portfolio. No warranty (express or implied) is made as to the accuracy, completeness or reliability of the Company’s estimated look -through pre-tax NTA. For further information, please visit our website . Look-through NTA at 31 January 2026* $1.51 Pre-tax NTA at 31 January 2026 $1.33 Share price at 31 January 2026 $1.15 Dividends paid since inception, including franking credits 26.8 cps Total shareholder return, including the value of franking credits for the 12 months to 31 December 2025 9.9% Share price discount to pre-tax NTA at 31 December 2025 11.7% Flow through yield + franking in the 12 months to 31 December 2025 7.73 cps
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6 Investment portfolio outperformance during market drawdowns in 2025 WAM Strategic Value (ASX: WAR) S&P/ASX All Ordinaries Accumulation Index Outperformance February 2025 1.2% -4.0% +5.2% March 2025 -3.2% -3.5% +0.3% September 2025 1.5% -0.5% +2.0% November 2025 -0.4% -2.5% +2.1% Total -1.0% -10.1% +9.1% Investment portfolio performance is before expenses, fees and taxes.
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7 Average discounts across the LIC sector Weighted average discounts across the LIC and LIT sector narrowed in the first half of FY2026 -12% -10% -8% -6% -4% -2% 0% Weighted average premium or discount to NTA
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8 Premiums and discounts across the LIC sector Dispersion across the sector highlights ongoing investment opportunities (as at 31 December 2025) - $2,000m $4,000m $6,000m $8,000m $10,000m -80% -60% -40% -20% 0% 20% 40%Premium / discount Market capitalisation Average Discount
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9 The growth of the listed investment company sector 42 53 62 64 67 65 62 61 56 58 56 68 89 95 107 114 113 110 99 92 88 88 90 0 10,000 20,000 30,000 40,000 50,000 60,000 0 20 40 60 80 100 120 $'m Market cap Number of LICs/LITs LIC/LIT sector market capitalisation and size from 2003 to 2025 Number of LIC/LITs Market capitalisation
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10 The growth of the listed investment company sector 1 6 2 6 7 2 1 4 2 4 9 12 12 7 12 11 8 0 5 1 0 3 5 0 10,000 20,000 30,000 40,000 50,000 60,000 0 2 4 6 8 10 12 14 $'m Market cap Number of IPOs LIC/LIT sector market capitalisation and number of IPOs from 2003 to 2025 Number of LIC/LITs IPOs Market capitalisation
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11 Diversified investment portfolio by listed investment company/trust (LIC/LIT) sector at 31 December 2025 53.4% 23.2% 4.9% 1.2% 17.3% LIC/LIT Global Equities: 53.4% LIC/LIT Domestic Equities: 23.2% Listed Property Fund: 4.9% Direct Discount Asset: 1.2% Cash and Cash Equivalents: 17.3%
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12 Actively traded positions Carlton Investments (ASX: CIN) Lowell Resources Fund (ASX: LRT) Salter Brothers Emerging Companies (ASX: SB2) Perpetual Equity Investment Company (ASX: PIC) NAOS Small Cap Opportunities Company (ASX: NSC)
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13 Secondary market capital raisings and sell downs Washington H. Soul Pattinson and Company (ASX: SOL) L1 Global Long Short Fund (ASX: GLS) Ophir High Conviction Fund (ASX: OPH)
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14 Scan QR to register or visit https:/ /wilsonassetmanagement.com.au/events/ 2026 Shareholder Presentations Canberra Sydney Brisbane Tuesday 21 April 2026 Hotel Realm (National Ballroom) 18 National Circuit, Barton ACT 2600 Wednesday 22 April 2026 The Fullerton (Grand Ballroom) 1 Martin Place, Sydney NSW 2000 Thursday 23 April 2026 Sofitel Brisbane Central (Grand Ballroom) 249 Turbot Street, Brisbane City QLD 4000 Melbourne Perth Adelaide Hobart Tuesday 28 April 2026 Sofitel Melbourne on Collins (Grand Ballroom) 25 Collins Street, Melbourne VIC 3000 Wednesday 29 April 2026 The Ritz-Carlton (Elizabeth Quay Ballroom) 1 Barrack Street, Perth WA 6000 Thursday 30 April 2026 Hilton Adelaide (Grand Ballroom) 233 Victoria Square, Adelaide SA 5000 Friday 1 May 2026 Crowne Plaza Hobart (Centurion Ballroom) 110 Liverpool Street, Hobart TAS 7000
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