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WAM Leaders Investor Presentation ( ASX : WLE ) | August 2026
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2 This presentation has been prepared by WAM Leaders Limited (ACN 611 053 751) (Company ) and MAM Pty Limited (ACN 100 276 542) (AFSL no. 223 231) (part of the Wilson Asset Management Group) (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. 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. Before making an investment decision an individual should assess whether it meets their own needs and consult a financial advisor. 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. Disclaimer
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3 *Based on the issue price of $1.325 per share and the FY2026 fully franked full year dividend of 9.6 cents per share. Grossed-up dividend yield includes the value of franking credits is based on a tax rate of 30%. ^Investment portfolio performance is before expenses, fees, taxes and the impact of capital management initiatives to compare to the relevant index which is before expenses, fees and taxes. Past performance is not a reliable indicator of future performance. **Total shareholder return is the total share price return to shareholders, assuming all dividends received were reinvested without transaction costs and the compounding effect over the period. This measure is calculated including the value of franking credits attached to dividends paid to shareholders. +14.0% Performance of the investment portfolio in the 12 months to 30 June 2026 ^ Strong investment portfolio outperformance and increased fully franked full year dividend: FY2026 results +7.9% Outperformance of the investment portfolio in the 12 months to 30 June 2026 Fully franked dividend yield** 10.3% Grossed-up dividend yield on issue price * 7.2% Fully franked dividend yield on issue price * +24.7% FY2026 total shareholder return, including franking credits**
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4 Investment portfolio performance is before expenses, fees, taxes and the impact of capital management initiatives to compare to the relevant index which is before expenses, fees and taxes. Past performance is not a reliable indicator of future performance. Investment portfolio performance at 31 July 2026 1 yr 3 yrs %pa 5 yrs %pa 7 yrs %pa 10 yrs %pa Since inception %pa (May -16) WAM Leaders Investment Portfolio 11.3% 7.2% 9.2% 11.6% 12.1% 12.1% S&P/ASX 200 Accumulation Index 6.0% 10.4% 8.0% 7.9% 9.0% 9.2% Outperformance +5.3% -3.2% +1.2% +3.7% +3.1% +2.9% Investment portfolio outperformance since inception
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5 Fully franked dividends since inception 1.0 2.5 2.65 3.25 3.5 4.0 4.5 4.6 4.7 4.8 2.0 2.5 3.0 3.25 3.5 4.0 4.5 4.6 4.7 4.8 - 2.0 4.0 6.0 8.0 10.0 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22 2022/23 2023/24 2024/25 2025/26 Fully franked interim dividend Fully franked final dividend Cents per share 96.5 cps dividends paid since inception, when including the value of franking credits Key dividend dates Ex-dividend date 17 November 2026 Dividend record date (7:00pm Sydney time) 18 November 2026 Last election date for DRP 20 November 2026 Payment date 30 November 2026 Grossed-up dividend yield on issue price^ Increased fully franked full year dividend 9.6 cps Profits reserve ^Based on the issue price of $1.325 per share and the FY2026 fully franked full year dividend of 9.6 cents per share. Grossed-up dividend yield includes the value of franking credits and is based on a tax rate of 30%. Past performance is not a reliable indicator of future performance. Increased fully franked final dividend 4.8 cps 28.3 cps 10.3%
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6 A proven leader in Australian large-cap equities Established Australian large-cap LIC manager with an experienced investment team and proven investment process Delivering investment portfolio outperformance since inception through a disciplined and repeatable investment approach Market conditions creating attractive opportunities for active managers to identify valuation and earnings dislocations Investment portfolio positioned to benefit from changing market and economic conditions Actively managed Australian large-cap investment portfolio with the flexibility to capitalise on opportunities across market cycles Focused on delivering fully franked dividends , capital growth and capital preservation for shareholders Past performance is not a reliable indicator of future performance.
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7 Positioned for the opportunities ahead • The WAM Leaders investment team believes markets are pricing a relatively smooth policy path despite inflation and labour market data that suggest a more uncertain outlook. • The Reserve Bank of Australia's current policy stance may prove inconsistent with underlying economic conditions, creating opportunities as markets reprice interest rate expectations and duration-sensitive sectors. 1. Policy uncertainty is underpriced • Official intervention can create price movements driven by policy objectives rather than underlying value, resulting in temporary disconnects across currencies and related equities. • These dislocations can present attractive opportunities for active investors while prices remain away from fundamental value. 2. Government intervention is creating valuation dislocations • Valuation dispersion between value and growth stocks remains elevated relative to current economic uncertainty. • With reporting season providing a near-term catalyst for markets to refocus on earnings fundamentals, the investment portfolio is positioned to benefit from a potential narrowing of valuation gaps as mispriced opportunities are re-rated. 3. Reporting season may accelerate a rotation to value
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8 Key Placement terms Placement size Up to $200 million Placement securities Up to 150,943,396 Placement price $1.325 per share, a 5.0% discount to the latest share price* Bookbuild opens Thursday, 6 August 2026 Placement result announcement date Monday, 10 August 2026 Expected date of settlement Thursday, 13 August 2026 Expected date of allotment Friday, 14 August 2026 Shares expected to commence trading on the ASX Monday, 17 August 2026 Joint Lead Arrangers Commonwealth Securities, Morgans Financial, Ord Minnett and Taylor Collison Joint Lead Managers Bell Potter Securities, Canaccord Genuity (Australia), E&P Capital and Shaw and Partners *Based on the 5 August 2026 share price of $1.395 per share.
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Appendix: Investment portfolio positioning and outlook
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10 PositioningFundamentalsMacroeconomic Investment Process Aim: To translate the latest macro data and forecasts into the portfolio. Why: Our experience confirms that global macroeconomics are an important driver of equity valuations and company earnings. We continuously monitor the macroeconomic environment to identify trends and possible inflection points and position the portfolio in anticipation. Our process includes: Constant assessment of changes in economic data or market dynamics Factor screening and analysis for ideas generation Dialogue with industry contacts Regular dialogue with our global network of independent macroeconomic research houses 1 2 3 4 Aim: To identify earnings ahead of expectations. Why: Positive earnings surprises to market expectations are a key driver of share price returns. The investment team seeks to identify companies where the reality is better than the market’s perception. Our process includes: Continuous engagement with company executives, management and investor relations Idea generation through customised stock screens Engagement with sector specialists and industry participants Seasonality analysis 1 2 3 4 Aim: To capitalise on changes in consensus views. Why: Fundamentals don't always drive share prices in the short to medium term. Our sentiment and flow analysis is employed as both a portfolio monitoring tool and a source of idea generation. This adds value to our detailed macro and fundamental analysis. Our process includes: Price, valuation, short interest & crowding analysis Engagement with quantitative research analysts Factor bucket & sensitivity analysis (e.g. duration) Flow analysis and trigger points of various style managers 1 2 3 4 Wilson Asset Management’s proven investment process is focused on three key areas:
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11 Investment Philosophy • The ASX200 is a heavily macro influenced market which supports our highly active process. • Our pragmatic approach is formulated to take advantage of opportunities through various business cycles and regimes. • We believe a dynamically adjusted core portfolio supplemented with trading opportunities can deliver alpha. • At our core we are bottom up, fundamental investors.
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12 • The spread between expensive and cheap stocks tightens when there is a lot of inflation risk being priced into bonds. This is because there is Fed tightening risk, which in turn benefits short-duration value and dividend exposures over long-duration growth exposures. • Forward-looking indicators suggest there is room for US inflation expectations to rise, particularly because of the geo-political environment we are in, and the unusual phenomenon of artificial intelligence- (AI-) driven inflation. Upside risk to inflation expectations drives tightening of multiple dispersion Now is a time to be value conscious
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13 • Growth stocks traditionally follow the path of interest rate uncertainty. Higher (lower) uncertainty weighs (supports) growth stock outperformance in the period ahead. • However, recently, we have seen growth stocks overshoot the path traced out by rates uncertainty. Instead, they have followed the path of the AI demand-to- supply balance (or the inverse of the inventories-to-shipments ratio). The challenge is that at the margins, the AI demand-to-supply balance is starting to deteriorate. Another challenge is that cyclicals deserve to trade on lower valuation multiples than structural growth stocks. We are wary of growth stocks that are now trading like cyclicals
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14 • Historically, commodity prices follow world industrial production (IP) growth. Strong (soft or weak) IP growth is usually consistent with higher (lower) commodity prices. But over the past year or so, commodity prices are up strongly despite soft world IP growth. For copper, this is because of stock-piling in the US ahead of data center build out. • Copper prices have traded more in line with speculative interest in AI, as evidenced by developments in Korean equities. Should we see AI stocks correct, copper prices will likely experience some downward pressure. Resources are Australia’s AI proxy
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15 • Momentum investors tend to underperform when uncertainty is high, signaling an inflection point in the cycle, and the untrustworthiness of trends. • Globally, AI stocks are in the momentum bucket, whereas in Australia, it's miners. • Currently, uncertainty is elevated, If we look at the categories of uncertainty, it is highest in AI. Uncertainty puts crowded trades at risk We are not leaning with momentum
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16 • The Reserve Bank of Australia (RBA) sets the cash rate equal to the long-t erm neutral rate (the rate needed to keep inflation stable inside the Bank's target band, and growth at long-term potential) plus the output gap (the level difference between aggregate demand and supply in the economy). The most hawkish R BA officials recognize that the output gap is zero. They also suggest that the top-end of their range of neutral rate estimates is 4%. In the circumstances, the cash rate should already be below 4.35%. • Real estate investment trusts (REITS) do well when rates fall. Development and retail REITs are more sensitive to short-e nd rate movements. Australian rates can fall The case for real estate investment trusts (REITs)
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17 Diversified investment portfolio by sector at 31 July 2026 Sector Portfolio %# Benchmark % Active % Real estate 12.1 5.8 ↑ 6.3 Materials 30.3 25.0 ↑ 5.3 Consumer discretionary 9.6 7.2 ↑ 2.4 Energy 5.7 4.5 ↑ 1.2 Health care 5.7 5.6 ↑ 0.1 Information technology 1.8 2.0 ↓ -0.2 Communication services 3.0 3.4 ↓ -0.4 Utilities 0.1 1.3 ↓ -1.2 Consumer staples 2.5 3.8 ↓ -1.3 Industrials 4.1 6.8 ↓ -2.7 Financials 19.9 34.6 ↓ -14.7 Active sector weights at 31 July 2026 #Investment portfolio held 5.2% in cash. 30.3% 19.9%12.1% 9.6% 5.7% 5.7% 4.1% 3.0% 2.5% 1.8% 0.1% 5.2% Materials: 30.3% Financials: 19.9% Real estate: 12.1% Consumer discretionary: 9.6% Health care: 5.7% Energy: 5.7% Industrials: 4.1% Communication services: 3.0% Consumer staples: 2.5% Information technology: 1.8% Utilities: 0.1% Cash: 5.2%
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18 Company Code % BHP 9.6% CBA 7.4% RIO 4.2% WES 3.8% WBC 3.2% Top 20 holdings with portfolio weightings at 31 July 2026 Company Code % NAB 3.0% MQG 2.8% MGR 2.5% WDS 2.5% SGP 2.5% Company Code % ALL 2.2% AMC 2.0% BSL 2.0% JHX 2.0% GPT 2.0% Company Code % SCG 1.8% GMG 1.8% COL 1.5% DNL 1.5% S32 1.4%
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Appendix: About Wilson Asset Management
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20 Investment team Matthew Haupt John Ayoub Anna Milne Hailey Kim Damien Boey Lead Portfolio Manager BCom GradDip App Fin CFA Portfolio Manager LLB BA GradCert App Fin Deputy Portfolio Manager BCom CFA Senior Investment Analyst BEcon CA Portfolio Strategist BEc (Hons 1) LLB (Hons 1) 21 years’ experience 17 years’ experience 8 years’ experience 7 years’ experience 20 years’ experience 15 years with Wilson Asset Management 10 years with Wilson Asset Management 6 years with Wilson Asset Management 3 years with Wilson Asset Management 2 years with Wilson Asset Management
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21 Experienced Board of Directors Geoff Wilson AO Kate Thorley Alexa Henderson Melinda Snowden Dr Ian Langford Title Chairman Director Independent Director Independent Director Independent Director Experience +46 years of markets experience. +26 years of funds management experience. +33 years’ global experience in finance, accounting and audit having previously held roles with KPMG, Arthur Andersen and Deutsche Bank (WM Company). +31 years’ financial markets experience as a professional company director and as an investment banker with Grant Samuel, Merrill Lynch and Goldman Sachs in Australia and New York. + 30 years of experience and as a senior officer in the Australian Defence Force, leading large and small teams in complex and ambiguous environments, having held a range of appointments in the Army and Special Forces throughout his career. Founded Wilson Asset Management in 1997. Executive Director at Wilson Asset Management, having served as Chief Executive Officer for 15 years.
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22 Lead Portfolio Managers Portfolio Managers and Portfolio Strategist Matthew Haupt WAM Leaders (Australian large caps), WAM Income Maximiser, Wilson Asset Management Leaders Fund Catriona Burns WAM Global (Global equities) Geoff Wilson AO Chief Investment Officer BSc GMQ FFINSIA FAICD Founded Wilson Asset Management in 1997 Deputy Portfolio Managers, Investment Analysts and Dealers Investment Specialists Tomasina East Investor Relations Advisor April Lowis Senior Investor Relations Advisor Jayden Harrison Investment Associate Martyn McCathie Investment Specialist Chris Boyd Investment Specialist Oscar Oberg WAM Capital, WAM Microcap, WAM Research and WAM Active (Australian mid and small caps), Wilson Asset Management Founders Fund Investor Relations Adam Senecky Investor Relations Advisor John Ayoub WLE, WMX, WLET LLB BA GradCert App Fin Nick Healy WAM Global BEng (Hons) MBA CFA Nick Kelly WAM Alternative Assets, WRAF BAcc Fin CFA Tobias Yao WAM, WMI, WAX, WAA, WFF BCom CFA Shaun Weick WAM, WMI, WAX, WAA, WFF BBus (Fin) CA William Liu WAM Global BCom Mfin Damien Boey Portfolio Strategist BEc (Hons 1) LLB (Hons 1) Anna Milne Deputy Portfolio Manager, WLE, WMX, WLET BCom CFA Hailey Kim Senior Investment Analyst, WLE, WMX, WLET BEcon CA Sophia Mulligan Investment Analyst, WAM, WMI, WAX, WAA, WFF BCom Cooper Rogers Senior Investment Dealer BCom GradDip App Fin Chris Marsden Investment Dealer Bbus (Fin Econ) Jacob Grover Investment Analyst, WMA, WRAF BAcc CA Will Thompson Senior Investment Analyst, WGB BCom (Fin) Laura Hargrove Investment Analyst, WGB BA CFA Jasper Yeghianian-Alvandi Investment Analyst, WMA, WRAF Bcom BAdvStudies An industry leading investment team
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23 Kate Thorley Executive Director 26 years’ experience Geoff Wilson AO Chairman & Chief Investment Officer 46 years’ experience Jesse Hamilton Chief Financial Officer 18 years’ experience Kim Heng Chief Operating Officer 25 years’ experience Matthew Haupt Lead Portfolio Manager WAM Leaders, WAM Income Maximiser, Wilson Asset Management Leaders Fund 21 years’ experience Catriona Burns Chief Executive Officer & Lead Portfolio Manager WAM Global 22 years’ experience Alexandra Hopper Irwin Head of Corporate Affairs and Marketing 15 years’ experience Michelle Dempsey Head of Legal, Risk & Compliance 20 years’ experience Veronica Carroll Director of People & Culture 20 years’ experience Oscar Oberg Lead Portfolio Manager WAM Capital, WAM Microcap, WAM Research, WAM Active, Wilson Asset Management Founders Fund 18 years’ experience An experienced management team
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A diversified portfolio offering Australian large-cap equities Global small-to-mid-cap equities Australian small-to-mid-cap equities Australian microcap equities Mispricing opportunities Alternative assets Investment & social returns Monthly income and capital growth Discounted assets Trusts ASX: WAM Listed: 1999 FUM: $1.4bn ASX: WAX Listed: 2003 FUM: $164.8m ASX: WGB Listed: 2018 FUM: $804.9m ASX: WMA Appointed Investment Manager: Oct-2020 FUM: $235.5m ASX: WMX Listed: 2025 FUM: $328.6m ASX: WMI Listed: 2017 FUM: $360.9m ASX: WAR Listed: 2021 FUM: $229.9m ASX: WAA Listed: 2008 FUM: $185.3m ASX: WLE Listed: 2016 FUM: $1.9bn We invest $6.0 billion on behalf of more than 130,000 retail and wholesale investors. Wilson Asset Management was established in 1997 with a purpose of making a difference for our shareholders and the community. Listed investment companies (LICs) ASX: FGX ASX: FGG
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Get in touch www.wilsonassetmanagement.com.au (02) 9247 6755 info@wilsonassetmanagement.com.au Join more than 100,000 weekly readers Alexandra Hopper Irwin Head of Corporate Affairs and Marketing (02) 9247 6755 alexandra@wilsonassetmanagement.com.au April Lowis Senior Investor Relations Advisor 0411 182 119 april@wilsonassetmanagement.com.au Martyn McCathie Investment Specialist Chris Boyd Investment Specialist 0433 312 603 martyn@wilsonassetmanagement.com.au 0416 077 166 chris.boyd@wilsonassetmanagement.com.au