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For personal use only W | A | M Microcap Annual General Meeting Chairman's Address \\ ' 23 November 2021 Introduction and welcome Good afternoon and welcome to the fourth WAM Microcap Limited Annual General Meeting ( AGM ) . We are focused on the health and wellbeing of our shareholders , therefore this meeting is being held virtually to protect you all from the risk of the current coronavirus pandemic . We recognise the limitations of holding AGMs in this format , and we look forward to seeing everyone again in person as soon as it is safe to do so . I would like to begin by acknowledging the Traditional Owners of the land on which I am speaking to you from today , the Gubbi Gubbi people and pay my respects to Elders past and present . As we are unable to meet together , I also acknowledge the traditional custodians of the lands from which our shareholders and fellow directors are currently viewing and listening to today's AGM . Wunya Ngulum . Welcome to all our shareholders - thank you for joining us and for your continued support of WAM Microcap . I am Geoff Wilson , Chairman of the Board of Directors . I am joined today by my fellow Board members , Kate Thorley , Jacqueline Sullivan and Adrian Siew , on whose appointment you are invited to vote today . Scott Whiddett , a representative from WAM Microcap's auditor , Pitcher Partners , will be available to address any questions relating to the Company's financial statements . FY2021 in review Financial results WAM Microcap achieved a record operating profit before tax of $ 107.0 million ( FY2020 : $ 14.8 million ) and a record operating profit after tax of $ 76.1 million ( FY2020 : $ 11.3 million ) , reflective of the record investment portfolio performance during the period . The WAM Microcap investment portfolio increased by a record 53.2 % in FY2021 , outperforming the S & P / ASX Small Ordinaries Accumulation Index by 20.0 % . This investment portfolio performance was achieved with an average cash weighting of 12.3 % over the year . WAM Microcap's pre - tax NTA increased 37.5 % in the 12 months to 30 June 2021 , including the 10.0 cents per share of fully franked dividends paid to shareholders during the year . Total shareholder return and share price premium to NTA Total shareholder return measures the value shareholders gain from share price growth and dividends paid over the period , before the value of any franking credits distributed to shareholders through fully franked dividends . The investment portfolio outperformance and the share price moving from a discount to NTA to a premium to NTA resulted in a record 58.7 % total shareholder return for shareholders during the 12 - month period to 30 June 2021. As at 30 June 2021 , the share price premium to NTA was 7.8 % ( FY2020 : discount of 7.1 % ) . On 22 November 2021 , the share price premium to NTA was 13.0 % . Throughout its 4 - year history , the Company's share price has traded at both premiums and discounts to its NTA . Fully franked dividends since inception The Board declared a fully franked full year dividend of 12.0 cents per share , including an additional fully franked special dividend of 4.0 cents per share , which represented a 6.6 % dividend yield on the 30 June 2021 share price of $ 1.825 per share . Since inception , the Company has paid 33.75 cents per share in fully franked dividends to shareholders . As at 31 October 2021 , the Company had 50.2 cents per share available in its profits reserve , after the payment of the fully franked final dividend of 4.0 cents per share and the fully franked special dividend of 4.0 cents per share on 22 October 2021 . W | A | M Microcap ABN 34 617 838 418 wilsonassetmanagement.com.au Telephone . +61 2 9247 6755 Fax . +61 2 9247 6855 info@wilsonassetmanagement.com.au Level 26 , Governor Phillip Tower , 1 Farrer Place Sydney NSW 2000 Australia Page 1 of 3