WMX offers investors exposure to an actively managed, income‑focused portfolio run by a seasoned manager with a long, successful LIC track record, while providing attractive fully franked yields and access to wholesale‑grade corporate debt within a listed vehicle. Ideal for investors seeking dependable, tax‑effective income and disciplined multi‑asset portfolio management.

Offer Price of A$1.62 per New Share represents:

• 5.54% discount to the last traded price of A$1.715
• 5.62% discount to the 15-day VWAP price of A$1.716
• WMX’s 24 July 2026 pre-tax NTA per share of A$1.62, adjusted for the August 2026 fully franked dividend of 0.64 cents per share.

WAM Income Maximiser Limited (WMX) is an ASX-listed closed‑end listed investment company launched in April 2025 to provide investors with a regular, fully franked income stream and capital growth from a diversified portfolio of Australian equities and corporate debt instruments. WMX invests in a multi‑asset portfolio that was 59.5% equities and 40.5% debt as at 30 June 2026, targeting monthly fully franked dividends equal to the RBA cash rate plus 2.5% per annum, supported by profit reserves and accumulated franking credits.

WMX is managed by Wilson Asset Management (International) Pty Ltd (WAM), a specialist Australian LIC manager founded in 1997 with a 29‑year track record and approximately $6.0 billion invested on behalf of more than 130,000 retail and wholesale investors across nine listed investment companies and four unlisted funds. WAM is led by Chairman and CIO Geoff Wilson AO and CEO Catriona Burns, with WMX specifically overseen by Lead Portfolio Manager Matthew Haupt, who has over 20 years’ experience across fixed income, equities and multi‑asset investing, and Portfolio Strategist Damien Boey, who brings more than 20 years’ macroeconomic and investment experience and began his career as an economist at the Reserve Bank of Australia.

• Targeting a monthly fully franked income stream, with a target income return of the RBA cash rate plus 2.5% per annum including franking credits, and an annualised December 2026 yield of 7.1% on average pre‑tax NTA.
• Strong performance track record, with the investment portfolio returning 17.8% per annum since inception in April 2025 to 30 June 2026, outperforming its benchmark by 7.6% per annum with 25.9% less volatility than the S&P/ASX 300 Accumulation Index.
• Actively managed, diversified multi‑asset portfolio (59.5% equities, 40.5% debt as at 30 June 2026) designed to deliver sustainable income, reduced volatility and capital growth.
• High‑quality debt portfolio yielding 6.1% to maturity, with a duration of 6.9 years and a credit profile of 14% AAA, 75% A and 11% hybrids, providing access to wholesale corporate debt markets typically unavailable to many individual investors.
• Structural advantages of a closed‑end LIC including a stable pool of capital, strong corporate governance and the ability to pay fully franked dividends without forced asset sales.

The proceeds from the Offer will be invested by the Investment Manager in accordance with WMX’s investment strategy and consistent with the disclosures made by the Issuer to the ASX, with the objective of delivering monthly franked dividends and capital growth through a portfolio of high-quality Australian equities and corporate debt instruments.

The issue of New Shares can provide greater market liquidity, diversification and allow shareholders to increase their shareholding to support the WMX strategy.