Investment Offer

Morgans is a Joint Arranger and Joint Lead Manager to the Offer¹

Offer of fully paid ordinary shares in Solaris Australian Equity Income Plus Limited (“Company” or “SET”), at an Offer price of $2.00 per Share, to raise up to $300 million².

Solaris Australian Equity Income Plus Limited (“Company” or “SET”) will be an ASX Listed Investment Company (“LIC”) that is managed by Solaris Investment Management Limited (“Solaris” or “Manager”). The Manager expects to hold approximately 40 – 70 Australian listed equity securities. The objectives of the Company include:

• ‍Income objective: Invest to deliver higher franked income than the ASX 200 Benchmark;
• Total return objective: Investing to outperform the ASX 200 Total Return Benchmark; and
• Monthly franked income: delivering regular monthly income in the form of franked dividends.

The Investment Strategy will focus on high-quality companies with sustainable earnings, strong free cash flow characteristics and the capacity to grow distributions over time, including dividends and capital management initiatives.

All members of the Solaris Investment Management team will be participating in the Offer, investing at least $3 million in the Offer.

The Offer includes a Cornerstone Offer to existing qualified investors only. A Broker Firm Offer is expected to open following the Cornerstone Offer to wholesale investors and retail personal advice clients. Please contact your Morgans Adviser to discuss the suitability of the Company given your specific investment objectives, current portfolio holdings and if appropriate secure an allocation.

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Solaris Investment Management

The Portfolio of the Company is managed by Solaris, an established Australian equities specialist with approximately $9.5 billion in funds under management³.

Solaris manages a range of active Australian equity unlisted strategies. The Manager applies a disciplined, bottom-up and style-agnostic investment approach underpinned by proprietary fundamental research. Solaris does not maintain a persistent bias toward growth or value securities, recognising that opportunities evolve as market conditions and company fundamentals change.

Solaris is responsible for portfolio construction, security selection and risk management, with the objective of delivering sustainable income (including franking credits) and long-term capital growth in line with the Company’s stated objectives.

Solaris Investment Management is majority owned (55.5%) by its staff with the remaining 44.5% is owned by Solaris key strategic partner Pinnacle Investment Management Group.

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Investment Strategy

The Company will employ the same investment strategy as the Solaris Australian Equity Income Fund (“Unlisted Fund”) which is in its 10th year of operation and has delivered +8.4% p.a. income (including franking credits) and +10.9% p.a. net total return since inception⁴.

The Investment Strategy is to employ proprietary fundamental research to construct a diversified portfolio of approximately 40-70 equity securities that seeks to deliver sustainable income (including franking) and long-term capital growth while actively managing portfolio risk.

The strategy is implemented across three interrelated areas:

1.      Total Return - The Manager invests in securities selected through bottom-up fundamental research within a style-agnostic framework, where expected total return reflects a combination of forecast income and capital appreciation. Investment decisions are informed by qualitative and quantitative analysis and assessed within a consistent risk management framework.

2.      Income - Income is generated through two complementary approaches:

1. Core portfolio income - The portfolio is built around Australian listed securities that the Manager believes offer sustainable income supported by underlying fundamentals and sensible valuation. Income and franking credits are actively considered as part of ongoing portfolio management, with a focus on total return and capital preservation. The Manager does not pursue income at any cost.
2. Tactical income opportunities - The Manager may selectively participate in special dividends and capital management initiatives where consistent with the Company’s income and total return objectives. Such positions are opportunistic and not expected to occur on a regular basis. Fundamental research is the key to assessing the ability and willingness to pay dividends. Solaris’s fundamental research is supported by 500+ company meetings per year and an experienced investment team.

3.      Capital Growth - Capital growth is expected to be generated primarily through exposure to Australian listed securities, providing participation in long-term corporate earnings growth and equity market appreciation. Stock selection and portfolio construction focus on managing risk and supporting total return objectives.

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Solaris Australian Equity Income Plus Limited Overview

Key highlights of investing in SET include:

• Monthly franked income: The Company intends to pay monthly franked dividends⁵ (commencing August 2026) and seeks to generate income inclusive of franking credits that exceeds the income inclusive of franking credits of the Benchmark annually.
• Proven income and total return track record: SET will employ the same investment strategy as the Solaris Unlisted Fund, which has delivered +8.4% p.a. income (including franking) since inception and +10.9% p.a. net total return since inception^3,4.
• Diversified Australian equity portfolio: The Company will invest in a diversified portfolio of approximately 40–70 ASX-listed equity securities, selected through proprietary fundamental research across both growth and value companies.
• Dual income approach: Income generation is driven by optimising ordinary dividend income and franking from core portfolio holdings, together with selective participation in special dividends and tactical capital management initiatives identified through active research.
• Total return focus: In addition to income, the strategy seeks to generate capital growth over the medium to long term, with investment decisions informed by qualitative and quantitative analysis within a disciplined risk management framework.
• Experienced and aligned manager: Managed by Solaris Investment Management, an established Australian equities specialist with approximately $9.5 billion in funds under management³. The investment team has an average tenure of 15 years and is participating in the IPO alongside investors. Solaris is paying for all of the upfront IPO costs.
• NTA discount management framework: The Company has implemented on-market and off-market buyback mechanisms, daily NTA disclosure and active investor communication to assist in managing any material discount to NTA.
• Simple and transparent structure: No performance fee, no complex derivatives, a clear benchmark and full ASX transparency.
• ASX listed liquidity: Shares are expected to be quoted on the ASX under the code SET⁶

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Key Features of the Offer

• Opportunity to participate in the Cornerstone Offer via Morgans as Joint Arranger and Joint Lead Manager to the Offer
• A “day 1” Subscription Price set at a NTA per share of $2.00 with the IPO Offer costs paid by the Investment Manager.
• Aiming to deliver regular monthly income through franked dividends, with an objective to generate income (including franking credits) that exceeds the income of the S&P/ASX 200 Franking Credit Adjusted Daily Total Return Index (Tax-Exempt) annually Benchmark⁵.
• In addition to its income objective, the Company seeks to generate total returns (income and capital growth, net of expenses) over the medium to long term that are broadly in line with, or exceed, the Benchmark.
• Access to a diversified portfolio of approximately 40–70 Australian listed equity securities, selected through proprietary fundamental research with a focus on sustainable earnings and cash flow generation.
• A bottom-up investment framework without a persistent growth or value bias, allowing the portfolio to adapt as market conditions and company fundamentals evolve.
• Managed by Solaris, an established Australian equities specialist with approximately $9.5 billion in funds under management³.
• ASX listed liquidity expected to be quoted on ASX under the code SET⁶

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<sup>1. Morgans will receive fees for its role.
2. With the ability to accept Applications for up to a further $30,000,000 in Oversubscriptions. The Offer may proceed with a lower amount, subject to the minimum proceeds from the offer.
3. as at 31 January 2026.
4. Past performance is not a reliable indicator of future performance.
5. Dividends are subject to the availability of profits, franking credits, cash flow, market conditions and Board discretion and are not guaranteed.
6. The Company will apply for admission to the Official List of ASX and quotation of Shares under the code SET. Quotation is subject to ASX approval. Shares may trade at a premium or discount to Net Tangible Asset ("NTA") backing.</sup>

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Issuer: Solaris Australian Equity Income Plus Limited
Transaction: Listed Investment Company Offer
Morgans Role:  Joint Arranger and Joint Lead Manager
Offer Size: $300 million
Offer Launch Date: 18 March 2026
Expected Cornerstone Offer Close Date: 17 March 2026

Before applying for Shares, investors should ensure they have a sufficient understanding of the risks involved in investing in Solaris Australian Equity Income Plus Limited (“SET”) and should consider whether an investment in Shares is appropriate for their personal circumstances.

An investment in Shares is not guaranteed by Solaris, the Directors, or any other person. Neither capital invested nor investment returns are guaranteed. The value of Shares and the level of dividends will depend on the performance of the Company and its underlying portfolio of investments.

An investment in SET is an investment in an ASX-listed investment company that invests primarily in Australian listed equities. The price of Shares may rise or fall and may trade at a premium or discount to Net Tangible Asset backing. Dividends are discretionary and subject to available profits, franking credits and Board discretion.

An investment in Shares is subject to a range of risks, which are described in Section 6 of the Prospectus. Key risks include market risk, investment strategy risk, dividend risk, manager risk, concentration risk, liquidity risk, regulatory and taxation risk, and the risk that Shares may trade at a discount to NTA. If any of these or other material risks eventuate, they may adversely affect the Company’s financial performance and the value of Shares.

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Design and Distribution Obligations (DDO)

The Corporations Act imposes obligations on the Issuer to determine an appropriate Target Market for the Offer. Morgans as the distributor must take steps which result in the Offer being distributed only to investors that are within the Target Market.
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More information

Cooling-off rights do not apply to an investment in Shares under the Offer. Once an application has been accepted, investors cannot withdraw or cancel their application.
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Investors should read the Prospectus in full to understand the features and risks of the Offer. Please contact your Morgans adviser to apply under the Offer.

If you have any questions about the Offer, please contact your Morgans adviser, call 134 226 or find your nearest office.
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Download Prospectus

The Offer is being offered only in Australia and the Prospectus will only constitute an offer to a person receiving it in Australia. Not for distribution, directly or indirectly, in the United States or to, or for the account or benefit of, US Persons, except in accordance with an available exemption from the registration requirements of the US Securities Act. The distribution of the Prospectus (including an electronic copy) in jurisdictions outside Australia may be restricted by law.

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