WAM ACTIVE LIMITED — Capital/Financing Update 2008

Jan 9, 2008

WAM ACTIVE LIMTED

(ACN 126 420 719)

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PRO-FORMA BALANCE SHEET ON COMPLETION OF THE CAPITAL RAISING

ASSETS Cash and cash equivalents TOTAL ASSETS LIABILITIES Payable to the Manager (a) Otherpayables (b) TOTAL LIABILITIES NET ASSETS EQUITY Issued capital IPO Transaction Costs **TOTAL EQUITY **	June 2007 $ 15,400,101
	15,400,101
	13,651 231,303
	244,954
	**15,155,147 **
	15,400,101 (244,954)
	**15,155,147 **

Notes: (a) IPO costs borne by MAM Pty Limited on behalf of the Company (b) IPO costs payable including broker fees of $69,005 (incl. GST)