WAM ACTIVE LIMITED — Capital/Financing Update 2011

Feb 10, 2011

WAM ACTIVE LIMITED ABN 49 126 420 719

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Dear Optionholder,

If you wish to exercise your WAM Active Limited (WAA) options at the exercise price of $1.15 in order to receive ordinary shares which will be eligible to receive the 4.0 cents a share fully franked interim dividend you need to do so by close of business 11 March 2011. The options expire on 30 April 2011.

As at 31 January 2011 the pre-tax NTA for WAA was $1.192 and the post tax NTA was $1.168. The current share price for WAA at the close of business on 9 February 2011 was $1.08. The interim dividend is to be paid as follows:

Ex Date: 17 March 2011 Record Date: 23 March 2011 Payment Date: 31 March 2011

To exercise any of your options, please return the “Notice of Exercise” form (on the back of you Holding Statement) along with your cheque to:

WAM Active Limited C/- Registries Limited PO Box R67 Royal Exchange Sydney NSW 1223

If you require a new Holding Statement and Notice of Exercise form, please contact Registries Limited directly on Telephone (02) 9290 9600 or Fax (02) 9279 0664.

The options are currently trading on the Australian Securities Exchange under the ASX code WAAO where you can buy or sell them. The last price they traded was on 3 February 2011 at $0.005. The exercise price is $1.15.

If you take no action, your options will lapse on 30 April 2011.

Yours sincerely

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Geoff Wilson Chairman

Level 11, 139 Macquarie Street, Sydney NSW 2000 | GPO Box 4658 Sydney NSW 2001 | ABN 49 126 420 719 Phone 02 9247 6755 | Fax 02 9247 6855 | info@wami.com.au | www.wilsonassetmanagement.com.au