WAM ACTIVE LIMITED — Major Shareholding Notification 2008

Jul 14, 2008

603 page 1/3

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To: Company name/Scheme Impact Capital Limited ACN/ARSN ACN 094 503 385

1. Details of substantial holder (1) Name Wilson Management Group refer to the entities listed in annexure A

ACN (if applicable) The holder became a substantial holder on 13 June 2008

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Persons votes (5)	Voting power (6)
Ordinary Shares	3,390,559	3,390,559	5.20%

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
WilsonManagementGroup	See annexure A	ordinaryshares

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities
WilsonManagementGroup	Invia Custodian Pty Limited A/c> Invia Custodian Pty Limited Fund A/c> Invia Custodian Pty Limited A/c>	WAM Capital Limited	2,365,730 ordinary shares
		Botanical Nominees Pty LimitedATF WilsonAsset Management Equity Fund	812,730 ordinary shares
		WAM ActiveLimited	212,099 ordinary shares

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)	Consideration (9)	Consideration (9)	Class and number of securities
		Cash		Non-cash
See annexureA
6. Associates The reasons thepersons named inparagraph 3 above are associates of the substantial holder are as follows:
Name and ACN(if applicable)			Nature of association
Wilson Asset Management (International) Pty Limited(ACN081 047 118)and MAM Pty Limited (ACN100 276 542)			In accordance with section 12(2)(c) of the Corporations Act - controlledby an entity that controlsthe other.

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7. Addresses

The addresses of the person named in this form are as follows:

Name Address Wilson Asset Management (International) Pty Limited Level 11, 139 Macquarie Street, Sydney NSW 2000 MAM Pty Limited Level 11, 139 Macquarie Street, Sydney NSW 2000 WAM Capital Limited Level 11, 139 Macquarie Street, Sydney NSW 2000 Botanical Nominees Pty Limited Level 11, 139 Macquarie Street, Sydney NSW 2000 Wilson Investment Fund Limited Level 11, 139 Macquarie Street, Sydney NSW 2000 WAM Active Limited Level 11, 139 Macquarie Street, Sydney NSW 2000 Invia Custodian Pty Limited Level 15, 101 Collins Street, Melbourne VIC 3000 GW Holdings Pty Limited Level 11, 139 Macquarie Street, Sydney NSW 2000 Geoffrey Wilson C/- Level 11, 139 Macquarie Street, Sydney NSW 2000

Signature

print name Geoffrey Wilson capacity Director sign here date 14/07/08

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 7 of the form.

• (2) See the definition of associate in section 9 of the Corporations Act 2001.

• (3) See the definition of relevant interest in sections 608 and 671B(7) of the Corporations Act 2001.

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

• (6) The person s votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (7) Include details of:

• (a) any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangements, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of relevant agreement in section 9 of the Corporations Act 2001.

• (8) If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of an option) write unknown .

• (9) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

Small Business (less than 20 employees), please provide an estimate of the time taken to complete this form

Include

The time actually spent reading the instructions, working on the question and obtaining the information

The time spent by all employees in collecting and providing this information hrs mins

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Annexure A

1. Details of Wilson Management Group

Wilson Asset Management (International) Pty Limited (ACN 081 047 118)

MAM Pty Limited (ACN 100 276 542)

WAM Capital Limited (ACN 086 587 395)

WAM Active Limited (ACN 126 420 719)

Botanical Nominees Pty Limited as trustee of the Wilson Asset Management Equity Fund (ACN 081 032 000)

Wilson Investment Fund Limited (ACN 100 504 541)

GW Holdings Pty Limited (ACN 102 329 377)

Geoffrey Wilson

3. Details of relevant interests: Nature of Relevant Interest

Wilson Asset Management (International) Pty Limited - Manages the portfolio of investments of and has a relevant interest under section 608(1)(b) in securities held by WAM Capital Limited and Botanical Nominees Pty Limited as trustee of the Wilson Asset Management Equity Fund.

MAM Pty Limited - manages the portfolio of investments of and has a relevant interest under section 608(1)(b) in securities held by Wilson Investment Fund Limited and WAM Active Limited.

GW Holdings Pty Limited - taken to have a relevant interest in the voting securities under section 608(3)(b) of the Corporations Act 2001.

Geoffrey Wilson - taken to have a relevant interest in the voting securities under sections 608(1)(b) and 608(3)(b) of the Corporations Act 2001.

5. Consideration

Holder of relevant interest	Date if acquisition	Consideration	Consideration	Class and number of securities
		Cash	Non- cash
Wilson Management Group	22/05/08	$198,208.30		429,000 ordinary shares
Wilson Management Group	29/05/08	$6,134.75		13,278 ordinary shares
Wilson Management Group	13/06/08	$353,283.65		799,400 ordinary shares
Wilson Management Group	22/05/08	$40,196.09		87,000 ordinary shares
Wilson Management Group	13/06/08	$71,680.70		162,197 ordinary shares
Wilson Management Group	22/05/08	$48,512.52		105,000 ordinary shares
Wilson Management Group	13/06/08	$87,041.06		196,954 ordinary shares

This is annexure A of 1 page referred to in Form 603 Notice of Initial Substantial Holder

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Name: Geoffrey Wilson Capacity: Director Date: 14 July 2008