WAM CAPITAL LIMITED — Capital/Financing Update 2012

Aug 23, 2012

24 August 2012

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WAM Capital - Placement Oversubscribed

The Board of WAM Capital Limited ( Company ) is pleased to announce an increase in the placement size from $25.9 million to $38.9 million.

On 2 August 2012 the Company issued a Prospectus for a placement of up to 16,026,915 Shares and 16,026,915 Option ( Offer ) to raise $25.9 million.

In view of the demand for shares and options, the Board has resolved to accept oversubscriptions under the Prospectus. The Company will accept oversubscriptions for up to an additional 8,084,951 shares and 8,084,951 options. If all oversubscriptions were taken up, this would raise additional gross proceeds of $13,064,472 bringing the total maximum placement size to $38,962,365. If fully taken up, these additional shares would represent approximately 6.1% of the post-issue capital of the Company.

The offer closes at 5.00pm 24 August 2012.

A supplementary prospectus in relation to these changes to the Offer is attached.

For further information, please contact our office on 02 9247 6755.

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Geoff Wilson Chairman

Level 11, 139 Macquarie Street, Sydney NSW 2000 | GPO Box 4658 Sydney NSW 2001 | ABN 34 086 587 395 Phone 02 9247 6755 | Fax 02 9247 6855 | info@wamfunds.com.au | www.wamfunds.com.au

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Supplementary Prospectus

WAM Capital Limited

ACN 086 587 395

This is a Supplementary Prospectus intended to be read with the original Prospectus dated 2 August 2012 ( Prospectus ) relating to the offer of up to 16,026,915 Shares and 16,026,915 Options.

This Supplementary Prospectus is dated 24 August 2012 and was lodged with the Australian Securities and Investments ( ASIC ) pursuant to section 719(1) of the Corporations Act 2001 on that date. ASIC and its officers take no responsibility for the contents of this Supplementary Prospectus.

Pursuant to section 719(4) of the Corporations Act, the information set out below is taken to be included in the Prospectus. Terms defined in the Prospectus have the same meaning in this Supplementary Prospectus except for otherwise defined in the Supplementary Prospectus.

Oversubscriptions

As at the date of this Supplementary Prospectus, the Company has received applications in excess of the Shares and Options available under the Prospectus.

In view of this excess demand, the Board has determined that it will accept oversubscriptions. The Company has the capacity under the Listing Rules to accept applications for up to a further 8,084,951 Shares and 8,084,951 Options. The Company will accept oversubscriptions up to this limit.

Funds raised as a result of acceptance of any oversubscriptions will be applied in the same manner as funds raised under the Offer.

If fully subscribed, the Offer would result in the number of Shares on issue increasing from 106,897,140 to 122,924,055. If the full capacity for oversubscriptions were also accepted, the number of Shares would increase to 131,911,216, taking into account of options exercised during the offer period, and the number of Options would increase to 129,952,424. The additional Shares would represent approximately 6.1% of the post-issue capital of the Company.

The gross proceeds that would be received by the Company if the full capacity for oversubscriptions were accepted would be $13,064,472.

Director’s Authorisation

Each Director has given and has not withdrawn their consent to the lodgement of this Supplementary Prospectus with ASIC. This Supplementary Prospectus has been signed by Geoff Wilson, for and on behalf of WAM Capital Limited.

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Geoff Wilson Chairman WAM Capital Limited Dated: 24 August 2012

Level 11, 139 Macquarie Street, Sydney NSW 2000 | GPO Box 4658 Sydney NSW 2001 | ABN 34 086 587 395 Phone 02 9247 6755 | Fax 02 9247 6855 | info@wamfunds.com.au | www.wamfunds.com.au