WAM RESEARCH LIMITED — Director's Dealing 2015

May 18, 2015

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity: WAM RESEARCH LIMITED

ABN 15 100 504 541

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	CHRIS STOTT
Date of last notice	19 December 2014

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	INDIRECT
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Superannuation Fund Chris Stott is a beneficiary of the Trust Trust>
Date of change	19 May 2015
No. of securities held prior to change	25,103 ordinary shares 11,744 options 35,546 ordinary shares 13,336 options
Class	Ordinary shares Options
Number acquired	11,744 ordinary shares 13,336 ordinary shares
Number disposed	11,744 options 13,336 options
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	$30,096.00
No. of securities held after change	36,847 ordinary shares 48,882 ordinary shares

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

Nature of change

Exercise of options

Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

Part 3 –[+] Closed period

Were the interests in the securities or contracts No detailed above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to N/A allow the trade to proceed during this period? If prior written clearance was provided, on what N/A date was this provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011