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Performance

Detailed below is the WAM Active Limited performance since inception as compared to the All Ordinaries Accumulation Index:

	Jan 08	Feb 08	Mar 08	Apr 08	May 08	Jun 08
Gross Performance*	+0.3%	+1.2%	+0.5%	+1.6%	+2.4%	-3.7%
All Ords Accum.	-11.2%	+0.3%	-4.1%	+4.6%	+2.5%	-7.3%
	Jul 08	Aug 08	Sep 08	Oct 08	Nov 08	Dec 08
Gross Performance*	-1.1%	+0.1%	-3.8%	-5.3%	-5.2%	+3.4%
All Ords Accum.	-5.2%	+4.0%	-10.6%	-13.9%	-7.2%	-0.1%
	Jan 09	Feb 09	Mar 09	Apr 09	May 09	Jun 09
Gross Performance*	-1.9%	+0.6%	+4.5%	+7.6%	+5.0%	+6.2%
All Ords Accum.	-4.9%	-4.3%	+8.1%	+6.1%	+2.2%	+3.9%
	Jul 09	Aug 09	Sep 09	Oct 09	Nov 09	Dec 09
Gross Performance*	+9.6%	+7.5%	+6.2%	+2.1%	+0.3%	+1.0%
All Ords Accum.	+7.7%	+6.5%	+6.0%	-1.9%	+1.9%	+3.7%
	Jan 10					Since Inception
Gross Performance*	-3.6%					+39.8%
All Ords Accum.	-5.8%					-21.7%

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*The change in the portfolio before all expenses, fees and taxes.