Performance

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

	Aug 99	Sep 99	Oct 99	Nov 99	Dec 99	Jan 00
Gross Performance*	+1.4%	+5.1%	+4.1%	+11.0%	+4.9%	-2.0%
All Ords Accum.	-1.9%	-1.7%	+0.5%	+5.9%	+3.7%	-1.8%
	Feb 00	Mar 00	Apr 00	May 00	Jun 00	Jul 00
Gross Performance*	+5.4%	+5.3%	-5.7%	-2.9%	+3.6%	+2.9%
All Ords Accum.	+1.6%	+0.5%	-1.5%	-1.3%	+7.7%	-1.3%
	Aug 00	Sep 00	Oct 00	Nov 00	Dec 00	Jan 01
Gross Performance*	+5.2%	-0.7%	+2.5%	+1.9%	+0.1%	+1.7%
All Ords Accum.	+1.7%	+0.2%	-1.1%	+1.1%	-2.0%	+4.4%
	Feb 01	Mar 01	Apr 01	May 01	Jun 01	Jul 01
Gross Performance*	-0.2%	- 3.7%	+3.9%	+6.7%	+6.9%	-1.0%
All Ords Accum.	-0.2%	- 4.8%	+5.7%	+1.6%	+3.8%	-4.5%
	Aug 01	Sep 01	Oct 01	Nov 01	Dec 01	Jan 02
Gross Performance*	+4.6%	-2.9%	+8.6%	+3.8%	+3.3%	+7.0%
All Ords Accum.	-1.3%	-6.7%	+6.8%	+3.4%	+2.7%	+1.3%
	Feb 02	Mar 02	Apr 02	May 02	Jun 02	Jul 02
Gross Performance*	+3.1%	+4.9%	-0.4%	+0.7%	-2.2%	-3.0%
All Ords Accum.	-1.1%	+0.8%	-1.8%	+0.9%	-4.4%	-4.1%
	Aug 02	Sep 02	Oct 02	Nov 02	Dec 02	Jan 03
Gross Performance*	+3.9%	-1.1%	+1.1%	+1.6%	+1.5%	+1.3%
All Ords Accum.	+1.8%	-4.1%	+2.6%	+1.5%	-1.5%	-1.3%
	Feb 03	Mar 03	Apr 03	May 03	Jun 03	Jul 03
Gross Performance*	-1.7%	-0.4%	+3.8%	+1.5%	+3.5%	+3.6%
All Ords Accum.	-5.1%	+3.4%	+4.4%	+0.5%	+1.3%	+3.6%
	Aug 03	Sep 03	Oct 03	Nov 03	Dec 03	Jan 04
Gross Performance*	+5.2%	+3.7%	+5.4%	-0.7%	+3.6%	+2.5%
All Ords Accum.	+3.5%	-0.1%	+3.5%	-2.1%	+3.7%	-0.7%
	Feb 04	Mar 04	Apr 04	May 04	Jun 04	Jul 04
Gross Performance*	+2.7%	+0.1%	-1.3%	-0.8%	+1.0%	+2.4%
All Ords Accum.	+3.1%	+2.0%	-0.1%	+1.6%	+2.7%	+0.6%
	Aug 04	Sep 04	Oct 04	Nov 04	Dec 04	Jan 05
Gross Performance*	+1.2%	+2.5%	+2.9%	+3.3%	+0.7%	+2.7%
All Ords Accum.	+1.1%	+3.8%	+3.1%	+4.6%	+3.0%	+1.3%
	Feb 05	Mar 05	Apr 05	May 05	Jun 05	Jul 05
Gross Performance*	-0.2%	-0.8%	-4.2%	+0.0%	+2.8%	+2.2%
All Ords Accum.	1.8%	-0.7%	-3.8%	+3.4%	+4.5%	+2.8%
	Aug 05	Sep 05	Oct 05	Nov 05	Dec 05	Jan 06
Gross Performance*	+3.9%	+2.6%	+0.1%	+3.0%	+0.8%	+1.5%
All Ords Accum.	+2.2%	+4.8%	-3.8%	+4.4%	+3.0%	+3.7%
	Feb 06	Mar 06	Apr 06	May 06	Jun 06	Jul 06
Gross Performance*	+4.9%	+5.3%	+2.1%	-2.3%	+0.5%	+0.4%
All Ords Accum.	+0.7%	+4.8%	+2.4%	-4.3%	+1.9%	-1.5%
	Aug 06	Sep 06	Oct 06	Nov 06	Dec 06	Jan 07
Gross Performance*	+3.4%	+2.4%	+4.7%	+3.6%	+6.1%	+3.8%
All Ords Accum.	+3.2%	+1.3%	+4.8%	+2.5%	+3.6%	+2.0%
	Feb 07	Mar 07	Apr 07	May 07	Jun 07	Jul 07
Gross Performance*	+0.4%	+1.9%	+2.6%	+4.7%	+3.3%	+0.3%
All Ords Accum.	+1.6%	+3.3%	+3.0%	+3.2%	-0.1%	-1.9%
	Aug 07	Sep 07	Oct 07	Nov 07	Dec 07	Jan 08
Gross Performance*	-4.2%	+1.7%	+3.1%	-4.8%	-1.1%	-9.4%
All Ords Accum.	+1.7%	+5.8%	+3.1%	-2.4%	-2.4%	-11.2%
	Feb 08	Mar 08	Apr 08	May 08	Jun 08	Jul 08
Gross Performance*	-1.3%	-5.3%	+1.7%	+2.3%	-7.9%	-1.7%
All Ords Accum.	+0.3%	-4.1%	+4.6%	+2.5%	-7.3%	-5.2%
	Aug 08	Sep 08	Oct 08	Nov 08	Dec 08	Since Inception
Gross Performance*	+1.7%	-5.3%	-9.2%			+349.0%
All Ords Accum.	+4.0%	-10.6%	-13.9%			+94.2%

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