COG FINANCIAL SERVICES LIMITED — Net Asset Value 2008

Jun 12, 2008

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June 13, 2008

Australian Securities Exchange Limited Level 6, Exchange Centre 20 Bridge Street Sydney NSW 2000 Attention: Company Announcements

By E-lodgement

Wallace Absolute Return Limited (WAB) 6 June 2008 NTA

The unaudited Net Tangible Asset value per share (after all tax, fees and expenses) as at 6 June 2008 was $0.6798. The unaudited Net Tangible Asset value per share before tax payable as at 6 June 2008 was $0.6798. The WAB share price as at 6 June 2008 was $0.38

About Wallace Absolute Return Limited

Wallace Absolute Return Limited (“Company”) has been in operation since January 2003 and is a listed investment company on the Australian Securities Exchange (“ASX”). The Company is a market neutral fund offering investors the opportunity to participate in an absolute return product. The Company publishes its NTA four times a month through the ASX and on its website (www.wallacefunds.com.au) providing investors with timely performance updates.

The Company’s investment strategy involves the use of the Managers fundamental and quantitative research to identify assets that are, in the Managers opinion, mispriced relative to each other. The Company then allocates its capital according to the risk adjusted return expectations of each security in order to optimise the Company’s total return for a given level of risk. Broadly, the level of risk is measured by the expected range of outcomes for each security. A greater expected range of outcomes indicates higher risk and results in less capital being allocated to that investment.

For more information contact: Richard Wallace (02) 9247 1568

Email: wallace@wallacefunds.com.au