WAM RESEARCH LIMITED — AGM Information 2007

Nov 22, 2007

CHAIRMAN S ADDRESS

WILSON INVESTMENT FUND LTD ANNUAL GENERAL MEETING

Friday 23rd November 2007 11.00am

Lyceum Theatre, Wesley Centre 220 Pitt Street Sydney NSW 2000

1. INTRODUCTION

Good morning, welcome to the Fourth Annual General Meeting of Wilson Investment Fund Ltd (WIL). Thank you for your attendance and for your support since we listed on 19[th] August 2003.

My name is Geoff Wilson, I am chairman of the board of directors and I will be chairing this meeting today. I would like to introduce the other members of the board Matthew Kidman, John Abernethy and Julian Gosse.

2. MISSION

WIL is an investment company whose mission is to provide superior returns to its investors over the medium to long term. WIL is managed by MAM Pty Ltd (MAM). MAM is owned by entities associated with Geoff Wilson and Matthew Kidman.

3. PERFORMANCE

We are pleased to report on the Company s performance in its fourth year of operation. In the year to June 2007 WIL made an operating profit before tax of $5.2 million and an after tax profit of $5.1million. For the year, dividends paid and declared totaled 5.5 cents per share fully franked. As at October 2007, 91.7% of the portfolio is invested in equities and listed hybrids while only 8.3% is held in fixed interest and cash.

4. OBJECTIVES

These are to:

Deliver investors a secure income stream in the form of fully franked dividends.

• Preserve capital, and

Achieve a high real rate of return, comprising both income and capital.

5. INVESTMENT PHILISOPHY

The focus of the manager is to undertake extensive research and invest using a disciplined approach . The manager believes to buy assets at a sizeable discount to their assessed value requires patience. Since WIL s inception to 31 October 2007 the manager has undertaken over 3125 interviews with the management of listed companies.

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The manager is using two methods to invest:

• Research driven - which involves the rating of a company with respect to its management, earnings growth, valuation and industry position and then identifying a catalyst which will change the valuation before investing, and

• Investment driven - which requires investing in a company with a sustainable business model, a track record of profit and dividends, acceptable financial risk and a strong return on equity. Once the above characteristics have been identified the timing of the purchase is paramount. The manager has been conservative with this timing.

6. DIVIDEND POLICY

The board is committed to increasing the ordinary dividend paid each year and paying fully franked dividends when franking credits are available. For the FY07, the dividend increased to 5.5cents a share fully franked which included a 2.0 cent LIC Capital Gain. In the current year it is anticipated dividends will be increased, assuming adequate profitability, and that franking credits are available.

7. LIC CAPITAL GAINS

As mentioned at last years AGM, we applied to the Australian Tax Office for a ruling on our ability to pay a LIC Capital Gain dividend. We received confirmation from the ATO in December 2006 that capital gains earned by WIL to date, met the criteria of LIC Capital Gains. 2.0 cents of the 2.75 cent dividend paid in October 2007 was paid as a LIC Capital Gain.

8. DISCOUNT TO NTA

The pre-tax NTA as at 31st October 2007 was $1.38. The current share price is $1.09. This is a 20.8% discount to the pre-tax NTA. We believe this phenomenon will change over time with the establishment of a performance track record as a public company. We believe the real issue for shareholders over the long term is total shareholder return and if WIL can maintain its investment performance and deliver attractive dividend payments the discount between NTA and share price will be less of a consequence. I believe the current discount represents an excellent buying opportunity. Since 16 October, entities associated with myself, have been buying shares increasing total holdings by 886,000 shares to 4,800,534 shares.

9. FOREIGN HEDGE FUND IS BUYING WIL

A foreign based hedge fund is buying shares in WIL. We understand that they take positions in undervalued closed end funds and have been described as an activist arbitrageurs focused on maximising their profits without regard to the long term consequences of the investee companies.

10. CAPITAL MANAGEMENT

Over the last four years the company has completed three 10% share Buy Backs which have delivered tangible benefits to all current shareholders. The Buy Back creates value for existing shareholders by increasing the NTA per share. Up until now the Buy Back has been an efficient way of investing the company s cash. The company is now over 90% invested. The board believes shareholders will reap the

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benefits from these investments and it has no current intentions of commencing another Buy Back.

11. GOAL

Our goal is to deliver consistently growing dividends to shareholders. This will be achieved by having a combination of research driven investments, ideally made up of a portfolio of smaller and medium sized industrial growth companies, and investment driven investments consisting of a portfolio of larger industrial companies that will provide a consistent dividend flow.

12. PORTFOLIO

As at 31 October 2007 the listed equities and hybrids were as follows:

Listed Debt Securities Qty ANZ Ltd 5.85% Conv Pref (ANZPA) 15,000 Bank of Queensland Ltd Prefs (BOQPB) 70,000 BrickworksLtd Prefs (BKWPA) 8,000 Futuris Corp Ltd 7% Conv Notes (FCLGA) 297,482 Leighton Holdings Ltd Conv Notes (LEIGA) 8,000 Nylex Ltd Unsec Conv Note (NLXG) 17,304 Seven Network Ltd Non-red Prefs (SEVPC) 15,000 Toll Holdings Ltd Reset Prefs (TOLPA) 5,000 Willmott Forests Ltd Prefs (WFLPA) 14,000 Capital Goods CSR Ltd (CSR) 500,000 Nylex Ltd (NLX) 117,543 Nylex Ltd Options (NLXO) 54,384 Reece Australia Ltd 5,523 Commercial Services & Supplies Credit Corp Group Ltd (CCP) 959,082 McMillan Shakespeare Ltd (MMS) 750,000 SAI Global Ltd (SAI) 675,000 Consumer Services Sydney Attractions Group Ltd (SAQ) 183,616 Tabcorp Holdings Ltd (TAH) 200,000 Tattersalls Ltd (TTS) 611,350 Media Infochoice Ltd (ICH) 2,166,560 Photon Group Ltd (PGA) 1,033,000 Prime Television Ltd (PRT) 381,291 Sth Cross Broadcasting (Aust) Ltd(SBC) 259,945 Retailing AP Eagers Ltd (APE) 322,454 ARB Corporation Ltd (ARP) 580,864 Signature Brands Ltd (SBL) 793,804 Food & Staples Retailing Metcash Ltd (MTS) 950,000 Software & Services Rattoon Holdings Ltd (RTN) 2,508,477	MarketValue 1,528,500 7,168,000 835,200 728,533 830,000 35,992 1,563,000 935,500 1,337,000 14,961,726 1,705,000 246,840 35,893 156,025 2,143,758 10,933,535 3,390,000 2,025,000 16,348,535 1,191,668 3,112,000 2,561,556 6,865,224 487,476 7,045,060 1,483,222 4,525,642 13,541,400 4,785,217 2,526,758 26,196 7,338,171 4,436,500 4,436,500 865,425 **865,425 **	Food Beverage & Tobacco Qty Cockatoo Ridge Wines Ltd (CKR) 8,108,328 Graincorp Ltd (GNC) 209,714 Select Harvest Ltd (SHV) 343,241 Pharmaceuticals & Biotechnology Sigma Pharmaceuticals Ltd (SIP) 884,120 Banks Bendigo Bank Ltd (BEN) 495,463 Mortgage Choice Ltd (MOC) 519,715 National Aust Bank Ltd (NAB) 100,000 Rock Building Society Ltd (ROK) 57,285 Westpac Banking Corporation 120,000 Wide Bay Australia Ltd (WBB) 381,760 Health Care Equip & Services Aevum Ltd (AVE) 1,324,953 Primary Health Care Ltd (PRY) 300,191 Pro Medicus Ltd (PME) 1,075,000 Diversified Financials ASXLtd (ASX) 302,000 Babcock & Brown Ltd (BNB) 100,000 Clime Investment M ment Ltd (CIW) 3,836,143 CVC Ltd (CVC) 750,000 Equity Trustees Ltd (EQT) 71,000 IOOF Holdings Ltd (IFL) 327,000 Mariner Financial Ltd (MFI) 2,560,000 NSX Ltd (NSX) 1,085,000 Perpetual Ltd (PPT) 40,000 Treasury Group Ltd (TRG) 98,766 Insurance Calliden Group Ltd (CIX) 6,000,000 Tower Australia Group Ltd (TAL) 1,689,950 Tower Ltd (TWR) 953,156 Real Estate Challenger Wine Trust (CWT) 2,453,250 Transportation Viking Industries Ltd (VKI) 500,000 TOTAL PORTFOLIO VALUE	Market Value 1,135,166 2,065,683 2,539,983 5,740,832 1,343,862 1,343,862 6,921,618 1,283,696 4,310,000 274,968 3,664,800 4,772,000 21,227,082 3,935,110 3,557,263 1,526,500 9,018,874 17,319,700 3,050,000 4,526,649 1,350,000 2,165,500 3,106,500 1,651,200 455,700 2,970,400 1,620,750 38,216,399 3,540,000 4,275,574 1,777,636 9,593,210 1,876,736 1,876,736 525,000 525,000 ** 154,042,735**

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13. CONCLUSION

In conclusion I would like to thank the staff, directors and shareholders of Wilson Investment Fund for their continuing support. We look forward to an exciting future ahead together. We believe there are always opportunities and we look forward to the current year.

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Now ladies and gentlemen we shall conduct the formal part of the meeting. All resolutions are ordinary resolutions and only require a simple majority of 50% of votes cast to be passed.

The first matter is to receive and consider the financial report, the directors report and the auditors report for the Company for the year ended 30 June 2007. Our auditor Scott Whiddett is in the audience. Shareholders can ask questions of the directors or auditor. Are there any questions?

I move that the financial report and the report of the directors and auditors for the financial year be adopted.

The second matter is to confirm that a final dividend of 2.75c a share be declared.

I wish to announce that as chairman I hold 399 proxies of 8,499,189 for resolution 1 and 197,318 against resolution 1. I also hold 389 proxies of 7,659,525 for resolution 2, and 872,607 against resolution 2.

The first resolution is That Mr Julian Gosse retired by rotation and having offered himself for re-election in accordance with Rule 6.4 of the constitution of the Company be re-elected as director of the Company.

We will take any questions.

I hold proxies amounting to 8,499,189 in favour of this resolution and 197,318 against. I ask for a proposer, thank you, a seconder, thank you. Would the shareholders voting in favour of the resolution raise their hand? Against?

I declare the resolution passed.

The second resolution is That the Remuneration Report be adopted . This resolution is advisory only and does not bind the Company or its Directors. Are there any questions? I hold proxies amounting to 7,659,525 for and 872,607 against. I ask for a proposer, thankyou, a seconder, thankyou. Would those shareholders voting in favour of the resolution raise their hand? Against?

I declare the resolution passed.

Thank you ladies and gentlemen for your time. I now declare the formal meeting closed.

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