WAM RESEARCH LIMITED — Net Asset Value 2007

Nov 12, 2007

WILSON INVESTMENT FUND LIMITED

(ACN 100 504 541)

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WILSON INVESTMENT FUND LTD (WIL) OCTOBER 2007 INVESTMENT UPDATE & NTA

The NTA before tax as at 31 October 2007 was 137.64 cents per share. The NTA after tax on realised gains and before tax on unrealised gains as at 31 October 2007 was 137.64 cents per share.

WIL is a long-term investor and does not intend disposing of its total portfolio. If estimated tax on unrealised portfolio gains were to be deducted, the above figure would be 126.79 cents per share.

NTA before tax	137.64c**
NTA after tax and before tax on unrealised gains	137.64c*
NTA after tax (including unrealised gains tax)	126.79c*

• The above figures are after the payment of a final dividend of 2.75 cents a share fully franked, paid on the 26 October 2007.

**This is after the payment of $189,824 (0.16 cents a share) in tax.

MARKET OUTLOOK

October saw the Australian sharemarket surge to a new all time high extending the bull market run to 55 months. The market climbed a wall of worry as concerns of a record oil price, surging Australian dollar and a batch of profit downgrades were pushed aside. Even the reemergence of the subprime problems in the US did not hinder the progress of the market. With higher domestic interest rates and slowing corporate profits, we are concerned about the outlook for equity valuations. As a result we remain cautious.

DIVIDEND

The final dividend for the 2007 year was 2.75 cents a share fully franked paid on 26 October 2007. The final dividend carried with it an attributable LIC capital gain of 2.0 cents per share which will enable some shareholders to claim a tax deduction.

PORTFOLIO STRUCTURE

PORTFOLIO STRUCTURE
	As at30 September 2007			As at3 1October 2007
Investment Type	$m	%		$m	%
Listed Equities	134.75	80.84%		139.08	82.79%
Listed Hybrids	14.95	8.97%		14.96	8.90%
Fixed Interest and Cash	16.98	10.19%		13.96	8.31%
Total Assets	166.68	100.00 %		168.00	100.00 %
	No.			No.
Total no. of ord shares on issue	120,955,444			121,433,399

PORTFOLIO STRUCTURE (CONTINUED)

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 Brickworks Ltd Prefs (BKWPA) 8,000 Futuris Corp Ltd 7% ConvNotes (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	Market Value 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 **

For further information please contact:

LEVEL ELEVEN 139 MACQUARIE ST SYDNEY NSW 2000 TEL (02) 9247 6755 FAX 02) 9247 6855

Mr Geoff Wilson on (02) 9247 6755 / 0412 242 712 Mr Matthew Kidman on (02) 9258 4938 / 0417 069 578 Website: www.wilsonassetmanagement.com.au