WAM RESEARCH LIMITED — Net Asset Value 2007

Oct 11, 2007

WILSON INVESTMENT FUND LIMITED

(ACN 100 504 541)

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

The NTA before tax as at 30 September 2007 was 137.22 cents per share. The NTA after tax on realised gains and before tax on unrealised gains as at 30 September 2007 was 136.87 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 126.95 cents per share.

NTA before tax	137.22c
NTA after tax and before tax on unrealised gains	136.87c
NTA after tax (including unrealised gains tax)	126.95c

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

MARKET OUTLOOK

September was a stunning month with the All Ordinaries Accumulation Index rising by more than 5%. The surge was lead by the large mining stocks and a handful of larger industrial stocks. While the smaller stocks rallied, investors moved towards larger more liquid stocks which were perceived as less risky. This move reversed the sharemarket s plunge in August following the credit crunch in the US. We remain cautious and continue to concentrate on picking stocks we believe represent good value.

DIVIDEND

The final dividend declared for the 2007 year is 2.75 cents a share fully franked, payable on 26 October 2007. The shares will trade ex dividend on 15 October 2007. The final dividend carries with it an attributable LIC capital gain of 2.0 cents per share which will enable some shareholders to claim a tax deduction.

The dividend re-investment plan will be operating at no discount. To participate in the dividend re-investment plan, please send your election to our share registrar no later than the 15 October 2007.

PORTFOLIO STRUCTURE

	As at31 August 2007	As at31 August 2007		As at3 0September 2007	As at3 0September 2007
Investment Type	$m	%		$m	%
Listed Equities	134.15	81.22%		134.75	80.84%
Listed Hybrids	14.82	8.97%		14.95	8.97%
Fixed Interest and Cash	16.20	9.81%		16.98	10.19%
Total Assets	165.17	100.00 %		166.68	100.00 %
	No.			No.
Total no. of ord shares on issue	120,955,444			120,955,444

PORTFOLIO STRUCTURE (CONTINUED)

As at 30 September 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% 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	Market Value 1,516,500 7,175,000 839,600 727,343 825,200 34,262 1,555,500 945,000 1,336,860 14,955,265 1,555,000 217,454 32,630 157,405 1,962,489 10,530,720 3,367,500 2,207,250 16,105,470 1,134,747 3,030,000 2,427,060 6,591,806 433,312 6,404,600 1,464,157 4,455,457 12,757,527 5,030,282 2,410,586 30,958 7,471,826 4,484,000 4,484,000 953,221 **953,221 **	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) 369,715 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 2,055,197 2,495,362 5,685,725 1,295,236 1,295,236 6,787,843 942,773 3,971,000 298,455 3,420,000 4,626,931 20,047,002 3,895,362 3,656,326 1,521,125 9,072,813 16,232,500 2,747,000 4,334,841 1,410,000 2,272,000 3,237,300 1,625,600 488,250 2,922,800 1,456,799 36,727,090 3,480,000 3,869,985 1,853,888 9,203,873 1,889,002 1,889,002 500,000 500,000 ** 149,702,350 **

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