WAM RESEARCH LIMITED — Net Asset Value 2007

Sep 11, 2007

WILSON INVESTMENT FUND LIMITED

(ACN 100 504 541)

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

The NTA before tax as at 31 August 2007 was 135.72 cents per share. The NTA after tax on realised gains and before tax on unrealised gains as at 31 August 2007 was 135.60 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 125.87 cents per share.

NTA before tax	135.72c
NTA after tax and before tax on unrealised gains	135.60c
NTA after tax (including unrealised gains tax)	125.87c

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

August was the most volatile month the Australian sharemarket has experienced in many years. At one stage the All Ordinaries Accumulation Index was down 8%, only to recover to finish up 1.7%. The Small Ordinaries Accumulation Index was even more volatile, falling 13% at one stage and finishing down 3.9%. We would expect markets to stay skittish until the effects of the mortgage crisis in the US are fully played out. We remain cautious and are concerned the world s largest economy, the US, is heading for a major slow down.

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 July 2007	As at31 July 2007		As at3 1August 2007	As at3 1August 2007
Investment Type	$m	%		$m	%
Listed Equities	145.37	84.84%		134.15	81.22%
Listed Hybrids	14.97	8.74%		14.82	8.97%
Fixed Interest and Cash	11.01	6.42%		16.20	9.81%
Total Assets	171.35	100.00 %		165.17	100.00 %
	No.			No.
Total no. of ord shares on issue	120,955,444			120,955,444

PORTFOLIO STRUCTURE (CONTINUED)

As at 31 August 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 ConvNotes (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 1,510,500 7,053,200 820,640 743,705 818,000 31,320 1,536,000 966,650 1,344,000 14,824,015 1,680,000 176,315 25,560 151,883 2,033,758 10,262,177 3,397,500 2,214,000 15,873,677 1,042,939 3,058,000 2,561,557 6,662,495 433,312 6,476,910 1,403,151 4,517,844 12,831,217 5,139,917 2,480,289 19,845 7,640,051 4,522,000 4,522,000 1,003,391 **1,003,391 **	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 1,216,249 2,250,231 3,295,114 6,761,594 1,379,227 1,379,227 7,476,537 920,590 3,994,000 292,154 3,264,000 4,638,384 20,585,665 4,173,602 3,281,088 1,558,750 9,013,440 14,012,800 2,366,000 4,449,926 1,387,500 2,165,500 3,263,460 1,689,600 455,700 3,066,000 1,382,724 34,239,210 3,570,000 3,684,091 1,906,312 9,160,403 1,925,801 1,925,801 515,000 515,000 ** 148,970,944 **

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