WAM RESEARCH LIMITED — Net Asset Value 2009

Sep 10, 2009

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WILSON INVESTMENT FUND LTD (WIL) INVESTMENT UPDATE & NTA – AUGUST 2009

The NTA before tax as at 31 August 2009 was 92.93 cents per share. The NTA after tax on realised gains and before tax on unrealised gains as at 31 August 2009 was 92.93 cents per share. WIL is a long-term investor and does not intend disposing of its total portfolio.

cents per share. WIL is a long-term investor and does not al portfolio.	intend dispos
NTA before tax	89.10c
NTA before tax payable and after tax assets	92.93c*
NTA after tax and before tax on unrealised gains	92.93c*
NTA after tax (including unrealised gains tax)	92.93c*

• The above figures include tax assets of 4.2 cents per share.

MARKET OUTLOOK

The Australian share market’s red hot streak since March 2009 continued in August with the All Ordinaries Accumulation Index rallying more than 6 per cent. August was the sixth consecutive up month as investors piled into the market in the belief the global financial meltdown was well and truly behind us. The market was propelled higher during the month on the back of improving domestic economic conditions with banking and building material sectors leading the charge. In contrast the mining sector took a breather with news that Chinese authorities were taking steps to slow their economy.

The Australian market has now risen approximately 45 per cent since it hit a bottom on March 6, 2009. This has been a dramatic increase that very few pundits predicted. While the local market continues to trade more than 30 per cent off its all time high in November, 2007 we are becoming increasingly cautious. The Reserve Bank of Australia has made the decisive move of declaring the next interest rate move will be up. We expect this to either happen just before or just after Christmas. Unfortunately, with the Australian economy performing better than initially predicted, the RBA will probably have to increase rates by between 1.5 and 2 per cent over the next 18 months. Increasing rates slow economic growth and also lower company valuations. Therefore, we would expect the market to pause and maybe even head down while the upward rate cycle unfolds.

PORTFOLIO STRUCTURE

	As at 31 July 2009	As at 31 July 2009		As at 31 August 2009	As at 31 August 2009
Investment Type	$m	%		$m	%
Listed Equities	86.17	82%		92.28	84%
Listed Hybrids	2.30	2%		2.35	2%
Fixed Interest and Cash	16.62	16%		15.68	14%
Total Assets	105.09	100.0%		110.31	100.0%
	No.			No.
Total ordinary shares on issue	123,702,689			123,702,689

PORTFOLIO STRUCTURE (continued)

As at 31 August 2009 the listed equities and hybrids were as follows:

Listed Hybrids Seven Non-red Prefs (SEVPC) Willmott Forests Prefs (WFLPA) Capital Goods CSR Ltd (CSR) Reece Australia Ltd (REH) Commercial Services & Supplies Credit Corp Group Ltd (CCP) McMillan Shakespeare Ltd (MMS) SAI Global Ltd (SAI) Consumer Services Tabcorp Holdings Ltd (TAH) Tattersalls Ltd (TTS) Media Photon Group Ltd (PGA) Photon Group Ltd Rights (PGAN) Prime Television Ltd (PRT) WA Newspapers Hld Ltd (WAN) Retailing AP Eagers Ltd (APE) ARB Corporation Ltd (ARP) Wotif.com Holdings Ltd (WTF) Food & Staples Retailing Metcash Ltd (MTS) Insurance Calliden Group Ltd (CIX) Tower Australia Group Ltd (TAL) Tower Ltd (TWR) Software & Services IRESS Market Technology Ltd (IRE)	Qty 15,000 14,000 625,000 45,711 959,082 900,000 675,000 200,000 611,350 1,033,000 516,500 925,993 124,000 348,997 580,864 93,000 950,000 6,000,000 1,689,950 746,352 144,508	Market Value $ 1,388,250 959,000 2,347,250 1,275,000 982,787 2,257,787 1,745,529 3,168,000 2,254,500 7,168,029 1,342,000 1,516,148 2,858,148 1,750,935 875,468 601,895 830,800 4,059,098 3,179,363 2,474,481 517,080 6,170,924 4,066,000 4,066,000 1,830,000 4,224,875 977,721 7,032,596 1,190746 1,190,746	% 1.5% 1.0% 2.5% 1.3% 1.0% 2.3% 1.8% 3.3% 2.4% 7.5% 1.4% 1.6% 3.0% 1.9% 0.9% 0.6% 0.9% 4.3% 3.4% 2.6% 0.5% 6.5% 4.6% 4.6% 1.9% 4.5% 1.0% 7.4% 1.3% 1.3%		Food Beverage & Tobacco Cockatoo Ridge Wines Ltd (CKR) Graincorp Ltd (GNC) Select Harvest Ltd (SHV) Banks ANZ Ltd (ANZ) Bank of Queensland Ltd (BOQ) Bendigo & Adelaide Bank Ltd (BEN) Commonwealth Bank of Aust. (CBA) Mortgage Choice Ltd (MOC) National Aust Bank Ltd (NAB) Rock Building Society Ltd (ROK) Westpac Banking Corp (WBC) Wide Bay Australia Ltd (WBB) Health Care Equip & Services Aevum Ltd (AVE) Primary Health Care Ltd (PRY) Pro Medicus Ltd (PME) Sigma Pharmaceuticals Ltd (SIP) Diversified Financials ASX Ltd (ASX) BT Invt M’ment Ltd (BTT) Clime Invt M’ment Ltd (CIW) CVC Ltd (CVC) Equity Trustees Ltd (EQT) IOOF Holdings Ltd (IFL) Mariner Financial Ltd (MFI) NSX Ltd (NSX) Perpetual Ltd (PPT) Rattoon Holdings Ltd (RTN.NSX) Treasury Group Ltd (TRG) Real Estate Challenger Wine Trust (CWT) TOTAL PORTFOLIO VALUE	Qty 8,108,328 209,714 343,241 132,500 94,816 537,077 76,900 519,715 230,000 57,285 212,500 413,573 1,326,839 780,497 1,075,000 884,120 302,000 1,041 3,836,143 750,000 71,000 327,000 2,560,000 1,085,000 40,000 250,848 98,766 2,453,250		Market Value $ 40,542 1,639,963 1,005,696 2,686,201 2,820,925 1,104,606 4,457,739 3,537,400 569,088 6,550,400 167,845 5,178,625 3,825,550 28,212,178 1,897,380 4,940,546 860,000 1,065,365 8,763,291 9,996,200 2,530 1,345,658 427,500 1,292,200 1,484,580 33,280 271,250 1,646,000 50,170 513,583 17,062,951 760,508 760,508 $94,635,705	% 0.1% 1.7% 1.1% 2.9% 3.0% 1.2% 4.7% 3.7% 0.6% 6.9% 0.2% 5.5% 4.0% 29.8% 2.0% 5.2% 0.9% 1.1% 9.2% 10.6% 0.0% 1.4% 0.5% 1.4% 1.6% 0.0% 0.3% 1.7% 0.1% 0.5% 18.1% 0.8% 0.8%

PORTFOLIO STRUCTURE - ASSET ALLOCATION

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LONG PORTFOLIO STRUCTURE - SECTOR ALLOCATION

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For further information please contact Mr Geoff Wilson or Mr Matthew Kidman on (02) 9247 6755

Level 11, 139 Macquarie Street, Sydney NSW 2000 | GPO Box 4658 Sydney NSW 2001 | ABN 15 100 504 541 Phone 02 9247 6755 | Fax 02 9247 6855 | info@wami.com.au | www.wilsonassetmanagement.com.au