WAM RESEARCH LIMITED — Net Asset Value 2009

Aug 13, 2009

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

The NTA before tax as at 31 July 2009 was 89.95 cents per share. The NTA after tax on realised gains and before tax on unrealised gains as at 31 July 2009 was 89.95 cents per share. WIL is a long-term investor and does not intend disposing of its total portfolio.

NTA before tax payable and after tax assets	89.95c*
NTA after tax and before tax on unrealised gains	89.95c*
NTA after tax (including unrealised gains tax)	89.95c*

• The above figures include tax assets of 5.5 cents per share.

MARKET OUTLOOK

The bull market that has suddenly gripped equity markets around the globe, gathered momentum in July. The Australian All Ordinaries Accumulation Index powered higher by 7.7 per cent in July as investors charged into the market in fear of missing the upside. We have been very positive about the prospects of the market since it turned in March. More recently we have become increasingly cautious. While we believe that a long term low may have been posted in March, the dramatic change in sentiment that has driven the market 43 per cent higher may have become excessively bullish. When everyone is bullish the market becomes susceptible to bad news because no one is looking out for what can possibly go wrong. To pinpoint exactly what could derail equities at this stage is difficult to tell, however, an anaemic economic recovery or rising interest rates could easily be the catalyst. We wait in anticipation.

PORTFOLIO STRUCTURE

PORTFOLIO STRUCTURE
	As at 30 June 2009			As at 31 July 2009
Investment Type	$m	%		$m	%
Listed Equities	80.68	81%		86.17	82%
Listed Hybrids	2.30	2%		2.30	2%
Fixed Interest and Cash	16.44	17%		16.62	16%
Total Assets	99.42	100%		105.09	100%
	No.			No.
Total no. of ord shares on issue	123,702,689			123,702,689

PORTFOLIO STRUCTURE (continued)

As at 31 July 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) 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 1,033,000 925,993 124,000 348,997 580,864 93,000 950,000 6,000,000 1,689,950 568,649 144,508	Market Value $ 1,385,250 868,000 2,253,250 1,159,375 915,591 2,074,966 1,357,101 2,700,000 1,923,750 5,980,851 1,448,000 1,497,808 2,945,808 2,220,950 555,596 747,720 3,524,266 3,018,824 2,352,499 421,290 5,792,613 4,066,000 4,066,000 1,980,000 4,191,076 784,736 6,955,812 1,041,903 1,041,903	% 1.6% 1.0% 2.6% 1.3% 1.0% 2.3% 1.5% 3.1% 2.2% 6.8% 1.6% 1.7% 3.3% 2.5% 0.6% 0.9% 4.0% 3.4% 2.7% 0.5% 6.6% 4.6% 4.6% 2.2% 4.7% 0.9% 7.8% 1.2% 1.2%		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 79,013 495,763 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 1,572,855 1,081,209 2,694,606 2,455,225 888,896 4,065,257 3,291,320 579,482 5,595,900 148,941 4,609,125 3,349,941 24,984,087 1,326,839 4,347,368 784,750 1,144,935 7,603,892 11,349,160 2,363 1,265,927 435,000 1,047,250 1,553,250 30,720 276,675 1,340,400 12,542 493,830 17,807,117 748,241 748,241 $88,473,412	% 0.1% 1.8% 1.2% 3.1% 2.8% 1.0% 4.6% 3.7% 0.7% 6.3% 0.2% 5.2% 3.8% 28.3% 1.5% 4.9% 0.9% 1.3% 8.6% 12.8% 0.0% 1.4% 0.5% 1.2% 1.8% 0.0% 0.3% 1.5% 0.0% 0.6% 20.1% 0.8% 0.8%

PORTFOLIO STRUCTURE (continued)

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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