WAM RESEARCH LIMITED — Net Asset Value 2009

Jul 13, 2009

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

The NTA before tax as at 30 June 2009 was 86.58 cents per share. The NTA after tax on realised gains and before tax on unrealised gains as at 30 June 2009 was 86.58 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	86.58c*
NTA after tax and before tax on unrealised gains	86.58c*
NTA after tax (including unrealised gains tax)	86.58c*

• The above figures include tax assets of 6.6 cents per share.

MARKET OUTLOOK

June saw the Australian sharemarket rise for the 4[th] month in succession. This is the longest winning streak since the market hit an all time high on November 1, 2007. Importantly, the market increased in value by approximately 31% from March 6, 2009 to June 12, 2009. Since June 12, the market has moved lower by almost 10%. With the world economy gathering some momentum, we believe the current pullback is a buying opportunity, for a move higher later in the year. The key for the market’s direction is the US economy. If the US economy can show gradual improvement during the remainder of the calendar year, investors should grow in confidence, resulting in share prices moving higher.

PORTFOLIO STRUCTURE

PORTFOLIO STRUCTURE
	As at 31 May 2009			As at 30 June 2009
Investment Type	$m	%		$m	%
Listed Equities	77.46	81%		80.68	81%
Listed Hybrids	2.36	2%		2.30	2%
Fixed Interest and Cash	16.22	17%		16.44	17%
Total Assets	96.04	100%		99.42	100%
	No.			No.
Total no. of ord shares on issue	123,702,689			123,702,689

PORTFOLIO STRUCTURE (continued)

As at 30 June 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 $ 1,323,015 980,000 2,303,015 1,062,500 822,798 1,885,298 1,155,694 2,628,000 1,923,750 5,707,444 1,432,000 1,588,943 3,020,943 1,694,120 453,737 540,640 2,688,497 2,833,856 2,062,067 437,100 5,333,023 4,094,500 4,094,500 1,920,000 4731,860 821,698 7,473,558 1,047,683 1,047,683	% 1.6% 1.2% 2.8% 1.3% 1.0% 2.3% 1.4% 3.2% 2.3% 6.9% 1.7% 1.9% 3.6% 2.0% 0.6% 0.7% 3.3% 3.4% 2.5% 0.5% 6.4% 4.9% 4.9% 2.3% 5.7% 1.0% 9.0% 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 79,013 495,763 76,900 519,715 220,000 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 2,508,477 98,766 2,453,250		Market Value $ 32,433 1,516,232 741,401 2,290,066 2,184,925 717,438 3,445,553 2,999,100 514,518 4,936,800 135,193 4,303,125 2,853,654 22,090,306 1,194,155 4,097,609 741,750 1,078,626 7,112,140 11,170,980 2,186 1,265,927 393,750 1,029,500 1,363,590 25,600 227,850 1,142,000 275,932 405,928 17,303,243 662,378 662,378 $82,982,093	% 0.0% 1.8% 0.9% 2.7% 2.6% 0.9% 4.2% 3.6% 0.6% 6.0% 0.2% 5.2% 3.4% 26.7% 1.4% 4.9% 0.9% 1.3% 8.5% 13.5% 0.0% 1.5% 0.5% 1.2% 1.6% 0.0% 0.3% 1.4% 0.3% 0.5% 20.8% 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