WAM RESEARCH LIMITED — Net Asset Value 2009

Jun 11, 2009

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

The NTA before tax as at 31 May 2009 was 84.62 cents per share. The NTA after tax on realised gains and before tax on unrealised gains as at 31 May 2009 was 84.62 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	84.62c*
NTA after tax and before tax on unrealised gains	84.62c*
NTA after tax (including unrealised gains tax)	84.62c*

• The above figures include tax assets of 7.4 cents per share.

MARKET OUTLOOK

The Australian sharemarket consolidated in May with a 2.2% gain. While most investors believed a correction was due after the violent bounce in prices in March and April, no such event took place. Since the market bottom on March 6, the All Ordinaries index has rallied a staggering 28%. A combination of improving economic news and investors desperate to gain exposure to equities have driven prices higher.

The market cannot keep rising at the pace of the last 100 days. However, it is becoming more likely each day that March was the low for the cycle. We believe the market will consolidate its gains and edge higher over the course of 2009. There will be corrections but the trend will be up. In recent times we have increased our market exposure due to extreme valuations and improving business conditions.

PORTFOLIO STRUCTURE

PORTFOLIO STRUCTURE
	As at 30 April 2009			As at 31 May 2009
Investment Type	$m	%		**$m **	%
Listed Equities	72.52	79%		77.46	81%
Listed Hybrids	2.37	3%		2.36	2%
Fixed Interest and Cash	16.94	18%		16.22	17%
Total Assets	91.83	100%		96.04	100%
	No.			No.
Total no. of ord shares on issue	123,702,689			123,702,689

DIVIDENDS

On 13 March 2009 the Directors paid an interim dividend of 2.00 cents a share fully franked. The DRP price was $0.426755.

PORTFOLIO STRUCTURE (continued)

As at 31 May 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 $ 1,297,650 1,062,600 2,360,250 1,018,750 882,222 1,900,972 1,184,466 2,619,000 1,809,000 5,612,466 1,468,000 1,497,808 2,965,808 1,368,725 527,816 496,000 2,392,541 2,460,429 2,062,067 410,130 4,932,626 3,971,000 3,971,000 2,340,000 4,461,468 761,990 7,563,458 1,008,666 1,008,666	% 1.63% 1.33% 2.96% 1.28% 1.11% 2.38% 1.48% 3.28% 2.27% 7.03% 1.84% 1.88% 3.72% 1.71% 0.66% 0.62% 3.00% 3.08% 2.58% 0.51% 6.18% 5.28% 5.28% 2.93% 5.59% 0.95% 9.48% 1.26% 1.26%		Food Beverage & Tobacco Cockatoo Ridge Wines Ltd (CKR) Graincorp Ltd (GNC) Select Harvest Ltd (SHV) Banks ANZ Ltd (ANZ) ANZ Ltd Placement (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 91,000 41,500 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 $ 24,325 1,499,455 892,427 2,416,207 1,446,900 659,850 612,351 3,024,154 2,702,266 446,955 4,844,400 134,620 4,009,875 2,688,225 20,569,596 1,260,497 4,160,049 752,500 879,699 7,052,745 10,461,280 2,092 1,323,469 412,500 937,200 1,265,490 30,720 200,725 1,132,000 263,390 414,817 16,443,683 625,579 625,579 $79,815,597	% 0.03% 1.88% 1.12% 3.03% 1.81% 0.83% 0.77% 3.79% 3.39% 0.56% 6.07% 0.17% 5.02% 3.37% 25.77% 1.58% 5.21% 0.94% 1.10% 8.84% 13.11% 0.00% 1.66% 0.52% 1.17% 1.59% 0.04% 0.25% 1.42% 0.33% 0.52% 20.60% 0.78% 0.78%

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