WAM RESEARCH LIMITED — Net Asset Value 2009

May 13, 2009

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

The NTA before tax as at 30 April 2009 was 81.92 cents per share. The NTA after tax on realised gains and before tax on unrealised gains as at 31 March 2009 was 81.92 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 81.92 cents per share.

NTA before tax payable and after tax assets	81.92c*
NTA after tax and before tax on unrealised gains	81.92c*
NTA after tax (including unrealised gains tax)	81.92c*

• The above figures include tax assets of 8.4 cents per share and after the payment of an interim 2.0 cents a share fully franked dividend.

MARKET OUTLOOK

Australian equities roared ahead in April as investors around the globe shrugged off the bear market in the belief the global economy will stage a solid recovery in 2010. The benchmark All Ordinaries Index has now posted its longest and largest rally since the bear began on November 1, 2007 rising 24 per cent since hitting a bottom on March 6, 2009. In last month’s update we said it was far too early to determine whether the current rally was another false dawn or the official end to the second worst bear market in Australian share market history. The consensus view is that we are in the middle of a bear market rally, however sentiment is gradually becoming more positive by the day.

Can the market continue to move higher? Previous bear markets have ended with rallies of between 25 per cent and 45 per cent over the following year. This would suggest that if the bear market has run its course the current rally is already half way completed. We would expect that more stable tone will settle in and share prices will rise more steadily over the course of the next 6 to 9 months. No doubt there will be some small corrections along the way, but we would see these as buying opportunities rather than a sign that equities will fall dramatically. This belief is borne out of the fact that leading economic indicators from the US and Australia are improving at the margin. The share market is a great forecasting mechanism and investors will look to price in an economic recovery well ahead of time.

PORTFOLIO STRUCTURE

PORTFOLIO STRUCTURE
	As at 31 March 2009			As at 30 April 2009
Investment Type	$m	%		**$m **	%
Listed Equities	70.20	79%		72.52	79%
Listed Hybrids	2.01	2%		2.37	3%
Fixed Interest and Cash	17.33	19%		16.94	18%
Total Assets	89.54	100%		91.83	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 30 April 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 $ 1,248,000 1,120,000 2,368,000 863,938 843,750 1,707,688 987,854 2,403,000 1,721,250 5,112,104 1,490,000 1,693,440 3,183,440 1,089,815 583,376 626,200 2,299,391 2,251,031 1,777,443 370,140 4,398,614 3,952,000 3,952,000 1,980,000 3,464,398 619,827 6,064,225 862,713 862,713	% 1.67% 1.50% 3.16% 1.15% 1.13% 2.28% 1.32% 3.21% 2.30% 6.83% 1.99% 2.26% 4.25% 1.46% 0.78% 0.84% 3.07% 3.01% 2.37% 0.49% 5.87% 5.28% 5.28% 2.64% 4.63% 0.83% 8.10% 1.15% 1.15%		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 91,000 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 $ 40,542 1,530,912 1,132,695 2,704,149 1,446,900 672,401 3,400,934 2,699,959 400,181 4,538,600 134,620 4,080,000 2,481,438 19,855,033 1,061,471 3,402,967 784,750 990,214 6,239,402 9,881,440 2,082 767,229 420,000 923,000 1,308,000 28,160 195,300 1,287,200 301,017 442,471 15,555,899 588,780 588,780 $74,891,438	% 0.05% 2.04% 1.51% 3.61% 1.93% 0.90% 4.54% 3.61% 0.53% 6.06% 0.18% 5.45% 3.31% 26.51% 1.42% 4.54% 1.05% 1.32% 8.33% 13.19% 0.00% 1.02% 0.56% 1.24% 1.75% 0.04% 0.26% 1.72% 0.40% 0.59% 20.77% 0.79% 0.79%

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