wil 1.INTRODUCTION Good morning, welcome to the second annual...

wil 1.INTRODUCTION

Good morning, welcome to the second annual general meeting of Wilson Investment
Fund Ltd (WIL). Thank you for your attendance and for your support since we listed
on 19th August 2003. My name is Geoff Wilson, I am chairman of the board of directors and I will be
chairing this meeting today. I would like to introduce the other members of the
board ­ Matthew Kidman, John Abernethy and Julian Gosse.

2.MISSION

WIL is an investment company whose mission is to provide superior returns to its
investors over the medium to long term. WIL is managed by MAM Pty Ltd (MAM).
MAM is owned by entities associated with Geoff Wilson and Matthew Kidman.

3.PERFORMANCE

We are happy to report on the Company's performance in its second year of
operation. In the year to June 2005 WIL made an operating profit before tax of $6.0
million and an after tax profit of $4.8 million. For the year, dividends paid and
declared totaled 4.0 cents per share fully franked, equivalent to $5.7 million. The current year has started solidly with the gross portfolio increasing by 6% in the 4
months to October 2005. The building of the equity portfolio has taken longer than
expected, primarily due to the strength in the Australian equity market. Opportunities
to buy real long-term value have been scarce. The slower than expected building of
the portfolio has been frustrating for the Board, the Manager, and the shareholders.
At June 2004, 22.8% of the portfolio was invested in the market. At October 2004,
that figure was 28.1%. At June 2005, it was 52.1%, and at October 2005 it was
61.9%. We believe it is in the best interests of the Company to err on the side of
caution.

4.OBJECTIVES These are to: Achieve a high real rate of return, comprising both income and capital. Preserve capital, and Deliver investors a secure income stream in the form of fully franked
dividends.

5.INVESTMENT PHILISOPHY

The focus of the manager is to undertake extensive research and invest using a
disciplined approach. The manager believes to buy assets at a sizeable discount to
their assessed value requires patience. Since WIL's inception to 31 October 2005 the
manager has undertaken over 1725 interviews with the management of listed
companies. The manager is using two methods to invest: Research driven - which involves the rating of a company with respect to its
management, earnings growth, valuation and industry position and then
identifying a catalyst which will change the valuation before investing, and Investment driven - which requires investing in a company with a sustainable
business model, a track record of profit and dividends, acceptable financial
risk and a strong return on equity. Once the above characteristics have been
identified the timing of the purchase is paramount. The manager has been
conservative with this timing.

6. DISCOUNT TO NTA

Since listing I have been asked by a number of shareholders why the share price has
not risen with the increase in NTA. We believe this phenomenon will change over
time with the establishment of a performance track record as a public company. The
pre-tax NTA as at 31 October 2004 has increased to approximately $1.08.

7. CAPITAL MANAGEMENT

On the 29th March 2005, the board announced a second share buyback of 10% of issued capital or approximately 14,655,794 shares. The Board is of the belief that
WIL's current share price of $0.915, a 15.3% discount to the October pre-tax value
of its portfolio, represents exceptional value. The buyback of shares at below asset
backing will increase the asset backing for the remaining shareholders. This
mechanism is providing liquidity for impatient investors while rewarding all other
patient shareholders. At the close of the market on 14 November 2005, 11,739,462
shares have been bought back.

8. GOAL Our goal is to deliver a return of 15-20% per annum for our shareholders. This
would ideally be achieved with a portfolio of 25 to 30 companies that are growing
earnings at 15-25% per annum, trading on a low price earnings multiple, are well
managed and have a strong position in a growth industry. The problem is,
companies with all these characteristics are hard to find. We will always be looking!

9. DIVIDEND POLICY

The board is committed to increasing the ordinary dividend paid each year and
paying all franking credits when available. After the sound start to the current year it
is anticipated dividends will be increased, assuming adequate profitability, and that
franking credits are available.