Hypersmurf
Moderatarrrrh...
"This AC bonus functions just like the monk’s AC bonus."
So, look up how to figure out the AC and unarmed damage of a 5th level monk. Whoever wears this belt has that same capability. Couldn't be more clear.[/B]
Well, there's still room for confusion.
The "AC Bonus" column on the Monk class features table clearly lists "+1" for 5th level.
The "AC Bonus (Ex)" listing covers both the Wisdom bonus and the level bonus... but having those two put together under a heading of "AC Bonus" is new in 3.5. It would be interesting to hear from a reputable source (not Customer Service!) what the intention was - and whether the Monk's Belt paragraph was written before or after the layout of the class description was finalised.
I agree that the wording indicates Wisdom is included... but I'm not at all certain it's the intention...
-Hyp.