CLIME CAPITAL LIMITED — Net Asset Value 2012

Dec 5, 2012

November 2012 Report

==> picture [235 x 44] intentionally omitted <==

==> picture [512 x 93] intentionally omitted <==

Net Tangible Assets (NTA) Update

==> picture [239 x 57] intentionally omitted <==

----- Start of picture text ----- November October September1 1,2 1NTA before tax $1.12 $1.12 $1.16NTA after tax $1.09 $1.10 $1.13----- End of picture text -----

1 Fully Diluted NTA per share incorporates both the fully paid ordinary shares and converting preference shares on issue and bonus entitlements due to be paid on conversion of the preference shares. 2 On 2 October 2012, the Board declared a fully franked dividend of 4.75 cents per share in respect of the Company’s converting preference shares and a fully franked ordinary dividend of 1 cent per share for ordinary shareholders for the quarter ending 30 September 2012. The record date for the dividend payment was 12 October 2012. On the same day, the Board declared a bonus issue for ordinary shareholders on a 1 for 20 basis. The record date for the bonus issue was 24 October 2012. The NTA disclosed above is after the dividend payment and bonus issue.

Clime Capital Limited offers investors the opportunity to invest in a value focused LIC managed by a recognised top performing Australian Value Equity Manager - Clime Asset Management.

Clime has a disciplined investment approach focused on the distinction between price and value. The allocation of capital is tempered by the Clime’s continual macro-economic overlay.

The company has the ability to hold elevated cash levels when market risks are considered to be elevated or value is not apparent. Clime also has the ability to look across listed asset classes to seek returns.

Returns to shareholders are produced by purchasing securities that are understandable, that have honest and capable managers and are highly likely to generate superior returns over time. Securities will only be purchased when the price on offer is below the appraised value.

Top 15 Holdings

==> picture [240 x 331] intentionally omitted <==

----- Start of picture text ----- BHP Billiton Limited 7.15%Telstra Corporation Limited 6.10%McMillan Shakespeare Limited 5.93%Multiplex Convertible Note 5.46%ANZ Banking Group Limited 5.31%Woolworths Limited 5.00%Westpac Banking Corporation Limited 4.94%Brickworks Limited 4.63%The Reject Shop Limited 4.42%Commonwealth Bank of Australia 4.27%Mineral Resources Limited 3.21%Australand Convertible Notes 2.74%Ethane Pipeline Income Fund 2.46%Iress Market Technology 2.44%Seven Group Holdings Convertible Note 2.41%Cash & Cash Equivalents 15.95%TOTAL 82.42%----- End of picture text -----

Portfolio Performance

==> picture [385 x 129] intentionally omitted <==

----- Start of picture text ----- Clime Capital All OrdinariesPeriod OutperformanceLimited Accumulation Index3 month 5.66% 5.44% 0.22%1 year 13.38% 13.09% 0.29%2 years* 6.06% 2.78% 3.28%3 years* 5.66% 2.92% 2.74%4 years* 15.00% 10.04% 4.96%----- End of picture text -----

Clime Capital Limited’s returns are measured after all operating expenses.

*Performance figures for more than 1 year are annualised, calculated after all operating expenses.

Clime Capital Limited

Level 5, 352 Kent Street Sydney NSW 2000 PO Box Q1286, Queen Victoria Building, Sydney NSW 1230 Phone 1300 788 568

Clime Capital Limited | November 2012 Page 2

Company Overview

==> picture [242 x 94] intentionally omitted <==

----- Start of picture text ----- Mandate Australian Listed SecuritiesBenchmark All Ordinaries AccumulationEquity and Income Securities $56.7 millionCash $10.6 millionTotal Portfolio including cash $67.3 million----- End of picture text -----

Asset Allocation

Cash & Equivalents 15.8%

==> picture [120 x 118] intentionally omitted <==

Equities 70.2%

Ordinary Shares Overview (ASX:CAM)

==> picture [242 x 113] intentionally omitted <==

----- Start of picture text ----- Share Price (as at 30 November 2012) $1.00Rolling 12 Month Dividend $0.04Historical Dividend Yield 4.0%Percentage Franked 100%Grossed Up Yield 5.7%Dividend Reinvestment Plan Yes----- End of picture text -----

Preference Shares Overview (ASX:CAMPA)

==> picture [242 x 114] intentionally omitted <==

----- Start of picture text ----- Share Price (as at 30 November 2012) $1.92Rolling 12 Month Dividend $0.19Historical Dividend Yield 9.9%Percentage Franked 100%Grossed Up Yield 14.1%Dividend Reinvestment Plan No----- End of picture text -----

Hybrid & Interest Bearing Securities 14.0%

Discount to Net Tangible Assets

==> picture [367 x 219] intentionally omitted <==

Clime Capital Limited NTA Clime Capital Limited Share Price Bonus Shares 1:20 Premium/Discount

Data Sources: IRESS, Company Data

Copyright © 2012 Clime Capital Limited (ASX:CAM). All rights reserved. The information provided in this email and climecapital.com.au is intended for general use only. The information presented does not take into account the investment objectives, financial situation and advisory needs of any particular person nor does the information provided constitute investment advice. Under no circumstances should investments be based solely on the information herein. Climecapital.com.au is intended to provide educational information only. Please be aware that investing involves the risk of capital loss. Data for graphs, chart and quoted indices contained in this report has been sourced by IRESS Market Technology, Thomson Reuters, Clime Investment Management and MyClime unless otherwise stated. Past performance is no guarantee of future returns.

www.climecapital.com.au