CLIME CAPITAL LIMITED — Net Asset Value 2012

Oct 9, 2012

September 2012 Report

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Net Tangible Assets (NTA) Update

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----- Start of picture text ----- September August July1 1,2 1,2NTA before tax $1.16 $1.14 $1.14NTA after tax $1.13 $1.11 $1.11----- 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 19 June 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 June 2012. The record date for the dividend payment was 9th July 2012.

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

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----- Start of picture text ----- BHP Billiton Limited 6.92%Telstra Corporation Limited 6.28%McMillan Shakespeare Limited 5.81%ANZ Banking Group Limited 5.49%Multiplex Convertible Note 5.25%Woolworths Limited 5.00%Westpac Banking Corporation Limited 4.69%Brickworks Limited 4.22%Commonwealth Bank of Australia 4.06%Australand Convertible Notes 3.95%The Reject Shop Limited 3.66%Ethane Pipeline Income Fund 3.39%Seven Group Holdings Convertible Note 3.11%OrotonGroup Limited 2.77%Thorn Group Limited 2.28%Cash & Cash Equivalents 17.59%TOTAL 84.47%----- End of picture text -----

Portfolio Performance

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----- Start of picture text ----- Clime Capital All OrdinariesPeriod OutperformanceLimited Accumulation Index3 month 3.89% 8.20% -4.31%1 year 11.16% 13.36% -2.20%2 years* 3.46% 1.89% 1.57%3 years* 4.97% 1.84% 3.13%4 years* 10.09% 3.20% 6.89%----- 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, provision and payment of income and capital gains tax.

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 | September 2012 Page 2

Company Overview

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----- Start of picture text ----- Mandate Australian Listed SecuritiesBenchmark All Ordinaries AccumulationEquity and Income Securities $54.6 millionCash $11.5 millionTotal Portfolio including cash $66.1 million----- End of picture text -----

Asset Allocation

Cash & Equivalents 17.6%

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Equities 66.3%

Ordinary Shares Overview (ASX:CAM)

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----- Start of picture text ----- Share Price $0.975Rolling 12 Month Dividend $0.04Historical Dividend Yield 4.1%Percentage Franked 100%Grossed Up Yield 5.9%Dividend Reinvestment Plan Yes----- End of picture text -----

Preference Shares Overview (ASX:CAMPA)

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----- Start of picture text ----- Share Price $1.94Rolling 12 Month Dividend $0.19Historical Dividend Yield 9.8%Percentage Franked 100%Grossed Up Yield 14.0%Dividend Reinvestment Plan No----- End of picture text -----

Hybrid & Interest Bearing Securities 16.1%

Discount to Net Tangible Assets

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----- Start of picture text ----- Clime Capital Limited NTAClime Capital Limited Share PriceBonus Shares 1:20Premium/Discount----- End of picture text -----

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.

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