CLIME CAPITAL LIMITED — Net Asset Value 2012

Apr 9, 2012

Clime Capital Limited

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Company Announcements Australia Stock Exchange by e-lodgement

10 April 2012

Net Tangible Assets (NTA) Update

NTA $1.15 before tax and $1.13 after tax (ex bonus, cum dividend)

The Clime Capital board is pleased to report the NTA of Clime Capital Limited as at 31 March 2012.

Investments31 January 201229 February 2012	31 March 2012
Equities$53.5m$52.8mCash$9.9m$11.1mNet Assets$63.4m$63.9mNTA beforetax per share$1.181 $1.181,2	$53.8m$11.5m$65.3m
	$1.151,3

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 17 February 2012, the Board declared a bonus issue for ordinary shareholders on a 1 for 20 basis. The record date for this bonus issue was 3/03/2012. NTA before tax per share disclosed above is before the effect of this dilution.

3 on 28 March 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 31 March 2012. The record date for the dividend payment is 10[th] April 2012. NTA before tax per share disclosed above is before the effect of this dividend payment.

3 months1 year2 years*3 years*4 years*Clime Capital Limited5.69%0.25%2.77%17.89%9.59%ASX All Ordinaries Acc.Index9.00%-6.20%-0.85% 12.29%-0.69%Outperformance-3.31%6.45%3.62%5.61%10.28%	3 months1 year2 years*3 years*4 years*	3 months1 year2 years*3 years*4 years*	3 months1 year2 years*3 years*4 years*	3 months1 year2 years*3 years*4 years*	3 months1 year2 years*3 years*4 years*
		1 year	2 years*	3 years*	4 years*
		6.45%	3.62%	5.61%	10.28%

• Annualised investment performance to 31 March 2012.

Clime Capital Limited

Level 5, 352 Kent Street Sydney NSW 2000 Australia | PO Box Q1286 Queen Victoria Building NSW 1230 ABN 99 106 282 777 P 02 9252 8522 F 02 8917 2155 W www.clime.com.au T @climeinvest

Clime Capital Limited

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Top Ten Portfolio Holdings –31 March 2012

	Top Ten Portfolio Holdings –31 March	2012
ASX Code	Company Name	PortfolioWeighting (%)
MMS	McMillanShakespeareLimited	8.48
TLS	Telstra Corporation Limited	7.21
BHP	BHP Billiton Limited	6.83
EPX	Ethane Pipeline Income Fund	6.07
AAZPB	Australand ConvertibleNotes 31/12/2049	5.53
ANZ	Australia & New Zealand Banking Group Limited	5.18
MXUPA	Multiplex Convertible Note 31/12/2049	4.95
WOW	Woolworths Limited	4.81
BKW	BrickworksLimited	4.28
WBC	Westpac Banking Corporation	4.12

Investment Commentary

The Manager of the portfolio proposes to produce a March Quarter review to be sent to shareholders and lodged with the ASX in the coming few weeks.

Therefore, we do not propose to present a detailed discussion at this point.

However, we do remind shareholders that the company retains a healthy level of cash and continues to outperform market indices after all costs and charges.

Further, from a shareholder perspective we are pleased to report that since the conclusion of the GFC in the March Quarter 2009 that CAM has produced a total shareholder return, measured by capital gain and dividends, of about 90%. The declaration of bonus shares and the maintenance of a quarterly one cent dividend have resulted in a steady rise in ordinary dividends over the last two years.

Kind regards

John Abernethy Chairman

Clime Capital Limited