CLIME CAPITAL LIMITED — Net Asset Value 2015

Aug 12, 2015

July 2015 Report

Net Tangible Assets (NTA)

Clime Capital Limited offers investors the opportunity to invest in a value focused Listed Investment Company (LIC) managed by a recognised Australian Value Equity Manager - Clime Asset Management.

		July	June	May
	NTA before tax	$1.001,2,3	$0.971,2	$1.011,2
	NTA after tax	$0.99	$1.00	$1.00
	Year to date
	Dividends & Taxes	$0.01	$0.06	$0.06
	paid per share

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 macroeconomic 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.

Asset Allocation

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.

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----- Start of picture text ----- USD Cash & Hybrid & Interest BearingEquivalents 10.0% Securities 10.3%AUD Cash &Equivalents9.8%Australian Equities 54.2%International Equities 15.7%----- End of picture text -----

Top Holdings (Weightings %)

	Asset Allocation	Asset Allocation	Asset Allocation	Asset Allocation
	AUD Cash &Equivalents9.8%International Equities15.7%Australian Equities54.2%USD Cash &Equivalents10.0%Hybrid & Interest BearingSecurities10.3%
Australian EquitiesWoolworths Limited5.22Telstra Corporation Limited4.50National Australia Bank4.35Australia & New Zealand Banking Group3.95CSL Limited3.23Ardent Leisure Group3.03The Reject Shop2.73Macquarie Perpetual Notes2.73National Australia Bank Notes2.69Seek Limited2.54International EquitiesAmerican International Group1.72American Express Company1.46Baidu.com1.28AUD Cash9.80USD Cash10.03Total59.26		9.8%		Australian Equities54.2%
				International Equities15.7%
		Company Overview ($m)
		Australian Securities$59.18
		International Securities$14.39
		AUD Cash & Equivalents$8.99
		USD Cash & Equivalents$9.20
		Total Portfolio including cash$91.76

1 Fully diluted NTA per share incorporates the fully paid ordinary shares converting preference shares on issue and bonus entitlements due to be paid on conversion of the preference shares. Converting Preference shareholders will accrue the bonus issue and upon conversion will receive 1.387 Ordinary Shares for every Converting Preference Share.

2 On 4 June 2015, the Board declared a fully franked dividend of 4.5 cents per share in respect of the Company’s converting preference shares and a fully franked ordinary dividend of 1.20 cents per share for ordinary shareholders for the quarter ending 30 June 2015. These dividends were paid on 22nd and 23rd July 2015. NTA before and after tax disclosed above for May and June is before the effect of this dividend payment and July is after the effect of this dividend payment.

3 In accordance with the on-market buy-back scheme, the company bought back 166,094 ordinary shares at an average price of $0.913 during the month.

Clime Capital Limited

Level 7, 1 Market Street Sydney NSW 2000 PO Box Q1286, Queen Victoria Building, Sydney NSW 1230 Phone 1300 788 568

Clime Capital Limited | July 2015 Page 2

Ordinary Shares Overview (ASX:CAM)

Preference Shares Overview (ASX:CAMPA)

Ordinary Shares Overview(ASX:CAM)	Preference Shares Overview(ASX:CAMPA)
Share Price(at month end)$0.910Rolling 12 Month Dividend4.65cpsHistorical Dividend Yield5.1%Percentage Franked100%Grossed Up Yield7.3%Dividend Reinvestment PlanYes	Share Price(at month end)$1.47
	Rolling 12 Month Dividend18.75cps*
	Historical Dividend Yield12.8%
	Percentage Franked100%
	Grossed Up Yield18.2%
	Dividend Reinvestment PlanNo

• With effect from June 2015 quarter, CAMPA dividends for future quarters has been revised to 4.5 cents (18 cents per annum) fully franked per share.

Shareholder Returns: $10,000 (January 2009 to July 2015)

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----- Start of picture text ----- Clime Capital Limited (ASX:CAM) Target 10%Data Source: Thomson Reuters----- End of picture text -----

Copyright © 2015 Clime Capital Limited (ASX:CAM). All rights reserved. The information provided in this document 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 Asset Management and StocksInValue unless otherwise stated. Past performance is no guarantee of future returns.

www.climecapital.com.au