CLIME INVESTMENT MANAGEMENT LTD — Net Asset Value 2005

Dec 13, 2005

Loftus Capital Partners Limited ("LCP")

Australian Stock Exchange Company Announcement Officer

SUBJECT: Net Tangible Assets ("NTA") Announcement

Dear Sir/Madam.

NTA as at 30^th November 2005

The Directors announce that the unaudited, reported NTA of LCP as at 30 November 2005 (in accordance with ASX Listing Rule 4.12) is 71.5 cents per share.

The Directors also consider it important to note that LCP has bought back 432,851 shares since 29 September 05 at an average discount to NTA of 16% (i.e. average NTA per share of 70.5 cents versus average cost per share of 59.2 cents).

Please contact me on (03) 9639 6360 should you require any further details.

Yours sincerely,

Conventumes

Cameron Fellows Company Secretary