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1 Clime Capital Limited 12 th February 2014 Australian Stock Exchange Company Announcement Officer Subject Announcement of Half Year results - December 2013 Dear Sir / Madam Half year information given to the ASX under Rule 4.2a Please find attached the following documents with respect to the company s results for the half year period to 31 st December 2013; Appendix 4D; and Interim Financial Report for the half year ended 31 st December 2013 including the auditor s unqualified review report. This information should be read in conjunction with the most recent Annual Report of the Company for the financial year ended 30 th June Yours sincerely Richard Proctor Company Secretary Clime Capital Limited Level 5, 352 Kent Street Sydney NSW 2000 Australia PO Box Q1286 Queen Victoria Building NSW 1230 ABN P F W

2 Appendix 4D Lodged with the ASX under Listing Rule 4.2A.1 Results for Announcement to the Market Clime Capital Limited Half-Year Ended 31 December 2013 (Previous corresponding period Half-Year Ended 31 December 2012) Revenue from ordinary activities Up 6.5% to $7,565,199 Profit from ordinary activities before tax attributable to member Up 6.5% to $6,899,191 $ Profit from ordinary activities after tax attributable to members Up 4.9% to $5,176,449 Franked amount per Amount per security security Dividends per share Fully Paid Ordinary Shares Quarterly dividend April to June 13 (paid) 1c 1c Quarterly dividend July to September 13 (paid) 1c 1c Quarterly dividend October to December 13 (paid post - 31 December 2013) 1c 1c Dividends per share Converting Preference Shares Quarterly dividend April to June 13 (paid) 4.75c 4.75c Quarterly dividend July to September 13 (paid) 4.75c 4.75c Quarterly dividend October to December 13 (paid post-31 December 2013) 4.75c 4.75c Record date for determining entitlements to the interim dividend was 8 January 2014 During the 12 months ending 31 December 2013, the company in total has paid 4 cents of fully franked dividends to ordinary shareholders and 19 cents of fully franked dividends to converting preference shareholders. These dividends were paid on the expanded capital base following the placements, rights issue and the bonus issue that have occurred in the last 12 months. Explanation of Revenue Investment income for the half-year was $7,565,199 compared to $7,105,044 as at 31 December This income was derived from:. Dividend and interest income $2.00 million;. Realised gains from the investment portfolio of $3.14 million; and. Net unrealised gain on the portfolio of $2.42 million Clime Capital Limited Level 5, 352 Kent Street Sydney NSW 2000 Australia PO Box Q1286 Queen Victoria Building NSW 1230 ABN P F W

3 Explanation of Net Profit The Company recorded an after tax profit of $5,176,499 for the half-year to 31 December The after tax profit for the period was primarily a result of the net gains realised from sale of investments and unrealised gain generated by the Company s investment portfolio due to the general increase in the value of investments owing to current market conditions. Expenses in the period increased from $634,185 to $676,008. Explanation of Dividends The Directors declared an interim dividend for the half-year ended 31 December 2013 on 20 December 2013 of 1c to ordinary shareholders. The record date for this dividend was 8 January 2014 and the dividend was paid on 23 January Net tangible assets per security as at 31 December 2013 (cum-dividend) Current Previous period corresponding period* Net tangible asset backing per ordinary share pre-tax $1.10 $1.08 Net tangible asset backing per ordinary share post-tax $1.06 $1.03 Fully diluted net tangible asset backing per share incorporates both the fully paid ordinary shares and converting preference shares on issue. The company s preference shares will accrue the bonus and their conversion rate will be for one preference share held at conversion date. The Net tangible assets per security disclosed above is after taking into account the fully dilutive effect of preference shares. *Net tangible asset backing per ordinary share for the previous corresponding period has been restated for the share placement, rights and bonus issue s to facilitate comparison. Details of entities over which control has been gained during the period The company did not gain or lose control over any entities during the 6 months ended 31 December Dividends Details of dividends/distributions paid during the six months ended 31 December 2013 are as follows: Record Date Payment Date Type Amount per security Fully Paid Ordinary Shares Total Dividend $000 s Franked amount per security Foreign sourced dividend amount per security 28 June July 2013 Final 1c October October 2013 Interim 1c Total 2c 1,371 1,371 - Converting Preference Shares 28 June July 2013 Final 4.75c October October 2013 Interim 4.75c Total 9.50c

4 Dividend/Distribution Reinvestment Plans The Company operates a dividend reinvestment plan, which has been applied to all dividends paid during the period and will continue to apply to any dividends declared for the financial year ended 30 June Associates and Joint Venture entities The Company does not have any interests in associates or joint venture entities. Review This report is based on accounts that have been reviewed. The unqualified review report is attached on page 14 of the Half-Year Financial Report. 3

5 (ABN ) Interim Financial Report - 31 December 2013 Level 5, 352 Kent Street Sydney NSW 2000 Telephone: Facsimile:

6 Clime Capital Limited Interim Financial Report - 31 December 2013 Contents Half-Year Financial Report Page Directors Report 3 Auditor s Independence Declaration 4 Statement of Profit or Loss and Other Comprehensive Income 5 Statement of Financial Position 6 Statement of Changes in Equity 7 Statement of Cash Flows 8 Notes to the Financial Statements 9 Directors Declaration 13 Independent Review Report to the Members 14 This interim financial report does not include all the notes of the type normally included in an annual financial report. Accordingly, this report is to be read in conjunction with the annual report for the year ended 30 June 2013 and any public announcements made by Clime Capital Ltd during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act

7 DIRECTORS REPORT Your Directors present their report on Clime Capital Limited ( the Company ) for the half-year ended 31 December Directors The following persons were Directors of Clime Capital Limited during the whole of the half-year and up to the date of this report unless otherwise stated: Mr. John Abernethy Mr. Geoffrey J Wilson Mr. Julian J Gosse Mr. Brett Spork - Chairman, Non-Executive Director - Non-Executive Director - Independent, Non-Executive Director - Independent, Non-Executive Director Review of Operations The Company recorded an after tax profit of $5,176,449 for the half-year to 31 December 2013 compared to an after tax profit of $4,933,889 in HY13. This result was primarily driven by the realised and unrealised gain generated by the Company s investment portfolio due to general improvement in the value of investments owing to current market conditions. During the half-year cash investment revenue (dividends and interest received) plus realised gains on financial assets sold were $5.15 million. The unrealised gain on portfolio movements (marked to market) was $2.42 million. The Company has continued payment of quarterly dividends to both its preference share and ordinary shareholders. Dividends declared during the period totalled approximately $2.1 million. As at 31 December 2013 the Company has fully diluted Net Tangible Assets ( NTA ) after tax of $1.06 per share compared to $1.03 during the previous corresponding period. During the half-year, the Directors declared a bonus share issue. Each shareholder received one bonus share for each twenty five shares held. The bonus shares were issued on holdings as at 4 October The Company s Preference Shares will accrue the bonus and their conversion rate will become for one preference share held at conversion date. Auditor s Independence Declaration A copy of the Auditor s Independence Declaration as required under Section 307C of the Corporations Act 2001 is set out on page 4. Signed in accordance with a resolution of the Board of Directors and signed for and on behalf of the Directors by: JOHN ABERNETHY Chairman 12 February

8 Level 15, 135 King Street Sydney NSW 2000 T +61 (0) F +61 (0) Auditor s Independence Declaration to the Directors of Clime Capital Limited As lead auditor for the review of Clime Capital Limited for the half year ended 31 December 2013, I declare that to the best of my knowledge and belief, there have been: a. no contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and b. no contraventions of any applicable code of professional conduct in relation to the review. Moore Stephens Sydney Chartered Accountants Scott Whiddett Partner Dated in Sydney this 12 th day of February Moore Stephens Sydney ABN Liability limited by a scheme approved under Professional Standards Legislation* *Other than for the acts or omissions of financial services licensees. An independent member of Moore Stephens International Limited - members in principal cities throughout the world The Sydney Moore Stephens firm is not a partner or agent of any other Moore Stephens firm.

9 ABN STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE HALF-YEAR ENDED 31 DECEMBER 2013 Half-year ended Note 31 December 31 December $ $ Investment income from ordinary activities Investment revenue 2 2,004,086 2,036,210 Net realised gain/(loss) on disposal of financial assets at fair value through profit or loss 3,141,672 (1,486,786) Net unrealised gain on financial assets at fair value through profit or loss 2,419,441 6,555,620 Total investment income 7,565,199 7,105,044 Expenses Management fees (460,872) (344,757) Administrative expenses (151,572) (227,395) Directors' fees and company secretarial fees (63,564) (62,033) Total expenses (676,008) (634,185) Profit for the half-year before income tax 6,889,191 6,470,859 Income tax expense (1,712,742) (1,536,970) Profit for the half-year 5,176,449 4,933,889 Other comprehensive income for the half-year - - Total comprehensive income for the half-year 5,176,449 4,933,889 Basic earnings per share cents 6.32 cents Diluted earnings per share cents 6.32 cents This Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Notes to the Financial Statements which follow. 5

10 ABN STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013 As at 31 December 30 June $ $ Assets Cash and cash equivalents 29,840,989 27,718,478 Trade and other receivables 306,152 1,025,864 Financial assets at fair value through profit or loss 58,499,019 56,976,925 Prepayments 13,824 22,773 Total assets 88,659,984 85,744,040 Liabilities Trade and other payables 147, ,403 Dividends payable 1,065,060 1,035,400 Current tax liability 996,503 1,467,635 Deferred tax liability 2,081,896 1,347,669 Total liabilities 4,290,906 4,704,107 Net assets 84,369,078 81,039,933 Equity Issued capital 72,227,904 71,946,458 Retained earnings 444,664 (231,785) Profit reserve 11,696,510 9,325,260 Total equity 84,369,078 81,039,933 This Statement of Financial Position should be read in conjunction with the Notes to the Financial Statements which follow. 6

11 ABN STATEMENT OF CHANGES IN EQUITY FOR THE HALF-YEAR ENDED 31 DECEMBER 2013 Note Retained Issued Capital Earnings Profit Reserve Total Equity $ $ $ $ Balance at 1 July ,231,158 1,164,953 5,500,000 60,896,111 Profit for the year - 4,933,889-4,933,889 Other comprehensive income for the half-year Total comprehensive loss for the half-year - 4,933,889-4,933,889 Transactions with owners in their capacity as owners Issue of Ordinary shares 3 227, ,508 Dividends provided for or paid - Ordinary shares 5 - (977,117) - (977,117) Dividends provided for or paid - Converting Preference Shares 5 - (728,136) - (728,136) Transfer to Profit Reserve - (4,000,000) 4,000, ,508 (5,705,253) 4,000,000 (1,477,745) Balance at 31 December ,458, ,589 9,500,000 64,352,255 Profit for the half-year - 1,269,373-1,269,373 Other comprehensive income for the half-year Total comprehensive income for the half-year - 1,269,373-1,269,373 Transactions with owners in their capacity as owners Issue of Ordinary shares 17,563, ,563,612 Share issue costs (108,314) - - (108,314) Income tax relating to share issue costs 32, ,494 Dividends provided for or paid - Ordinary shares - 977,117 (2,318,468) (1,341,351) Dividends provided for or paid - Converting Preference Shares - 728,136 (1,456,272) (728,136) Transfer to Profit Reserve (3,600,000) 3,600,000-17,487,792 (1,894,747) (174,740) 15,418,305 Balance at 30 June ,946,458 (231,785) 9,325,260 81,039,933 Profit for the half-year - 5,176,449-5,176,449 Other comprehensive income for the half-year Total comprehensive income for the half-year - 5,176,449-5,176,449 Transactions with owners in their capacity as owners Issue of Ordinary shares 3 281, ,446 Dividends provided for or paid - Ordinary shares (1,400,614) (1,400,614) Dividends provided for or paid - Converting Preference Shares (728,136) (728,136) Transfer to Profit Reserve - (4,500,000) 4,500, ,446 (4,500,000) 2,371,250 (1,847,304) Balance at 31 December ,227, ,664 11,696,510 84,369,078 This Statement of Changes in Equity should be read in conjunction with the Notes to the Financial Statements which follow. 7

12 ABN STATEMENT OF CASH FLOWS FOR THE HALF-YEAR ENDED 31 DECEMBER 2013 Half-year ended 31 December 31 December $ $ Cash flows from operating activities Proceeds from sale of investments 13,200,214 15,901,431 Payments for purchase of investments (9,373,699) (14,300,613) 3,826,515 1,600,818 Dividends and trust distributions received 1,358,381 1,674,598 Interest received 895, ,159 Payments for administration expenses (234,496) (276,483) Investment manager's fees paid (455,659) (338,721) Performance fees paid - (386,059) Income tax paid (1,449,646) - Net cash inflow from operating activities 3,940,155 2,918,312 Cash flows from financing activities Dividends paid (1,817,644) (1,451,483) Net cash outflow from financing activities (1,817,644) (1,451,483) Net increase in cash and cash equivalents held 2,122,511 1,466,829 Cash and cash equivalents at beginning of the financial period 27,718,478 9,847,819 Cash and cash equivalents at end of the financial period 29,840,989 11,314,648 This Statement of Cash Flows should be read in conjunction with the Notes to the Financial Statements which follow. 8

13 ABN NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER STATEMENT OF ACCOUNTING POLICIES (a) Basis of accounting These half-year financial statements are general purpose financial statements prepared in accordance with the Corporations Act 2001 and Australian Accounting Standard AASB 134: Interim Financial Reporting. The half-year financial statements are prepared in accordance with the historical cost convention with the exception of the valuation of investments described in Note 1(b) below. These half-year financial statements do not include all the notes of the type normally included in annual financial statements and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the Company as the full financial statements. Accordingly, these half-year financial statements are to be read in conjunction with the annual financial statements for the year ended 30 June 2013 and any public announcements made by the Company during the half-year reporting period in accordance with the continuous disclosure requirements of the Corporations Act Details of reporting period The current reporting period is the half-year ended 31 December For the Statement of Profit or Loss and Other Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows, the previous corresponding period is the half-year ended 31 December For the Statement of Financial Position, the previous corresponding date is 30 June (b) Accounting policies Except as described in (d) below, the accounting policies applied in these interim financial statements are the same as those applied in the Company's financial statements as at and for the year ended 30 June Changes in accounting policies described in (d) below are also expected to be reflected in the Company's ' financial statements as at and for the year ending 30 June (c) Investments i) Classification The Company's investments in publicly listed and unlisted companies, and investments in fixed interest securities, are classified as financial assets at fair value through profit or loss. It is considered that the information needs of shareholders in a company of this type are better met by stating investments at fair value rather than historical cost and by presenting the Statement of Financial Position on a liquidity basis. ii) Valuation All investments are classified as "held-for-trading" investments and are recognised at fair value. iii) Investment income Dividend income is recognised in profit or loss on the day on which the relevant investment is first quoted on an exdividend basis. Interest revenue is recognised as it accrues, taking into account the effective yield on the financial asset. Realised and unrealised gains and losses arising from changes in the fair value of the 'financial assets at fair value through profit or loss' category are included in profit or loss in the period in which they arise. Realised gains and losses are measured as the difference between the historical cost of the investments and proceeds from sale. iv) Impairment of assets The Board assesses at each reporting period whether there is objective evidence that a financial asset, or group of financial assets, is impaired. Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after the initial recognition of the financial asset the estimated future cash flows of the investment have been impacted. 9

14 ABN NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER STATEMENT OF ACCOUNTING POLICIES (CONTINUED) (d) New and Revised Accounting Requirements Applicable to the Current Half-Year Reporting Period Fair value measurement AASB 13 establishes a single framework for measuring fair value and making disclosures about fair value measurements, when such measurements are required or permitted by other AASBs. In particular, it unifies the definition of fair value as the price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date. It also replaces and expands the disclosure requirements about fair value measurements in other AASBs, including AASB 7 Financial Instruments: Disclosures. The Company has adopted AASB 13 Fair Value Measurement with effect from 1 July In accordance with the transitions provisions, AASB 13 has been applied prospectively from that date. As a result, the Company has adopted a new definition of fair value, as set out below The change had no material impact on the measurement of the Company's assets and liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal, or in its absence, the most advantageous market to which the Company has access at that date. The fair value of a liability reflects its non- performance risk. When applicable, the Company measures the fair value of an instrument using the quoted prices in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequent and volume to provide pricing information on an ongoing basis. When there is no quoted price in an active market, the Company uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all the factors that market participants would take into account in pricing a transaction. The best evidence of the fair value of a financial instrument at initial recognition is normally the transaction price i.e. the fair value of the consideration given or received. If the Company determines that the fair value at initial recognition differs from the transaction price and the fair value of neither a quoted price in an active market for identical asset or liability nor based on a valuation technique that uses only data from observable markets, the financial instruments are initially measured at fair value, adjusted to defer the difference between the fair value at initial recognition and the transaction price. Subsequently, that difference is recognised in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is supported wholly by observable market data or the transaction is closed out. 2. INVESTMENT REVENUE Half-year ended 31 December 31 December $ $ Dividends received 1,068,551 1,406,861 Trust distributions 17,719 18,971 Interest 917, ,378 TOTAL 2,004,086 2,036, EQUITY SECURITIES ISSUED Issue of ordinary shares during the half-year Issue of 274,511 fully paid ordinary shares pursuant to the Company's Dividend Reinvestment Plan (2012: Issue of 245,621 fully paid ordinary shares pursuant to the Company's Dividend Reinvestment Plan) Issue of 2,691,440 ordinary shares pursuant to a 1 for 25 bonus issue (2012: Issue of 2,380,415 ordinary shares pursuant to a 1 for 20 bonus issue) 281, , , ,508 10

15 ABN NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2013 Half-year ended 31 December 31 December $ $ 4. INDIVIDUALLY SIGNIFICANT ITEMS Net unrealised gain on financial assets at fair value through profit or loss includes impairment write down of Mothercare Australia Ltd - 3,177, DIVIDENDS Dividends paid in the current period A fully franked final dividend on ordinary shares in respect of the 2013 financial year of 1 cent per share was paid on 23 July 2013 (2012: A fully franked final dividend on ordinary shares in respect of the 2012 financial year of 1 cent per share was paid on 30 July 2012) A fully franked dividend on converting preference shares in respect of the 2013 financial year of 4.75 cents per share was paid on 22 July 2013 (2012: A fully franked dividend on converting preference shares in respect of the 2012 financial year of 4.75 cents per share was paid on 27 July 2012) A fully franked dividend on ordinary shares for the quarter ended 30 September 2013 of 1 cent per share was paid on 23 October 2013 (2012: A fully franked dividend on ordinary shares for the quarter ended 30 September 2012 of 1 cent per share was paid on 28 October 2012) A fully franked dividend on converting preference shares for the quarter ended 30 September 2013 of 4.75 cents per share was paid on 22 October 2013 (2012: A fully franked dividend on converting preference shares for the quarter ended 30 September 2012 of 4.75 cents per share was paid on 25 October 2012) 671, , , , , , , ,068 Total dividends paid in the current period 2,099,090 1,678,992 Dividends provided for in the current period A fully franked dividend on ordinary shares for the quarter ended 31 December 2013 of 1 cent per share was declared on 20 December 2013 and was paid on 23 January 2014 (2012: A fully franked dividend on ordinary shares for the quarter ended 30 December 2012 of 1 cent per share was declared on 18 December 2012 and was paid on 25 January 2013) 700, ,145 A fully franked dividend on converting preference shares for the quarter ended 31 December 2013 of 4.75 cents per share was declared on 20 December 2013 and was paid on 22 January 2014 (2012: A fully franked dividend on converting preference shares for the quarter ended 31 December 2012 of 4.75 cents per share was declared on 18 December 2012 and was paid on 24 January 2013) 364, ,068 Total dividends provided for in the current period 1,065, ,213 Total dividends paid and/or recognised in the current period 3,164,150 2,544,205 11

16 ABN NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF-YEAR ENDED 31 DECEMBER 2013 Half-year ended 31 December 31 December $ $ 6. EARNINGS PER SHARE Basic earnings per share Diluted earnings per share Weighted average number of ordinary shares used in the calculation of basic earnings per share Weighted average number of shares used in the calculation of diluted earnings per share 6.28 cents 6.32 cents 6.28 cents 6.32 cents 70,866,793 66,575,385 70,866,793 66,575, CONTINGENT LIABILITIES AND COMMITMENTS There has been no change in contingent liabilities since the last annual reporting date. 8. SUBSEQUENT EVENTS No significant events have occurred since the reporting date which would impact on the financial position of the Company disclosed in the Statement of Financial Position as at 31 December 2013 or on the results and cash flows of the Company for the half year ended on that date. 9. SEGMENT INFORMATION The Company has only one segment. The Company operates predominately in Australia and in one industry being the securities industry, deriving revenue from dividend income, interest income and from the sale of its financial assets at fair value through profit or loss. 12

17 DIRECTORS DECLARATION FOR THE HALF-YEAR ENDED 31 DECEMBER 2013 The Directors of the Company declare that: (a) the financial statements and notes set out on pages 5 to 12 are in accordance with the Corporations Act 2001; and: (i) comply with Accounting Standard 134 Interim Financial Reporting and the Corporations Regulations 2001; and (ii) give a true and fair view of the entity s financial position as at 31 December 2013 and of its performance for the half-year ended on that date. (b) In the Directors opinion, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable. This declaration is made in accordance with a resolution of the Board of Directors and signed for and on behalf of the Directors by: John Abernethy Chairman Sydney, 12 February

18 Level 15, 135 King Street Sydney NSW 2000 T +61 (0) F +61 (0) INDEPENDENT AUDITOR S REVIEW REPORT TO THE MEMBERS OF Report on the Half Year Financial Report We have reviewed the accompanying half year financial report of Clime Capital Limited (the Company), which comprises the statement of financial position as at 31 December 2013, and the statement of comprehensive income, statement of changes in equity and statement of cash flows for the half year ended on that date, a statement of significant accounting policies, other selected explanatory notes and the directors declaration. Directors Responsibility for the Half Year Financial Report The directors of Clime Capital Limited are responsible for the preparation and fair presentation of the half year financial report in accordance with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001 and for such internal control as the directors determine is necessary to enable the preparation of the financial report that is free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express a conclusion on the half year financial report based on our review. We conducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Review of an Interim Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on the basis of the procedures described, we have become aware of any matter that makes us believe that the financial report is not in accordance with the Corporation Act 2001 including: giving a true and fair view of the company s financial position as at 31 December 2013 and its performance for the half year ended on that date; and complying with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations As the auditor of Clime Capital Limited, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual financial report. A review of the half year financial report consists of making enquiries, primarily of persons responsible for the financial and accounting matters, and applying analytical and other review procedures. It also includes reading the other information included with the financial report to determine whether it contains any material inconsistencies with the financial report. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 14 Moore Stephens Sydney ABN Liability limited by a scheme approved under Professional Standards Legislation* *Other than for the acts or omissions of financial services licensees. An independent member of Moore Stephens International Limited - members in principal cities throughout the world The Sydney Moore Stephens firm is not a partner or agent of any other Moore Stephens firm.

19 Independence In conducting our review, we have complied with the applicable independence requirements of the Corporations Act Conclusion Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half year financial report of Clime Capital Limited is not in accordance with the Corporations Act 2001, including: (i) (ii) giving a true and fair view of the company s financial position as at 31 December 2013 and of its performance for the half year ended on that date; and complying with Accounting Standard AASB 134: Interim Financial Reporting and the Corporations Regulations Moore Stephens Sydney Chartered Accountants Scott Whiddett Partner Dated in Sydney, this 12 th day of February