Announcement PDF MONTHLY NTA STATEMENT: DECEMBER 2015 NET TANGIBLE ASSETS 31 DEC 2015 30 NOV 2015 NTA of investments before tax $1.151 $1.101 NTA of investments before tax on unrealised gains $1.138 $1.054 NTA after tax $1.078 $1.042 Month-end closing share price (CTN.ASX) $0.950 $0.925 Month-end closing convertible note price (CTNG.ASX) $101.55 $100.90 * Ex-dividend ASSET COMPOSITION 31 DEC 2015 30 NOV 2015 Investment Type $m % $m % Resources 15.83 9.2 13.11 7.8 Industrials 187.25 107.8 176.88 105.3 Equity index futures 3.55 2.0 8.43 5.0 Liquidity 4.87 2.8 4.93 2.9 Borrowings (Convertible notes) (26.00) -15.0 (25.99) -15.5 Tax liability (11.8) -6.8 (9.42) -5.6 Net Assets After Tax $173.70 100.0% $167.94 100.0% Ordinary Shares on Issue 161.151m 161.151m Convertible Notes on Issue 265,000 265,000 TOP 20 STOCK HOLDINGS WITHIN THE CTN INVESTMENT PORTFOLIO* CODE STOCK MYX HUB SGF SAR QMS AHG ALU A2M ENN ASB Mayne Pharma Group Limited HUB24 Limited SG Fleet Group Limited Saracen Mineral Hldgs Ltd QMS Media Limited Automotive Hldgs Group Ltd Altium Limited The A2 Milk Company Ltd Elanor Investors Group Austal Limited WEIGHT CODE STOCK 4.25% 4.07% 3.87% 2.98% 2.94% 2.79% 2.52% 2.32% 2.29% 2.23% VLW ORE GMF CAT WEB VRL CKF TGP MBE EPD Villa World Limited Orocobre Limited Gpt Metro Office Fund Catapult Group Intnl Ltd Webjet Limited Village Roadshow Limited Collins Foods Limited 360 Capital Group Mobile Embrace Limited Empired Ltd WEIGHT 2.04% 2.03% 2.02% 1.96% 1.94% 1.92% 1.82% 1.80% 1.77% 1.72% The investment portfolio contained 81 securities as at 31 December 2015. This excludes the investment in Contango Income Generator Limited and ownership of its investment manager, Contango Asset Management Limited, which amount to approximately 16.8% and 5.9% of the NTA value respectively. RECENT ASX ANNOUNCEMENTS 01 December 2015 NTA for November 2015 CONVERTIBLE NOTE INTEREST PAYMENT The next interest payment is due on 31 March 2015. DIVIDEND PAYMENT Since the payment of its first dividend in 2004, including this dividend, the Company has declared dividends of 87.3 cents per share with a total dividend payout exceeding $101.8m The balance of Company’s Dividend Reserve is $18.09m – sufficient to pay proposed dividends into FY17. CTN OFFERS A FIRM DIVIDEND POLICY The after-tax NTA announced on the 1st of July 2015 of $1.058 sets the base for FY16 dividend payments. In line with the Company’s dividend policy to pay a minimum of 6% pa of the July 1 NTA value each year, CTN is able to provide investors with guidance of proposed dividend payments. This table is not a formal declaration of dividends. Shareholders and investors should only rely on the Official Declaration of Dividend for confirmation as to dividend amount and relevant dates including what level of franking may be attached to any dividends declared. DIVIDEND GUIDANCE AS AT 31 DECEMBER 2015 AMOUNT FY16 Interim Payable February 2016: Minimum of 2.6 cents per share FY16 Final Payable October 2016: Minimum of 3.7 cents per share Glenn Fowles Director - CONTANGO MICROCAP LIMITED 7 January 2016 Page | 2