Business Update

• Improved revenue guidance
• Further restructuring initiatives expected to reduce operating costs by $1m p.a.
• Retirement of Joint Company Secretary

Clime Investment Management Limited (ASX: CIW) has provided a business update, highlighting several key developments. Firstly, the company has secured an investment management mandate for Clearwater, which is expected to deliver revenue in excess of $0.5 million per annum for a minimum of 3 years. This is in addition to the revenue growth noted in the June quarter update, flowing from inflows into CIW's managed funds. Secondly, the company has identified additional cost savings beyond the direct cost savings from the divestment of Madison Financial Group (MFG) to Infocus. These savings are expected to reduce operating costs by approximately $1 million per annum. As CIW continues to refocus on funds management, the company expects further cost savings to be identified, a portion of which it intends to reinvest into distribution and client service support. The net result of these initiatives is that CIW now expects its FY25 operating costs to be substantially lower than in FY24. The company will provide further guidance on this with its FY24 audited results, which are scheduled to be released on or about 28 August. Additionally, CIW announces the retirement of Mr. Simon Dutton from his role as Joint Company Secretary, effective 16 August 2024. Mr. Tushar Kale is now the sole Company Secretary of CIW. The company also announces the appointment of Mr. Steve Lambeth as Portfolio Manager, reporting to the Chief Investment Officer, Mr. Will Rigall.

CIW expects FY25 operating costs to be substantially lower than in FY24.