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ctn 22% discount The pre-tax NTA for Contango MicroCap Limited as at 30 November 2005 was $1.306

During the month the NTA rose by 3.7%. This compares well with the two ASX Indices that CTN benchmarks
against ­ the All Ords Accum and the Small Ords Accum which rose by 4.4% and 3.0% respectively.

The NTA after providing for tax on unrealised gains was $1.214
The Company is a medium to long-term investor and does not intend disposing of its total portfolio of investments.

These results continue to make Contango MicroCap one of the best performing LIC's in the Australian marketplace.
As at 30 November 2005 Previous Month (31/10/05) Investment Type $m % $m %
Listed Equities 69.61 98.63 61.32 90.16 Fixed Interest and Cash 0.97 1.37 6.69 9.34
Total Assets 70.58 100.0 68.01 100.0 NTA per share before tax ­ cents* 130.6 125.9 CTN share price 102.0 100.5 % Discount to NTA 21.9 20.2
NTA per share after tax ­ cents** 121.4 118.3 CTN share price 102.0 100.5 % Discount to NTA 16.0 15.0