Net Tangible Asset Backing

December 2011 Update Security Information

Code OZG.ASX Last Price (c) 14.5

Shares on Issue 367.7m Market Capitalisation $53.3m Net Tangible Assets $83.7m

Share Price Discount to NTA -36%

Net Tangible Assets

• Portfolio falls 1.5% in month. Over first six months of financial year, portfolio down 1.4% versus a broader market fall of 9.6%

• Interim dividend of 0.2 cents per share provided at 31 December 2011, payable mid February

• Portfolio NTA (after allowance for interim dividend, all fees and taxes) closes month at 22.8 cents

*The before and after tax NTA numbers above refer to the provision for unrealised gains in the Company's investment portfolio. The Before Tax number is prior to recognition of a provision for tax credits/debits on disposal of the company's portfolio of assets. The After Tax figure includes allowance for this provision.

Portfolio Holdings Ozgrowth Limited

Ozgrowth Limited is a listed public company (ASX Code: OZG) that has been established to provide investors with an exposure to a portfolio of assets that are intended to show consistent positive returns.
The portfolio of assets is managed by
Westoz Funds Management Pty Ltd, a
100% owned subsidiary of Euroz Limited
(ASX Code: EZL).
Whilst the majority of investments will be sourced from the Australian equity market, the portfolio is intended to

Resources

57%

Cash

10%

Industrials

33%

Cedar Woods Properties Limited 15% iiNet Limited 14% Clough Limited 7% Automotive Holdings Group Limited 7% Regis Resources Limited 6% Red Fork Energy Limited 4% Tap Oil Limited 4% Indophil Resources NL 4% Northern Iron Limited 4% Saracen Mineral Holdings Limited 3% BC Iron Limited 3% Gryphon Minerals Limited 3% Other 17% Cash 10% Total 100%
produce the desired returns regardless

Portfolio Performance*

of the general direction of that market.
Ozgrowth Limited will also consider
unlisted investment opportunities as appropriate.
For more information on Ozgrowth Limited, please refer to our web site www.ozgrowth.com.au

70%

50%

30%

Ozgrowth

10%

For Further Information

Philip Rees, Executive Director

Tel: [phone]

Email: [e-mail]

-10%

-30%

-50%

All Ords

Accumulation

Dermot Woods, Executive Director

Tel: [phone]

Email: [e-mail]

Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11

* Portfolio performance represents the return on the company's gross investment portfolio before all fees, expenses and taxes.

Ozgrowth Limited

ABN 52 126 450 271

Level 18, Alluvion

58 Mounts Bay Road

Perth Western Australia 6000

Telephone: [phone]

Facsimile: [phone]

Web: www.ozgrowth.com.au

PO Box Z5036

St Georges Terrace

Perth Western Australia 6831