AMCIL LIMITED — AGM Information 2008

Sep 21, 2008

22 September 2008

The Manager Company Announcements Office Australian Securities Exchange Limited Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000

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Electronic Lodgement

AMCIL Limited 2008 Annual General Meeting Chairman’s Presentation

Dear Sir or Madam

AMCIL Limited Chairman, Mr Bruce Teele, will deliver the following presentation to shareholders at the Company’s Annual General Meeting to be held today.

Yours faithfully,

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Andrew Porter Company Secretary

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AMCIL Annual General Meeting 22 September 2008 Presentation

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Total Profit Since Recapitalisation

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$Million
16
13.9
14
12
10 9.3
10.7
8
5.1
6
4 3.3
2.6
1.5
2 1.0 4.2
3.2
0.6
1.6 1.8
0.6
0
2004 2005 2006 2007 2008
Net Operating Profit After Tax Profit After Tax (including realised gains)
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Dividends

• 3 cents per share fully franked (6 cents last year)

Dividend Policy

• Maximise the distribution of the franking account balance subject to the level of profit for the year

• It is not be normal practice to distribute realised capital gains unless franking credits have been generated

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Total Assets at 30 June

$Million

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160
142.2
140
122.4
120 46.0
17.7
100
80 73.6
21.8
60
52.9
45.1 5.3 104.7
0.8 96.2
40
51.8
20 44.3 47.6
0
2004 2005 2006 2007 2008
Total Assets Without Unrealised Gains Unrealised Gains
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New Capital of $39.1 million raised in 2007 as a result of the exercise of outstanding options

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Portfolio

At 31 August 2008:

• 39 companies with a market value $96.3m

• $19.0 million of cash

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AMCIL Top 20 Holdings – 31 August 2008

			$ 000’
*	1	BHP Billiton	11,743
	2	Queensland Gas Company	8,500
*	3	Telstra Corporation	8,258
	4	Bradken	7,700
*	5	National Australia Bank	4,273
	6	AMP	3,865
	7	Peet	3,813
	8	Equity Trustees	3,474
	9	Oakton	3,341
*** **	**10 **	Amcor	3,248
	**11 **	ASG Group	2,921

• Indicates that options were outstanding against part of the holding

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AMCIL Top 20 Holdings – 31 August 2008

$ 000’ 12 Brambles 2,857 13 Tox Free Solutions 2,750 14 News Corporation (a) 2,615 15 Oil Search 2,400 16 QBE Insurance Group 2,395 17 Coca-Cola Amatil 2,351 18 Mitchell Communication Group 2,243 19 Alumina 2,205 20 Commonwealth Bank of Australia 1,908 Total 82 859 , As % of Total Portfolio 86.1% (excludes Cash and Bank Bills)

(a) Includes $0.3 million of NWSLV Class A Non-Voting Common Stock

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Largest 5 Acquisitions - (1/7/07-30/6/08)

National Australia Bank BHP Billiton Commonwealth Bank of Australia Brambles Mitchell Communication Group

$m 4.2 2.9 2.2 1.9 1.6

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Largest 5 Disposals - (1/7/07 to 30/6/08)

Rio Tinto St.George Bank Santos Transpacific Industry Group Queensland Gas Company

$m 6.7 6.7 3.8

2.7 2.4

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Major Purchases Since 30 June 2008

Existing Stocks:

• QBE Insurance – provider of general insurance and reinsurance services

• PanAust – minerals explorer, developer, and miner producing copper concentrate at its operations in Laos

• Alumina (rights entitlement) – mining, refining and smelting of alumina

• realestate.com.au – provider of online advertising and technology to the Australian and several overseas real estate industries

• Viridis Clean Energy Group – owns a geographically diversified portfolio of operating clean energy assets

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Major Purchases Since 30 June 2008 con’t.

New Stocks :

• –

• Iluka Resources a mineral sands miner and heavy minerals producer.

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Major Sales Since 30 June 2008

Disposed of:

• ConnectEast

• � Rio Tinto

• � Toll Holdings

• Transferred to the Investment from Trading Portfolio: � Molopo Australia

• � Eastern Star Gas

• � National Australia Bank

• � Westpac Banking Corporation

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Total Portfolio Return* – % Per Year to 31 August 2008

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20%
16.6%
15.1%
15%
10%
5%
0%
1 ear return return since reca italisation
y p
-5%
-10% -7.6%
-15%
-14.2%
-20%
AMCIL return on capital S&P/ASX 200 Accumulation Index
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*measured by return on capital as measured by the change in net asset backing plus reinvested dividends and adjusting for the additional cash received during the period from the exercise of options

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Share Price Relative to Net Asset Backing –

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15%
Premium
10%
5%
0%
-5%
-10%
Discount
-15%
Aug-05Sep-05Oct-05Nov-05Dec-05Jan-06Feb-06Mar-06Apr-06May-06Jun-06Jul-06Aug-06Sep-06Oct-06Nov-06Dec-06Jan-07Feb-07Mar-07Apr-07May-07Jun-07Jul-07Aug-07Sep-07Oct-07Nov-07Dec-07Jan-08Feb-08Mar-08Apr-08May-08Jun-08Jul-08Aug-08
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Outlook

• Market conditions are very testing

� Competing forces – risks in financial markets vs. the demand driven outlook for resources/energy

• The Company has a strong cash position

• We can afford to be patient, however ongoing opportunities likely to present themselves

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Annual General Meeting

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