AMCIL LIMITED — AGM Information 2010

Sep 26, 2010

27 September 2010

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

==> picture [188 x 312] intentionally omitted <==

Electronic Lodgement

AMCIL Limited 2010 Annual General Meeting Chairman’s Presentation

Dear Sir or Madam

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

Yours faithfully

==> picture [141 x 63] intentionally omitted <==

Simon Pordage Company Secretary

==> picture [698 x 40] intentionally omitted <==

AMCIL Annual General Meeting 27 September 2010 Presentation

==> picture [698 x 35] intentionally omitted <==

Disclaimer

AMCIL Limited, their related entities and each of their respective directors, officers and agents (together the Disclosers ) have prepared the information contained in these materials in good faith. However, no warranty (express or implied) is made as to the accuracy, completeness or reliability of any statements, estimates or opinions or other information contained in these materials (any of which may change without notice) and to the maximum extent permitted by law, the Disclosers disclaim all liability and responsibility (including, without limitation, any liability arising from fault or negligence on the part of any or all of the Disclosers) for any direct or indirect loss or damage which may be suffered by any recipient through relying on anything contained in or omitted from these materials. Any reader is strongly advised to make their own enquiries and seek independent professional advice regarding information contained in these materials.

These materials have been prepared solely for the purpose of information and do not constitute, nor are they intended to constitute advice nor an offer or invitation to any person to subscribe for, buy or sell any shares or any other securities.

==> picture [698 x 35] intentionally omitted <==

All Ordinaries Price Index – A Long Term View

==> picture [653 x 413] intentionally omitted <==

==> picture [698 x 35] intentionally omitted <==

Summary of Results

Income	6.3 FY10 $m	5.4 FY09 $m
Operating Expenses	(1.2)	(1.2)
Income Tax	(0.2)	(0.4)
Net Operating Profit	4.9	3.8
Net capital gains/	2.1	5.9
losses on
Profit for the Year investments^	7.0	9.7

Key factors:

• Increased dividends and distributions

• Revenue from deposits down as funds invested

• Improved performance of Trading Portfolio

• Costs held flat

• Net capital gains down - less realised gains - inclusion of unrealised gains in HDF

^ Includes realised gains up to 7 Dec. 2009

==> picture [698 x 35] intentionally omitted <==

Dividend Policy

	FY10	FY09
	cents	cents
Earning Per Share*	2.6	2.2
Dividends Per Share	2.0	2.0

• 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

*based on net operating profit

==> picture [698 x 35] intentionally omitted <==

Portfolio at 30 June

==> picture [704 x 402] intentionally omitted <==

----- Start of picture text -----

$Million
160
5.0
140
16.6
120
18.0
100
22.0
0.0
80
131.5
60 124.6
103.3
8.5
40 84.4
71.5
20 43.8
0
2005 2006 2007 2008 2009 2010
Portfolio Value Cash
New Capital of $39.1 million raised in 2007 as a result of the exercise of outstanding options
----- End of picture text -----

==> picture [698 x 35] intentionally omitted <==

The Market Over the Year – All Ordinaries Price Index

==> picture [657 x 403] intentionally omitted <==

----- Start of picture text -----

5200
5000
4800
4600
4400
4200
4000
3800
2009/10 financial year
3600
Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10
Value
----- End of picture text -----

==> picture [698 x 35] intentionally omitted <==

Investment Themes for the Year

• Participated in selected capital raisings which restored balance sheet strength

• Invested in companies with sound business models and strong annuity income yields

• Restarted use of the Trading Portfolio albeit still at relatively small levels

• Utilised $9.9 million of cash raised through the Share Purchase Plan

==> picture [698 x 35] intentionally omitted <==

Largest 5 Acquisitions - (Last Financial Year)

$m 5.4

Hastings Diversified Utilities Fund 5.4 Transurban 5.3 Australian Infrastructure Fund 3.3 Perpetual 2.2 Trust Company* 1.6

• New stocks to the investment portfolio

==> picture [698 x 35] intentionally omitted <==

Largest 5 Disposals - (Last Financial Year)

Oakton Diversified United Investment (DUI)

$m 2.0 1.5

==> picture [698 x 35] intentionally omitted <==

AMCIL’s Investment Structure – 31 August 2010

• Investment portfolio:

• A$133.3 million

• 42 companies

• Trading portfolio of $4.9 million

• Cash of $1.8 million (SPP raised $9.9 million in December 2009)

==> picture [698 x 35] intentionally omitted <==

Major Purchases Since 1 July 2010

• ANZ Bank

� Eastern Star Gas (placement)

==> picture [698 x 35] intentionally omitted <==

AMCIL Top 20 Holdings – 31 August 2010

$ ’000

• 1 Commonwealth Bank of Australia 2 Westpac Banking Corporation 3 Hastings Diversified Utilities Fund 4 BHP Billiton

• *** 5 Transurban Group 6 National Australia Bank 7 Bradken**

• *** 8 Australia and New Zealand Banking Group 9 Tox Free Solutions**

• *** 10 QBE Insurance Group**

8,853 7,965 7,941 7,410 6,229 5,999 5,672 5,191 4,709 4,696

• Indicates that options were outstanding against part of the holding

==> picture [698 x 35] intentionally omitted <==

AMCIL Top 20 Holdings – 31 August 2010 con’t.

$ ’000

11 Telstra Corporation

12 ASG Group

13 Mitchell Communication Group 14 Coca-Cola Amatil

15 Peet

16 Amcor

17 Australian Infrastructure Fund 18 Oil Search 19 REA Group 20 AMP

4,681

4,583

4,455

4,176

3,999

3,817

3,640 3,593 3,544 3,393

Total 104 546 ,

As % of Total Portfolio (excludes Cash)

75.6%

==> picture [698 x 35] intentionally omitted <==

Total Portfolio Return* – % Per Year to 31 August 2010

==> picture [687 x 338] intentionally omitted <==

----- Start of picture text -----

14% 13.1%
12.3%
12%
9.2%
10%
8%
5.8%
6%
4.2%
4%
2.2%
2%
0%
1 year return 5 year return return since
recapitalisation in
January 2004
AMCIL return on capital S&P/ASX 200 Accumulation Index
----- End of picture text -----*

*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

==> picture [698 x 35] intentionally omitted <==

Share Price Relative to Net Asset Backing

==> picture [667 x 411] intentionally omitted <==

----- Start of picture text -----

15%
Premium
10%
5%
0%
-5%
-10%
Discount
-15%
Apr-06 Aug-06 Dec-06 Apr-07 Aug-07 Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09 Apr-10 Aug-10
----- End of picture text -----

==> picture [698 x 35] intentionally omitted <==

Outlook

• AMCIL is close to fully invested following share purchase plan in December

• High government debt levels globally and the impact of required adjustments are likely to create ongoing uncertainty in markets

• Emerging economies including China remain central to global growth

• Business conditions in Australia are strong in some areas but patchy in others - political environment creates some uncertainties

• Australian market likely to improve gradually on improved company earnings

==> picture [698 x 35] intentionally omitted <==

AMCIL Annual General Meeting 27 September 2010

==> picture [698 x 35] intentionally omitted <==