AMCIL LIMITED — AGM Information 2011

Sep 28, 2011

29 September 2011

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

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Electronic Lodgement

AMCIL Limited 2011 Annual General Meeting Presentation

Dear Sir / Madam

Please find attached a presentation that will be delivered to shareholders at the Company’s Annual General Meeting to be held today.

Yours faithfully

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Simon Pordage Company Secretary

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AMCIL Annual General Meeting 29 September 2011 Presentation

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Disclaimer

AMCIL Limited, its 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.

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Participation in BHP Billiton buy back lifted profits

profits
	FY11 $m	FY10 $m	Key factors:
Income	8.7	6.3	• Participation in BHP Billiton buy back
Operating Expenses	(1.3)	(1.2)	• Increase in dividends and
Income Tax	(0.3)	(0.2)	distributions
Net Operating Profit	7.1	4.9	• Costs flat
Net capital gains/	1.3	2.1^	• Net capital gains down
losses on investments			- changed accounting
			treatment for realised gains
Profit for the Year	8.4	7.0	from investments

^ Includes realised gains up to 7 Dec. 2009

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This was reflected in the strong increase in the fully franked dividend

	FY11	FY10	FY09
	cents	cents	cents
Earning Per Share*	3.5	2.6	2.2
Dividends Per Share	3.5	2.0	2.0

*based on net operating profit

• Dividend policy is to maximise the distribution of the franking account balance subject to the level of profit for the year

• Current level of deferred tax losses means there is presently no generation of franking credits from realised gains

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Portfolio value improved over the year with cash available to take advantage of opportunities

$Million

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22.0
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The Market Over the Year – All Ordinaries Price Index

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All Ordinaries Price Index – A Long Term View

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Total Portfolio Return* – % Per Year to 31 August 2011

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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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What AMCIL has been doing since the start of the financial year

• Added to current holdings to take advantage of very weak days

• Purchased new holdings when value on offer

• Reduced the number of holdings in the portfolio, including exit of small positions

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Market volatility has allowed purchases in good quality companies since 1 July 2011 - the largest were:

• Ansell*

• Origin Energy

 Orica*

• Wesfarmers*

*new company to the portfolio

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A number of sales have occurred since 1 July with the largest being:

• Perpetual[#]

• Alumina[#]

• Iluka Resources

• ASG Group

complete disposal

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AMCIL’s Investment Structure – 31 August 2011

• Investment portfolio:

 A$144.7 million  50 companies

 Trading portfolio of $3.3 million

• Cash of $3.1 million

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AMCIL Top 20 Holdings – 31 August 2011

1 Hastings Diversified Utilities Fund 2 Commonwealth Bank of Australia 3 BHP Billiton 4 Westpac Banking Corporation 5 Transurban Group 6 National Australia Bank 7 Bradken 8 Telstra Corporation 9 Tox Free Solutions 10 Australia & New Zealand Banking Group

% of the $ ’000 portfolio 9,482 6.4% 8,504 5.7% 7,807 5.3% 7,561 5.1% 6,638 4.5% 6,560 4.4% 5,766 3.9% 5,158 3.5% 4,977 3.4% 4,972 3.4%

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AMCIL Top 20 Holdings – 31 August 2011 con’t.

	% of the portfolio $ ’000 4,341 2.9% 4,231 2.9% 4,123 2.8% 4,113 2.8% 4,091 2.8% 4,016 2.7% 3,794 2.6% 3,702 2.5% 3,686 2.5% 3,425 2.3% 106,947 72.3%
11 QBE Insurance Group 12 Australian Infrastructure Fund 13 Coca-Cola Amatil 14 Oil Search 15 Senex Energy 16 AMP 17 Amcor 18 Brambles 19 Iluka Resources 20 Campbell Brothers As % of Total Portfolio (excludes Cash)

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Share Price Relative to Net Asset Backing – DRP suspended for the final dividend

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Premium/Discount
Cents
NTA
Share Price
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Conditions are providing good opportunities for AMCIL

• Markets likely to remain uncertain

• Global growth weighed down by debt levels in developed countries

• Emerging economies including China remain critical to global growth

• Patchy business conditions in Australia

• Portfolio performance in these markets reinforce AMCIL’s concentrated investment approach

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AMCIL Annual General Meeting 29 September 2011

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