AMCIL LIMITED — AGM Information 2012

Oct 9, 2012

10 October 2012

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The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000

Electronic Lodgement

AMCIL Limited 2012 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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Annual General Meeting October 2012

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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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Annual General Meeting October 2012

Year in Summary

	June 2012
Reported Profit ($m)	8.9	+6.6%
Net Operating Result ($m)	5.7	-20.2%
Dividend Per Share (cents)	2.5	- 1 cent
Total Portfolio ($m)	159.8	last year 161.9
MER (%)	0.84	+ 0.04
Number of Holdings	40	down 8

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Annual General Meeting October 2012

Dividend in line with available franking credits

Full year 2012 Full year 2011

Earnings per share[*] Dividends per share

2.71 cents 3.50 cents 2.5 cents 3.5 cents

*Based on net operating result

• Participation in BHP Billiton buy-back last year provided a significant increase to fully franked income

• Historic capital losses are nearly extinguished

• Realised capital gains will potentially generate franking credits for distribution

Annual General Meeting October 2012

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Average discount has narrowed

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Annual General Meeting October 2012

Portfolio approach has provided strong returns

*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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Annual General Meeting October 2012

Sector performance differed substantially over the period with resources well down

Annual General Meeting October 2012

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Top 20 Holdings at 31 August 2012 represent 78.0% of the portfolio

Rank	Company	$ million	% of portfolio
1	Hastings Diversified Utilities Fund	11.8	7.2%
2	Commonwealth Bank of Australia	10.1	6.2%
3	Westpac	8.8	5.4%
4	Oil Search	8.8	5.4%
5	Transurban	7.7	4.7%
6	Australian Infrastructure Fund	7.3	4.5%
7	ANZ Banking Group	7.1	4.3%
8	National Australia Bank	7.1	4.3%
9	Tox Free Solutions	7.1	4.3%
10	Telstra	6.6	4.1%

Top 20 Holdings at 31 August 2012 represent 87.5% of the portfolio – con’t.

Rank	Company	$ million	% of portfolio
11	BHP Billiton	6.5	4.0%
12	Senex Energy	5.4	3.3%
13	Coca-Cola Amatil	5.0	3.1%
14	AMP	4.9	3.0%
15	Brambles	4.5	2.7%
16	Amcor	4.3	2.6%
17	Origin Energy	4.2	2.5%
18	Bradken	3.7	2.3%
19	REA Group	3.4	2.1%
20	Woodside Petroleum	3.3	2.0%

Hastings Diversified Utilities Fund

• 100% ownership of EPIC Energy

• Attractive long term pipeline assets exposed to growth in gas – in particular South West Queensland Pipeline

• Currently under a takeover offer from APA Group

• Move to internalised management model has not been supported by Independent Directors of Responsible Entity

• Impact of tax on proceeds received from takeover offer a key consideration for AMCIL

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Annual General Meeting October 2012

Australian Infrastructure Fund

• Investor in Australian airports

• Exposure to the strongly performing ‘resource’ states of WA and QLD

• Announced a proposal to move to an internalised management model – positive impact on share price

• More recently received a proposal from the Future Fund Board of Guardians to acquire all of AIX’s assets

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Annual General Meeting October 2012

Oil Search

• Significant oil and gas resources in PNG

• Interest in the proposed world class PNG LNG project

• Project is progressing on time and on budget

• Further growth prospects through subsequent expansion of LNG capacity

• One of the standout presentations during recent reporting season

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Annual General Meeting October 2012

Adjustments since 1 July 2012 - the largest purchases have been:

• Oil Search

• Santos

• Commonwealth Bank

• ANZ Bank

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Annual General Meeting October 2012

Adjustments since 1 July 2012 - the largest sales have been:

• Origin Energy

• • Westpac

• Senex Energy

• PanAust

Annual General Meeting October 2012

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Outlook

• Markets likely to remain difficult

• Global growth weighed down by debt levels in developed countries

• Chinese economy appears to be slowing

• Patchy business conditions in Australia

• Uncertainty likely to provide attractive opportunities for AMCIL’s concentrated portfolio approach

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Annual General Meeting October 2012

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Annual General Meeting October 2012

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