AMCIL LIMITED — Interim / Quarterly Report 2024

Feb 21, 2024

22 February 2024

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

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Electronic Lodgement

AMCIL Limited Half Year Review to 31 December 2023

Dear Sir / Madam

Please find attached the Half Year Review to 31 December 2023 that is being sent to shareholders.

Yours faithfully

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Matthew Rowe

Company Secretary

Release authorised by Matthew Rowe, Company Secretary

A Focused Portfolio of Australian and New Zealand Companies

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Half-Year Review to 31 December 2023

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AMCIL MANAGES A FOCUSED PORTFOLIO COVERING LARGE AND SMALL COMPANIES IN THE AUSTRALIAN EQUITY MARKET. AS A RESULT, SMALL COMPANIES BY MARKET SIZE CAN HAVE AN EQUALLY IMPORTANT IMPACT ON PORTFOLIO RETURNS AS LARGER COMPANIES IN THE AUSTRALIAN MARKET.

Half-Year in Summary

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2023
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Profit for $4.1 million in 2022 the Half-Year $4.1m Fully Franked 1.0 cent in 2022 Interim Dividend 1.0[¢] S&P/ASX 200 Index Total Six-Month including franking Portfolio Return 11.7% 8.3% Including franking Total Six-Month Share price plus Shareholder dividend, including Return 8.5% franking Management Expense Ratio 0.64% in 2022 0.46% (Annualised) Total Portfolio (Including Cash) at $323.6 million in 2022 31 December 2023* $369.9m

• Assumes an investor can take full advantage of the franking credits.

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AMCIL Limited

Half-Year to 31 December 2023

1

About the Company

AMCIL manages a focused portfolio covering large and small companies in the Australian equity market. As a result, small companies by market size can have an equally important impact on portfolio returns as larger companies in the Australian market.

Investment Objectives

Attractive returns through strong capital growth in the portfolio over the medium to long term.

The generation of fully franked dividends.

How AMCIL Invests – What We Look For in Companies

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Quality First Growth Value
Including
dividends
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Portfolio of small
and large companies
that is managed to
deliver superior
returns
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AMCIL Limited

2

Half-Year to 31 December 2023

Approach to Investing

Investment Philosophy

Our investment philosophy is built on taking a medium to long term view on companies in a diversified portfolio with an emphasis on identifying and investing in quality companies that are likely to sustainably grow their earnings and dividends over this timeframe.

Quality in this context is an outcome of our assessment of the following factors:

1. We prefer companies that have a leadership position or are developing one within the industry in which they operate. This will often mean we are investing in a unique set of assets with competitive advantages that produces attractive returns on invested capital.

2. As a long term, tax aware investor we seek to be in companies that have a long term sustainable business model, with low risk of disruption. This helps to ensure portfolio turnover remains low. The analysis may consider technological disruption, environmental issues, including the impact of climate change, and social risks as all of these factors can have a material impact on the assessment of a company’s long term sustainability.

3. We consider how a company’s business can be potentially impacted by influences outside the control of management such as change in government regulation and/or policy.

4. We are attracted to companies with outstanding management teams and boards with strong governance processes, whose interests are

closely aligned with shareholders, and act in the best interest of all their stakeholders, including their employees, customers, suppliers and wider communities. We consider matters including safety, diversity, social impacts, environmental impact, and modern slavery where material or appropriate in the context of that company. We regularly review and meet with companies to ensure ongoing alignment with our investment frameworks. Our process may include an assessment of the board in terms of their past performance, history of capital allocation, level of accountability, mix of skills, relevant experience and succession planning. We also consider a company’s degree of transparency and disclosure.

Voting on resolutions is one of the key functions that a shareholder has in ensuring better long term returns and management of investment risk. We take input from proxy advisers but conduct our own evaluation of the merits of any resolution. We vote on all company resolutions as part of our regular engagement with the companies in the portfolio and our voting record is on the company’s website. We actively engage with companies when we are concerned about resolutions that are not aligned with shareholders’ interests. We seek to stay engaged with the companies and satisfy ourselves that any issues are taken seriously and worked through constructively. Ideally we seek to remain invested to influence a satisfactory outcome for stakeholders.

AMCIL Limited

3

Half-Year to 31 December 2023

About the Company

continued

1. We prefer companies with more stable income flows. We are wary of companies that have large, inconsistent profit streams.

2. We like our companies to be financially strong and the assessment of the balance sheet and the degree to which the company is self-funding is critical in our analysis. Cash generation is also an important consideration.

Analysis of the above factors helps to inform us of the structure of the industry and a company’s sustainable competitive position as well as the quality of the people running the business, strength of the balance sheet and consistency of earnings. Within this analysis some key financial metrics are considered. These include return on capital employed, return on equity, the level of gearing in the balance sheet, margins and free cash flow generation.

Reporting of social and environmental issues will be influenced by the development of standards by the International Sustainability Standards Board (ISSB). Their potential introduction in Australia should enable AMCIL over time to better make informed decisions on these issues based on company disclosures arising from these standards. Assessment of commitments and plans by companies to reach net zero by 2050 may also be considered having regard to several factors. These include the industry in which they operate, progress against their plans, their broader contribution to social good in addressing the challenge of reducing global carbon emissions, and the impact on their value if they fail to achieve their stated goals. In applying external data for benchmarking*, our most recent assessment of the carbon intensity of AMCIL’s portfolio showed that it is considerably less than the S&P/ASX 200 Index.

Alongside the assessment of quality is an analysis of the ability of companies to grow earnings over time, which ultimately should drive dividend growth.

Recognising value is also an important aspect of sound long term investing. Short term measures such as the price earnings ratio, price to book or price to sales may be of some value but aren’t necessarily strong predictors of future performance. Our assessment of value tries to capture the opportunity a business has to prosper and thrive over the medium to long term.

In building the investment portfolio with the principles outlined, we believe we can offer investors a portfolio of quality companies structured to deliver total returns ahead of the Australian equity market over the long term.

• Data provided by ISS ESG. Portfolio at 30 June 2023.

AMCIL Limited

Half-Year to 31 December 2023

4

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AMCIL Limited 5 Half-Year to 31 December 2023

Review of Operations and Activities

Profit and Interim Dividend

Profit for the half-year was $4.1 million, down 0.6 per cent from the previous corresponding period.

Revenue from operating activities was $4.9 million, down 4.9 per cent from $5.2 million in the previous corresponding period. The fall was primarily as a result of the decline (as expected) in dividends received from BHP.

The S&P/ASX 200 Accumulation Index delivered a return of 8.3 per cent over the six months to 31 December 2023 including the benefit of franking. In some ways this was a surprising outcome given the large negative falls experienced by the market in the early stages of the six-month period. Best-performing sectors were those highly sensitive to interest rates being banks, real estate and consumer discretionary.

The Board declared an interim dividend of 1 cent per share fully franked, the same as last year’s interim dividend.

The management expense ratio for AMCIL is 0.46 per cent (annualised), with no additional fees. The figure for the corresponding period last year was 0.64 per cent. The decrease was driven by reduced costs (following the refund of a charge from the services company, AICS) and the increase in the value of the portfolio in comparison to the corresponding period last year.

Market and Portfolio Performance

The Australian share market performance over the six months continued to be heavily influenced by the course of inflation and the consequent market expectations about the direction of interest rates moving into the 2024 calendar year.

AMCIL’s portfolio was up 11.7 per cent over this period including the benefit of franking.

Several quality companies that are large positions in the portfolio experienced a significant increase in share prices over the period. This was in response to the underlying quality of their results announced through the period, which were subsequently reinforced by betterthan-expected updates at their AGMs. In addition, valuations across the market rose in response to the perception that global interest rates have peaked because of diminishing inflation growth. Holdings that benefited from these dynamics include James Hardie Industries, CAR Group, ARB Corporation, Goodman Group and REA Group.

AMCIL Limited

6

Half-Year to 31 December 2023

Figure 1: Key Sector Market Returns, Six Months to 31 December 2023

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115
110
105
100
95
90
S&P/ASX 200 Industrial S&P/ASX 200 Resources S&P/ASX 200 Banks
Total Return Total Return Total Return
Jul 23 Aug 23 Sep 23 Oct 23 Nov 23 Dec 23
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Source: FactSet
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AMCIL Limited

Half-Year to 31 December 2023

7

Review of Operations and Activities continued

This dynamic extended to the 12-month portfolio performance, which was up 21.2 per cent including franking in comparison to the S&P/ASX 200 Accumulation Index, which was up 14.0 per cent including franking over this period.

The sell-off in health care stocks following the emergence of diabetic drug GLP-1 for use as a successful weight loss treatment gave us the opportunity to add to the holding in ResMed. This is a good example of this approach, where we felt valuation dislocated from fundamental fair value.

The long term performance of the portfolio, which is better aligned with the Company’s investment timeframes, was 9.2 per cent per annum for the 10 years to 31 December 2023. This compares with the Index return over the same period of 9.5 per cent per annum. Both of these figures include the benefit of franking. AMCIL’s performance numbers are after costs.

Adjustments to the Portfolio

Our approach in AMCIL is to buy a focused portfolio of companies that pass our quality criteria at times when value is on offer. These opportunities can arise under various circumstances, for example when there is short term bad news in the companies themselves or more generally across the market, when the growth potential of a company is not fully reflected in its valuation despite having strong share price momentum, or when companies raise capital for attractive reinvestment opportunities.

In looking to construct the portfolio, AMCIL has always had a strong position in larger stable companies that while not having the highest expected growth rates still provide attractive returns when purchased at the right price.

We also took advantage of share price weakness in National Australia Bank to add to this position at a price that offers a very attractive fully franked divided yield.

New companies added during the six months to 31 December 2023 were Altium, Mineral Resources and Objective Corporation. These are examples of ‘owner driver’ companies, where the CEO has significant share ownership and a strong entrepreneurial approach to achieving profitable growth. IPD Group was the other new stock added to the portfolio and this was done through participation in its share placement.

The most material sales in the halfyear were in Medibank Private, as the share price ran up to a point where it was appropriate to recycle capital from this position to pursue attractive buying opportunities elsewhere in the market; and FINEOS Corporation, as the investment thesis has not matched our original expectations. There was also a trimming of positions in James Hardie Industries and Woolworths Group, as portfolio positions became larger than wanted from a risk management perspective as share prices increased. They remain in our top 20 holdings given the quality of their respective franchises and industry positions.

AMCIL Limited

8

Half-Year to 31 December 2023

Figure 2: Portfolio Performance to 31 December 2023, Including the Benefit of Franking*

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6 months 1 year 3 years 5 years 10 years
AMCIL net asset per share growth plus S&P/ASX 200 Accumulation Index,
dividends, including franking including franking
21.2%
14.0%
11.7% 12.5% 11.8%
10.8%
9.2% 9.5%
8.3%
6.5%
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• Assumes an investor can take full advantage of the franking credits. Per annum returns other than six months. AMCIL’s performance figures are after costs.

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AMCIL Limited

9

Half-Year to 31 December 2023

Review of Operations and Activities

continued

Share Price Performance

Figure 3 highlights where AMCIL’s share price was trading relative to the net asset backing at 31 December 2023. Over the six-month period the share price has moved from a discount of 9.9 per cent at 30 June 2023 to a discount of 13.1 per cent to net asset backing by 31 December 2023. This movement has meant the share price return of 8.5 per cent including franking was behind the portfolio return of 11.7 per cent including franking for this six-month period.

Outlook

Despite the many geopolitical uncertainties at present, the main theme driving markets as we enter the second half of the financial year appears to be the ongoing outlook for inflation and interest rates globally.

With expectations of interest rates easing over the course of the next 12 months in response to falling rates of inflation, market valuations have already rebounded strongly.

Figure 3: Share Price Relative to Net Asset Backing

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10%
5%
0%
-5%
-10%
-15%
Dec 18 Apr 19 Aug 19Dec 19 Apr 20 Aug 20Dec 20 Apr 21 Aug 21Dec 21 Apr 22 Aug 22Dec 22 Apr 23 Aug 23Dec 23
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AMCIL Limited

10

Half-Year to 31 December 2023

This leaves us a little cautious, as the impact of previous interest rate rises at this point does appear to have significantly affected economic activity.

The outlook for corporate earnings in the upcoming company reporting season will therefore be closely monitored.

many companies are likely to be tested. Despite the immediate caution that these conditions generate, we view the long term prospects of many of our preferred portfolio holdings as relatively strong, with the ability to generate attractive returns and market share gains through challenging economic conditions a key consideration in our portfolio construction.

In an environment of higher costs and anticipated subdued economic activity

Figure 4: S&P/ASX 200 Price Earnings Ratio as an Indicator of Market Valuation

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20
19
18
17
16
Average 16.0
15
14
13
12
11
10
Source: FactSet
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Times
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AMCIL Limited

Half-Year to 31 December 2023

11

Top 20 Investments

As at 31 December 2023

Includes investments held in both the investment and trading portfolios.

Value at Closing Prices at 29 December 2023

		Total Value	% of the
		$ Million	Portfolio
1	CSL	35.3	9.7
2	Wesfarmers*	22.1	6.1
3	BHP*	21.7	6.0
4	Macquarie Group	19.6	5.4
5	Transurban Group	17.2	4.7
6	Goodman Group*	16.2	4.5
7	Mainfreight	16.0	4.4
8	CAR Group*	13.8	3.8
9	Macquarie Technology Group	13.8	3.8
10	James Hardie Industries*	13.6	3.7
11	Westpac Banking Corporation	12.5	3.5
12	National Australia Bank*	10.6	2.9
13	ARB Corporation*	10.2	2.8
14	Commonwealth Bank of Australia*	8.7	2.4
15	REA Group*	8.7	2.4
16	ResMed	8.6	2.4
17	Reece*	8.5	2.3
18	EQT Holdings	8.2	2.3
19	Woolworths Group	7.8	2.2
20	Netwealth Group	7.5	2.1
Total		280.8
As percentage of total portfolio value (excludes cash)			77.4%

• Indicates that options were outstanding against part of the holding.

AMCIL Limited

12

Half-Year to 31 December 2023

Income Statement

For the Half-Year Ended 31 December 2023

	Half-Year 2023 $’000 Half-Year 2022 $’000
Dividends and distributions	4,810 4,974
Revenue from deposits and bank bills	122 214
Net gains/(losses) on trading and options portfolios	279 320
Total income	5,211 5,508
Finance costs	(65) (46)
Administration expenses	(797) (1,070)
Proft before income tax expense	4,349 4,392
Income tax (expense)/credit	(262) (282)
Proft for the half-year	4,087 4,110
	Cents Cents
Earnings per share	1.30 1.32

AMCIL Limited

13

Half-Year to 31 December 2023

Balance Sheet

As at 31 December 2023

	31 Dec	30 June
	2023	2023
	$’000	$’000
Current assets
Cash	7,272	4,954
Receivables	473	1,386
Trading portfolio	1,533	-
Total current assets	9,278	6,340
Non-current assets
Investment portfolio	361,846	341,359
Deferred tax assets	2,378	786
Total non-current assets	364,224	342,145
Total assets	373,502	348,485
Current liabilities
Payables	117	141
Options written portfolio	714	260
Taxpayable	237	286
Total current liabilities	1,068	687
Non-current liabilities
Deferred tax liabilities – investmentportfolio	37,998	27,597
Total non-current liabilities	37,998	27,597
Total liabilities	39,066	28,284
Net assets	334,436	320,201
Shareholders’ equity
Share capital	226,067	223,819
Revaluation reserve	69,018	48,181
Realised capital gains reserve	13,143	26,080
Retainedprofts	26,208	22,121
Total shareholders’ equity	334,436	320,201

AMCIL Limited

Half-Year to 31 December 2023

14

Summarised Statement of Changes in Equity

For the Half-Year Ended 31 December 2023

	Half-Year 2023 $’000 Half-Year 2022 $’000
Total equity at the beginning of the half-year	320,201 300,970
Dividends paid	(12,319) (7,651)
Shares issued – Dividend Reinvestment Plan	2,259 1,449
Costs of share issues	(11) (7)
Total transactions with shareholders	(10,071) (6,209)
Proft for the half-year	4,087 4,110
Revaluation of investment portfolio	29,146 6,882
Provision for tax on revaluation	(8,927) (2,132)
Revaluation of investment portfolio (after tax)	20,219 4,750
Total comprehensive income for the half-year	24,306 8,860
Realised gains/(losses) on securities sold	(2,092) 582
Tax on realised gains or losses on securities sold	1,474 591
Net realised gains/(losses) on securities sold	(618) 1,173
Transfer from revaluation reserve to realised
gains reserve	618 (1,173)
Total equity at the end of the half-year	334,436 303,621

A full set of AMCIL’s interim accounts are available on the Company’s website.

AMCIL Limited

Half-Year to 31 December 2023

15

Holdings of Securities

As at 31 December 2023

Details of the Company’s portfolios are given below. The list should not, however, be used to evaluate portfolio performance or to determine the net asset backing per share (which is recorded each month on the toll free telephone service at 1800 780 784 and posted to AMCIL’s website: amcil.com.au).

Unless otherwise stated, the securities in this list are fully paid ordinary shares, trust units or stapled securities.

Code	Name	Principal Activity	Number Held 2023 ’000 Market Value 2023 $’000
AIA*	Auckland	Owner and operator of	898 7,288
	International	New Zealand’s largest
	Airport	airport. It operates through
		the following segments:
		aeronautical, retail and
		property
ALQ	ALS	Provider of analytical	550 7,068
		laboratory services to mining,
		life sciences, energy and
		industrial clients
ALU	Altium	Developer and provider of	70 3,280
		software solutions for the
		design and manufacture of
		printed circuit boards (PCBs)
		which are used in most
		electronic devices
ARB*	ARB	Manufacturer and distributor	285 10,238
	Corporation	of four-wheel drive vehicle
		accessories in Australia and
		internationally
ASX	ASX	Operator of Australia’s largest	69 4,329
		securities exchange
BHP*	BHP	Diversifed international	432 21,715
		resources company

AMCIL Limited

16

Half-Year to 31 December 2023

Code	Name	Principal Activity	Number Held 2023 ’000 Market Value 2023 $’000
BMT	Beamtree	Healthcare company that	10,045 2,361
	Holdings	provides clinical decision
		support software known
		as ‘Rippledown’, which
		automates human decision-
		making processes in health
		care organisations
BRG	Breville Group	Manufacturer and wholesaler	210 5,718
		of electrical consumer
		products
CAR*	CAR Group	Largest online automotive classifeds business in	446 13,807
		Australia. It also has interests
		in leading online automotive classifed businesses in
		Brazil, South Korea, Malaysia,
		Indonesia, Thailand and
		Mexico
CBA*	Commonwealth	Banking services	78 8,746
	Bank of
	Australia
COH	Cochlear	Provider of implantable	16 4,898
		hearing solutions, operating
		throughout the Americas, Europe and Asia Pacifc.
		Its products include cochlear,
		bone conduction and
		acoustic implants

AMCIL Limited

Half-Year to 31 December 2023

17

Holdings of Securities

As at 31 December 2023 continued

Code	Name	Principal Activity	Number Held 2023 ’000 Market Value 2023 $’000
CPU*	Computershare	Provides stock registration and	187 4,429
		transfer services to companies
		listed on various stock markets
		globally, as well as providing
		technology services for stock
		exchanges, investor services
		for shareholders and employee
		share plan management and
		the provision of bankruptcy,
		class action and mortgage
		servicing activities for various
		corporate clients globally
CSL	CSL	Biopharmaceutical company	123 35,330
		that researches, develops,
		manufactures and markets
		products to treat and prevent
		serious human medical
		conditions
DMP	Domino’s Pizza	Largest international master	81 4,771
	Enterprises	franchise owner of the
		Domino’s pizza brand with
		operations in Australia,
		Europe and Asia
EQT	EQT Holdings	Provider of private client,	323 8,224
		trustee, estate administration
		and funds management
		services
FPH	Fisher & Paykel	Designer, manufacturer and	230 5,021
	Healthcare	marketer of a range of medical
	Corporation	devices used in respiratory
		care and the treatment of
		obstructive sleep apnoea

AMCIL Limited

18

Half-Year to 31 December 2023

Code	Name	Principal Activity	Number Held 2023 ’000 Market Value 2023 $’000
GMG*	Goodman	Engages in the development,	640 16,169
	Group	owning and management
		of industrial property and
		business space in Australia
		and overseas
GTK	Gentrak	Produces software for the	868 5,370
		electricity, gas and water
		utilities industries
IEL	IDP Education	Provider of international	267 5,338
		English language testing,
		student placement and English
		language teaching services
IPG	IPD Group	Services the electrical industry	318 1,533
		with a focus on power
		distribution, power monitoring,
		industrial control, renewables
		and services
JHX*	James Hardie Industries	Building materials company focused on fbre cement	244 13,568
		products, predominantly
		in the United States
MAQ	Macquarie	Provider of voice and	201 13,779
	Technology	telecommunication services
		as well as data hosting
		and co-location services to
		businesses and government
		customers
MFT	Mainfreight	Provider of managed	249 16,006
	(NZX listed)	warehousing and international
		and domestic freight
		forwarding services

AMCIL Limited

19

Half-Year to 31 December 2023

Holdings of Securities

As at 31 December 2023 continued

Code	Name	Principal Activity	Number Held 2023 ’000 Market Value 2023 $’000
MIN	Mineral	Diversifed resources company	44 3,045
	Resources	with operations in lithium,
		iron ore, energy and mining
		services
MKT	Marketplacer	Software company that	977 487
	(unlisted)	provides the technology
		and infrastructure needed to
		establish and maintain online
		marketplaces for retail and
		B2B customers
MQG	Macquarie	Diversifed fnancial services	107 19,584
	Group	business operating in banking, fnancial advisory, investment
		and funds management
		services
NAB*	National	Banking services	350 10,624
	Australia Bank
NWL	Netwealth	Diversifed fnancial services	488 7,515
	Group	company providing
		independent investment
		platform services to
		institutional, corporate
		and retail clients
OCL	Objective	Provider of information	87 1,084
	Corporation	technology software and
		services
REA*	REA Group	Leading digital media business	48 8,694
		focusing on online property
		portals in Australia and
		overseas

AMCIL Limited

20

Half-Year to 31 December 2023

Code	Name	Principal Activity	Number Held 2023 ’000 Market Value 2023 $’000
REH*	Reece	Distributor and retailer	381 8,510
		of plumbing, building and
		hardware supplies
RMD	ResMed	Developer, manufacturer	337 8,561
		and distributor of medical
		equipment for treating,
		diagnosing and managing
		sleep-disordered breathing
		and other respiratory disorders
STO	Santos	An Australian energy	640 4,864
		company that engages in
		the exploration, development,
		transportation and marketing
		of natural gas
TCL	Transurban	Developer and operator	1,256 17,217
	Group	of electronic toll roads in
		Australia and overseas
TPW	Temple &	Operator of an online retailer	360 3,143
	Webster	of furniture and homewares.
		It provides lifestyle products
		from Australian and
		international designers
WBC	Westpac	Banking and wealth	548 12,549
	Banking	management services
	Corporation
WDS	Woodside	Engages in the exploration,	141 4,379
	Energy Group	evaluation, development and
		production of hydrocarbon
		and oil and gas properties

AMCIL Limited

21

Half-Year to 31 December 2023

Holdings of Securities

As at 31 December 2023 continued

Code	Name	Principal Activity	Number Held 2023 ’000 Market Value 2023 $’000
WES*	Wesfarmers	Diversifed conglomerate	389 22,150
		with retailing operations in
		department stores, home improvement and ofce
		supplies. The group also
		operates businesses involved
		in lithium mining, energy,
		chemicals, fertilisers and
		industrial and safety products
WOW	Woolworths	Operator of general	210 7,812
	Group	merchandise consumer stores
		and supermarkets in Australia
		and New Zealand
WTC	WiseTech	Developer and provider of	17 1,281
	Global	software solutions to the
		global logistics industry
XRO	Xero	Developer of cloud-based	20 2,190
		accounting software for small
		and medium-sized businesses
		in New Zealand, Australia,
		the United Kingdom and
		the United States
Total			362,665

• Indicates that options were outstanding against part of the holding.

AMCIL Limited

22

Half-Year to 31 December 2023

Major Transactions in the Investment Portfolio

	Cost
Acquisitions	($’000)
ResMed	3,323
Altium	3,098
Mineral Resources	3,084
National Australia Bank	2,027
	Proceeds
Disposals	($’000)
Medibank Private#	7,391
James Hardie Industries	4,608
FINEOS Corporation#	3,642
Woolworths Group	2,417

Complete disposal.

New Companies Added to the Portfolio

Altium

Mineral Resources

Objective Corporation IPD Group

AMCIL Limited

23

Half-Year to 31 December 2023

Company Particulars

AMCIL Limited (AMCIL)

ABN 57 073 990 735

Directors

Registered Office and Mailing Address

Level 21, 101 Collins Street Melbourne Victoria 3000

Rupert Myer AO, Chairman Mark Freeman, Managing Director Jodie Auster Roger Brown Paula Dwyer Michael Hirst Jonathan Webster AM

Company Secretaries

Matthew J Rowe Andrew JB Porter

Contact Details

Telephone (03) 9650 9911 Facsimile (03) 9650 9100 Email invest@amcil.com.au Website amcil.com.au

For enquiries regarding net asset backing (as advised each month to the Australian Securities Exchange):

Telephone 1800 780 784 (toll free)

Auditor

PricewaterhouseCoopers Chartered Accountants

Country of Incorporation

Australia

AMCIL Limited

24

Half-Year to 31 December 2023

Shareholder Information

Securities Exchange Code

AMH Ordinary shares

Share Registrar

Computershare Investor Services Pty Ltd Yarra Falls 452 Johnston Street Abbotsford Victoria 3067

Shareholder

Enquiry Lines 1300 653 916 +61 3 9415 4224 (from overseas) Facsimile +61 3 9473 2500 Website investorcentre.com/contact

For all enquiries relating to shareholdings, dividends and related matters, please contact the share registrar as above.

Shareholder Meetings

Melbourne Shareholder Meeting

Time 11.30am Date Wednesday 13 March 2024 Venue ZINC Federation Square Swanston Street and Flinders Street Melbourne

Canberra Shareholder Meeting

Time 11.30am Date Friday 15 March 2024 Venue Rex Hotel Ballroom 150 Northbourne Avenue Braddon

Sydney Shareholder Meeting

Time 11.30am Date Monday 18 March 2024 Venue Marble Room Radisson Blu Plaza Hotel 27 O’Connell Street Sydney

Brisbane Shareholder Meeting

Time 11.30am Date Tuesday 19 March 2024 Venue Sky Room Brisbane Convention and Exhibition Centre Corner Merivale and Glenelg Streets South Bank Brisbane

Perth Shareholder Meeting

Time 11.30am Date Monday 25 March 2024 Venue Swan Room Parmelia Hilton 14 Mill Street Perth

Adelaide Shareholder Meeting

Time 11.30am Date Tuesday 26 March 2024 Venue Panorama Rooms Adelaide Convention Centre North Terrace Adelaide

AMCIL Limited

25

Half-Year to 31 December 2023

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