AMCIL LIMITED — Net Asset Value 2010

Jan 6, 2010

7 January 2010

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

Electronic Lodgement

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Dear Sir or Madam

AMCIL Limited

Monthly Net Tangible Asset Backing Per Share and Top 20 Investments

			Before Tax*	After Tax*
31	December	2009	74 cents	72 cents
30	November	2009	73 cents	71 cents

*The before and after tax numbers relate to the provision for deferred tax on the unrealised gains in the Company’s investment portfolio. The Company is a long term investor and does not intend disposing of its total long term investment portfolio. Under current Accounting Standards, the Company is required to provide for tax on any gains that may arise on such a theoretical disposal, after the utilisation of brought forward losses.

These figures are subject to external review by the auditors.

Attached is a list of the Company’s Top Twenty Investments as at 31 December 2009.

Yours faithfully,

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Simon Pordage Company Secretary

AMCIL LIMITED

Top 20 Investments as at 31 December 2009

Valued at closing prices at 31/12/2009

1 WBC Westpac Banking Corporation 2 CBA Commonwealth Bank of Australia 3 BHP BHP Billiton 4 NAB National Australia Bank 5 TLS Telstra Corporation 6 HDF Hastings Diversified Utilities Fund 7 QBE QBE Insurance Group 8 TOX Tox Free Solutions 9 BKN Bradken 10 AMP AMP 11 PPC Peet 12 AMC Amcor 13 ASZ ASG Group 14 OSH Oil Search 15 BXB Brambles 16 EQT Equity Trustees 17 REA REA Group 18 CCL Coca-Cola Amatil 19 MCU Mitchell Communication Group 20 OKN Oakton Total As % of Total Portfolio (excludes Cash)	Total Value $ '000 9,287 9,125 8,624 7,085 7,039 6,564 5,923 5,382 5,130 4,557 4,299 3,818 3,631 3,488 3,390 3,287 3,226 3,171 2,840 2,528
	102,393
	81.6%