AMCIL LIMITED — Net Asset Value 2011

Jan 4, 2011

5 January 2011

The Manager Company Announcements Office Australian Securities Exchange 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	2010	79 cents	75 cents
30	November	2010	76 cents	73 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 do not include the results of the Company’s recent Share Purchase Plan, under which shares were issued on the 5 January 2011.

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 2010.

Yours faithfully,

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Simon Pordage Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 31/12/2010

Valued at closing prices at 31 December 2010

1 HDF Hastings Diversified Utilities Fund 2 BHP BHP Billiton 3 CBA Commonwealth Bank of Australia 4 WBC Westpac Banking Corporation 5 NAB National Australia Bank 6 TCL Transurban Group 7 BKN Bradken 8 * ANZ Australia & New Zealand Banking Group 9 QBE QBE Insurance Group 10 TLS Telstra Corporation 11 ILU Iluka Resources 12 PPC Peet 13 TOX Tox Free Solutions 14 ASZ ASG Group 15 OSH Oil Search 16 AIX Australian Infrastructure Fund 17 REA REA Group 18 BXB Brambles 19 AMC Amcor 20 CCL Coca-Cola Amatil As % of Total Portfolio (excludes Cash)	Total Value $ '000 9,831 9,050 8,954 8,152 6,333 6,318 6,307 5,552 5,369 4,749 4,570 4,533 4,478 4,333 4,287 4,155 4,126 3,916 3,822 3,801
	112,637
	72.8%

• Indicates that options were outstanding against part or all of the holding