AMCIL LIMITED — Net Asset Value 2014

Dec 2, 2014

3 December 2014

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

==> picture [171 x 227] intentionally omitted <==

Electronic Lodgement

Dear Sir / Madam

AMCIL Limited

Monthly Net Tangible Asset Backing Per Share and Top 20 Investments

	Before Tax*	After Tax*
30 November 2014	86 cents	81 cents
31 October 2014	89 cents	83 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 any brought forward losses.

The above figures include the effect of the issue of 7,912,290 shares under the Share Purchase Plan on 18 November 2014.

Attached is a list of the Company’s Top Twenty Investments as at 30 November 2014.

Yours faithfully

==> picture [60 x 65] intentionally omitted <==

Andrew Porter Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 30/11/2014

Valued at closing prices at 28 November 2014

1 CBA Commonwealth Bank of Australia 2 OSH Oil Search 3 BHP BHP Billiton 4 WBC Westpac Banking Corporation 5 TLS Telstra Corporation 6 TCL Transurban Group 7 BXB Brambles 8 NAB National Australia Bank 9 CSL CSL 10 STO Santos 11 QBE QBE Insurance Group 12 AMP AMP 13 QUB Qube Holdings 14 LIC Lifestyle Communities 15 IPL Incitec Pivot 16 TPM TPG Telecom 17 RMD ResMed 18 SHL Sonic Healthcare 19 BKW Brickworks 20 TGR Tassal Group As % of Total Portfolio (excludes Cash)	Total Value $ '000 14,933 14,655 12,600 9,765 8,916 8,619 8,456 7,498 7,066 6,962 6,116 6,084 5,433 5,000 4,747 4,668 4,656 3,644 3,640 3,546
	147,007
	76.0%

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

Cash position at 30 November 2014 - $18.7 million