AMCIL LIMITED — Net Asset Value 2014

Nov 4, 2014

5 November 2014

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

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Electronic Lodgement

Dear Sir / Madam

AMCIL Limited

Monthly Net Tangible Asset Backing Per Share and Top 20 Investments

	Before Tax*	After Tax*
31 October 2014	89 cents	83 cents
30 September 2014	87 cents	81 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 do not include the effect of the current Share Purchase Plan which is scheduled to close on 11 November 2014.

Attached is a list of the Company’s Top Twenty Investments as at 31 October 2014.

Yours faithfully,

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Simon Pordage Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 31/10/2014

Valued at closing prices at 31 October 2014

1 OSH Oil Search 2 CBA Commonwealth Bank of Australia 3 BHP BHP Billiton 4 WBC Westpac Banking Corporation 5 STO Santos 6 TLS Telstra Corporation 7 TCL Transurban Group 8 BXB Brambles 9 NAB National Australia Bank 10 CSL CSL 11 QBE QBE Insurance Group 12 AMP AMP 13 QUB Qube Holdings 14 LIC Lifestyle Communities 15 TPM TPG Telecom 16 IPL Incitec Pivot 17 RMD ResMed 18 BKW Brickworks 19 CPU Computershare 20 JHC Japara Healthcare As % of Total Portfolio (excludes Cash)	Total Value $ '000 15,875 14,889 13,839 10,434 8,892 8,822 8,442 8,291 8,048 6,881 6,494 6,311 6,191 4,975 4,574 4,411 4,410 3,944 3,723 3,414
	152,860
	75.8%

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

Cash position at 31 October 2014 - $11.6 million