AMCIL LIMITED — Net Asset Value 2015

Jan 1, 2015

2 January 2015

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	December	2014	87 cents	82 cents
30	November	2014	86 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.

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 2014.

Yours faithfully,

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Simon Pordage Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 31/12/2014

Valued at closing prices at 31 December 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 BXB Brambles 7 NAB National Australia Bank 8 TCL Transurban Group 9 CSL CSL 10 QUB Qube Holdings 11 AMP AMP 12 STO Santos 13 IPL Incitec Pivot 14 QBE QBE Insurance Group 15 RMD ResMed 16 LIC Lifestyle Communities 17 TPM TPG Telecom 18 * SHL Sonic Healthcare 19 CPU Computershare 20 IPP iProperty Group As % of Total Portfolio (excludes Cash)	Total Value $ '000 15,845 14,434 11,968 9,948 9,932 9,248 7,728 7,475 7,098 6,141 5,933 5,687 5,449 5,417 5,170 4,600 4,253 3,844 3,581 3,528
	147,278
	76.9%

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

Cash position at 31 December 2014 - $19.1 million