AMCIL LIMITED — Net Asset Value 2016

May 2, 2016

3 May 2016

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*
30 April 2016	92 cents	86 cents
31 March 2016	90 cents	84 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.

Attached is a list of the Company’s Top Twenty Investments as at 30 April 2016.

Yours faithfully

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Andrew Porter Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 30/04/2016

Valued at closing prices at 29 April 2016

1 BXB Brambles 2 CBA Commonwealth Bank of Australia 3 CSL CSL 4 QUB Qube Holdings 5 LIC Lifestyle Communities 6 * OSH Oil Search 7 TWE Treasury Wine Estates 8 TPM TPG Telecom 9 MFT Mainfreight 10 TCL Transurban Group 11 QBE QBE Insurance Group 12 BHP BHP Billiton 13 JHX James Hardie Industries 14 IPL Incitec Pivot 15 NAB National Australia Bank 16 JHC Japara Healthcare 17 HSO Healthscope 18 CGL The Citadel Group 19 SEK Seek 20 AMA AMA Group As % of Total Portfolio (excludes Cash)	Total Value $ '000 10,608 8,867 8,625 7,470 7,339 7,272 7,085 7,015 6,456 6,369 6,021 5,687 5,652 5,562 5,438 4,836 4,793 4,587 4,093 4,016
	127,789
	55.8%

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

Cash position at 30 April 2016 - $6.5 million