AMCIL LIMITED — Net Asset Value 2016

Jan 4, 2016

5 January 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*
31	December	2015	93 cents	86 cents
30	November	2015	92 cents	85 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 31 December 2015.

These figures are subject to external review by the auditors.

Yours faithfully,

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Simon Pordage Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 31/12/2015

Valued at closing prices at 31 December 2015

1* CBA Commonwealth Bank of Australia2BXB Brambles3* OSH Oil Search4CSL CSL5* TLS Telstra Corporation6QUB Qube Holdings7* IPL Incitec Pivot8QBE QBE Insurance Group9TPM TPG Telecom10* NAB National Australia Bank11TWE Treasury Wine Estates12LIC Lifestyle Communities13TCL Transurban Group14* BHP BHP Billiton15MFT Mainfreight16JHC Japara Healthcare17CGL The Citadel Group18JHX James Hardie Industries19CSV CSG20RMD ResMedAs % of Total Portfolio(excludes Cash)	Total Value$ '00012,62310,2139,9278,6357,5557,2006,8126,7996,4786,4376,3096,2755,7595,3385,1835,1485,0824,8924,5004,464
	135,628
	59.4%

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