AMCIL LIMITED — Net Asset Value 2017

Jun 4, 2017

5 June 2017

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	May	2017	94 cents	88 cents
30	April	2017	95 cents	88 cents

*The before and after tax numbers relate to the provision for deferred tax at a rate of 27.5% 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 May 2017.

Yours faithfully

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Matthew Rowe Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 31/05/2017

Valued at closing prices at 31 May 2017

1 MFT Mainfreight 2 LIC Lifestyle Communities 3 NAB National Australia Bank 4 BXB Brambles 5 CBA Commonwealth Bank of Australia 6 CSL CSL 7 QBE QBE Insurance Group 8 QUB Qube Holdings 9 JHX James Hardie Industries 10 OSH Oil Search 11 TCL Transurban Group 12 WES Wesfarmers 13 TWE Treasury Wine Estates 14 BHP BHP Billiton 15 TPM TPG Telecom 16 IPL Incitec Pivot 17 IRE IRESS 18 AMC Amcor 19 ILU Iluka Resources 20 AMP AMP As % of Total Portfolio (excludes Cash)	Total Value $ '000 9,608 9,364 8,896 8,560 7,724 7,693 7,223 7,217 6,744 6,289 6,160 5,941 5,468 5,351 5,159 4,959 4,800 4,627 4,565 4,393
	130,740
	59.9%

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

Cash position at 31 May 2017 - $25.8 million