AMCIL LIMITED — Net Asset Value 2017

May 1, 2017

2 May 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*
30 April 2017	95 cents	88 cents
31 March 2017	94 cents	88 cents

*The before and after tax numbers relate to the provision for deferred tax at a rate of 30% 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 2017.

Yours faithfully

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Matthew Rowe Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 30/04/2017

Valued at closing prices at 28 April 2017

Valued at closing prices at 28 April 2017
1* NAB National Australia Bank2LIC Lifestyle Communities3MFT Mainfreight4* BXB Brambles5* CBA Commonwealth Bank of Australia6CSL CSL7* JHX James Hardie Industries8* QBE QBE Insurance Group9* QUB Qube Holdings10* OSH Oil Search11* TCL Transurban Group12* WES Wesfarmers13* IPL Incitec Pivot14MYX Mayne Pharma Group15* TPM TPG Telecom16* TWE Treasury Wine Estates17WLL Wellcom Group18* BHP BHP Billiton19* AMC Amcor20* AMP AMPAs % of Total Portfolio(excludes Cash)	Total Value$ '00010,5589,0639,0298,5328,4457,8877,7457,2037,1876,3766,0085,9625,4815,3805,1765,0824,8044,7054,7014,656
	133,980
	61.1%

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

Cash position at 30 April 2017 - $27.9 million