AMCIL LIMITED — Net Asset Value 2017

Feb 1, 2017

2 February 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 January 2017	92 cents	86 cents
31 December 2016	93 cents	87 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 January 2017.

Yours faithfully

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Matthew Rowe Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 31/01/2017

Valued at closing prices at 31 January 2017

1* CBA Commonwealth Bank of Australia2LIC Lifestyle Communities3* CSL CSL4MFT Mainfreight5* NAB National Australia Bank6* BXB Brambles7QBE QBE Insurance Group8* IPL Incitec Pivot9* QUB Qube Holdings10* JHX James Hardie Industries11* TWE Treasury Wine Estates12* OSH Oil Search13WLL Wellcom Group14* TCL Transurban Group15* BHP BHP Billiton16MYX Mayne Pharma Group17AMA AMA Group18* TPM TPG Telecom19* AMP AMP20CVO Cover-More GroupAs % of Total Portfolio(excludes Cash)	Total Value$ '0009,6859,6389,0528,9858,8857,8596,7506,6326,3116,3066,0755,8245,3275,0975,0885,0404,9034,7194,3434,140
	130,658
	60.9%

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

Cash position at 31 January 2017 - $23.4 million