AMCIL LIMITED — Net Asset Value 2017

Jan 4, 2017

5 January 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	December	2016	93 cents	87 cents
30	November	2016	91 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.

These figures are subject to external review by the auditors.

Attached is a list of the Company’s Top Twenty Investments as at 31 December 2016.

Yours faithfully

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Andrew Porter Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 31/12/2016

Valued at closing prices at 30 December 2016

1 LIC Lifestyle Communities 2 CBA Commonwealth Bank of Australia 3 BXB Brambles 4 NAB National Australia Bank 5 MFT Mainfreight 6 CSL CSL 7 QBE QBE Insurance Group 8 QUB Qube Holdings 9 JHX James Hardie Industries 10 IPL Incitec Pivot 11 OSH Oil Search 12 TWE Treasury Wine Estates 13 WLL Wellcom Group 14 MYX Mayne Pharma Group 15 TCL Transurban Group 16 TPM TPG Telecom 17 AMA AMA Group 18 BHP BHP Billiton 19 AMP AMP 20 CVO Cover-More Group As % of Total Portfolio (excludes Cash)	Total Value $ '000 10,203 9,744 9,341 8,933 8,873 8,197 6,707 6,687 6,660 6,219 6,030 5,860 5,478 5,380 5,148 4,966 4,879 4,837 4,377 4,161
	132,679
	60.7%

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

Cash position at 31 December 2016 - $23.5 million