AMCIL LIMITED — Net Asset Value 2018

Jan 2, 2018

3 January 2018

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	2017	97 cents	89 cents
30	November	2017	95 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.

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 2017.

Yours faithfully

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Matthew Rowe Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 31/12/2017

Valued at closing prices at 29 December 2017

		Total Value% of
	1*BHP BHP	$ '000Portfolio1575064%
	2LIC Lifestyle Communities3WBC Westpac Banking Corporation4NAB National Australia Bank5CBA Commonwealth Bank of Australia6CSL CSL	,.11,6004.7%11,3024.6%11,0414.5%10,4004.2%9,2103.7%
	7QUB Qube Holdings8MFT Mainfreight9OSH Oil Search	7,8333.2%7,5043.0%7,0882.9%
	10TCL Transurban Group	6,7192.7%
	11 *JHX James Hardie Industries12 *AMC Amcor13 *IRE IRESS14 *CYB CYBG15 *CPU Computershare16 *SEK Seek17 *WFD Westfield Corporation18FNP Freedom Foods Group19 *ILU Iluka Resources	6,4592.6%6,0962.5%5,7872.3%5,7442.3%5,6802.3%5,6552.3%5,5742.2%5,1802.1%5,0362.0%
	20BXB Brambles	5,0352.0%
154,694As % of Total Portfolio (excludes cash)62.4%* Indicates that options were outstanding against part of the holding.Ch ii 31 Db 2017 67 illi	As % of Total Portfolio (excludes cash)	154,69462.4%
as poston at ecemer - $. mon

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

Cash position at 31 December 2017 - $6.7 million