AMCIL LIMITED — Net Asset Value 2020

Jan 2, 2020

3 January 2020

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	2019	102 cents	93 cents
30	November	2019	104 cents	94 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 2019.

Yours faithfully

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Matthew Rowe Company Secretary

Release authorised by the Company Secretary

AMCIL LIMITED

TOP 20 INVESTMENTS AS AT 31/12/2019

Valued at closing prices at 31 December 2019

1 CSL CSL 2 MQG Macquarie Group 3 MFT Mainfreight 4 WES Wesfarmers 5 TCL Transurban Group 6 JHX James Hardie Industries 7 NAB National Australia Bank 8 SYD Sydney Airport 9 OCL Objective Corporation 10 BHP BHP Group 11 RHC Ramsay Health Care 12 CAR Carsales.Com 13 EQT EQT Holdings 14 QUB Qube Holdings 15 GMG Goodman Group 16 REH Reece 17 ARB ARB Corporation 18 CBA Commonwealth Bank of Australia 19 IRE IRESS 20 * WPL Woodside Petroleum As % of Total Portfolio Value (excludes Cash)

Total Value $ million 24.5 8.9% 14.0 5.1% 13.9 5.0% 12.3 4.4% 11.4 4.1% 10.3 3.7% 9.6 3.5% 9.6 3.5% 9.2 3.3% 8.9 3.2% 8.6 3.1% 8.4 3.0% 8.1 2.9% 7.9 2.9% 7.6 2.8% 7.2 2.6% 7.2 2.6% 7.2 2.6% 7.1 2.6% 7.1 2.6% 200.0 72.3%

• Indicates that options were outstanding against part of the holding

Cash position at 31 December 2019 - $10.3 million