AMP LIMITED — AGM Information 2009

May 13, 2009

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ASX Announcement
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14 May 2009

Manager Company Announcements Office Australian Stock Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Announcement No: 33/09

Manager Market Information Services Section New Zealand Stock Exchange Level 2, NZX Centre, 11 Cable Street Wellington New Zealand

Part One: Annual General Meeting – Chairman’s Address to Shareholders Part Two: Annual General Meeting – CEO’s Address to Shareholders

ABN 49 079 354 519

AMP Limited (AMP) ASX Announcement AMP Limited Level 24, 33 Alfred Street Sydney NSW 2000 Australia

ADDRESS BY CHAIRMAN PETER MASON TO THE AMP ANNUAL GENERAL MEETING 14 MAY 2009

This is AMP’s 160[th] year in business and we find ourselves in extraordinary, indeed unprecedented, times.

There is a global financial crisis. The financial system worldwide is in turmoil. Stock markets are down substantially. Credit markets remain in disarray. Property values are falling and the property market is illiquid. Dividends are being cut.

In these unprecedented times, governments have had to take unprecedented steps to intervene and the longer-term ramifications of these interventions are uncertain, both for the financial system and the global economy.

Economies everywhere are in recession. In Australia and New Zealand, unemployment is rising.

In Australia, the government, to protect our financial system, extended guarantees to all banks, creating significant changes to the way our markets operate, to the pricing and availability of debt, and to the competitive landscape.

As Australia’s largest non-bank financial intermediary, AMP has had to adapt to the new landscape and to these changing circumstances very rapidly.

Community expectations are also evolving rapidly; as are, potentially, government policies and regulation of the financial services industry generally, and certainly in relation to Australia’s highly successful superannuation environment.

We are well aware that many of you are not only shareholders but also customers, and that you have seen a substantial fall in the value of your investments and in your income. That is deeply in our minds as we respond to the challenges of the times.

Indeed, in this volatile environment, we have had to respond with intensity, speed and imagination to meet the immediate needs of the company as well as to lay the foundations for the longer term – and to manage in the best interests of our shareholders, our customers, our employees and our planners.

We have taken swift and prudent action to shore up our capital strength and sharpened our focus on cost control. We are rapidly evolving to deal with a changing environment. With the role of the financial planner coming under sharper scrutiny, we can see opportunities to increase further the professionalism of the planning industry.

Capital preservation

Our first priority has been capital preservation. That remains our paramount responsibility.

A strong balance sheet in times like these not only ensures that we are able to meet our responsibilities to our customers and our shareholders, but it gives us options for the future. Times of dislocation like these are also times of opportunity for strong companies to move ahead of their competitors.

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Our focus on preserving capital meant that we moved quickly – ahead of many other companies - to raise in excess of A$550m of equity in November last year. This was a precautionary move, to ensure the financial strength of AMP through turbulent times.

The rising cost and scarcity of debt funding also prompted us to offer a new retail debt security, AMP Notes, in March this year.

Both initiatives have been well supported by our shareholders.

We have also taken the very difficult step of reducing the final dividend payment, from 22c a share in 2008, to 16c a share. We understand the importance of dividend payments to our extensive shareholder base, particularly when times are tough. In the end, however, we determined that reducing our dividend payment was an important factor in maintaining our balance sheet strength.

So it was in the best long-term interests of both the company and our shareholders.

The outcome of these actions was that at the end of March, AMP had in excess of A$900 million in surplus capital above the minimum regulatory requirement. This is a solid position for AMP.

Managing costs

Reducing costs has also been a priority. That has meant taking some painful decisions to change roles and to reduce staff numbers in the organisation.

This is always a last resort and we are exploring a range of options within the company to keep our costs down while still employing as many people as we can.

We have already instituted a salary freeze at the executive and senior manager level and introduced a 19-day month – that is, one unpaid day off each month – in our investment management business.

We are actively looking for more imaginative responses to the cost pressures we are under, although in the current environment, there are few easy decisions and, frankly, only tough choices.

Regulatory changes

As we work to preserve capital and control costs, we are also preparing the company for some significant changes that are likely to lie ahead.

There are a number of government reviews underway, or flagged to begin soon, that are likely to result in recommendations for changes in the financial services industry, and particularly in the superannuation industry.

This is understandable. The superannuation industry manages the retirement savings of most Australians, and both the government and community have a legitimate interest in ensuring that our industry is working as efficiently as possible.

Australia has one of the largest private pensions markets in the world, worth over A$1 trillion. It is a market that is projected to grow by 12% a year for the next 10 years, even after allowing for the impacts of the current downturn.

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The size and liquidity of our superannuation market has enabled Australia to lead the world in the amount of new equity raised from global share markets over the past six months, to recapitalise financial and industrial companies.

So, as you would expect, we have been in constant dialogue with the Federal Government since its election, to understand its views on superannuation and investment policy, and how it would like the industry to evolve.

While we cannot, of course, pre-empt the outcome of any of the reviews currently underway or about to start, we are well aware of the Government’s viewpoint on a number of issues and we are moving very actively to anticipate change. Craig Dunn, our Chief Executive Officer, will take you through those activities in more detail, but one I would like to highlight is the launch of a new, low-cost superannuation fund, called Flexible Lifetime Super Easy.

This meets a customer need we have identified for simple, easy to access superannuation, with fewer investment options. It is aimed at a younger market which is more internetoriented than our traditional market, and will launch at the end of this month. This product also responds to an ongoing trend in the market for fee-for-service financial advice, as it contains no built-in commissions.

We are also introducing the Ascend Self Managed Super Fund for high net worth individuals, and we are putting more resources into AMP Banking, which is growing soundly.

As an organisation, AMP has been through 160 years of change and is well aware of the need to adapt to changing community needs and expectations.

Companies must evolve, as must financial planners and advisers. Those that do, and do so quickly, will prosper. There is increasing opportunity for professional and technologically-savvy firms that operate within the extensive support system of the AMP financial planning network.

Outlook

Let me conclude by outlining how we see the next few years and our approach to managing AMP through this period.

Market conditions in 2009 are tough and we are working on the basis that this will remain the case into 2010, and perhaps beyond. Even though stock markets have picked up over the past couple of months, the economic recession has a long way to go.

As I have outlined, we also foresee significant changes to the competitive environment and to industry structure evolving over the next few years, driven by community demand and new policies and regulations.

Against this background, we retain a very positive view of the long-term attractiveness of the Australian superannuation market, and we are well positioned to capitalise on the changes we see coming.

As I said earlier, we have taken swift and prudent action to shore up our capital strength. We have strong market positions to build from, and a sharp focus on cost control.

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We are rapidly evolving to deal with a changing environment. As the role of the financial planner comes under sharper scrutiny, we are capitalising on the opportunities we see to increase further the professionalism of the planning industry.

We are very proud to be part of the continuing story of a 160-year old company. There are few organisations in Australia with our rich heritage. We have a responsibility to the people who built this company, and to our current shareholders and customers, to ensure that we set AMP up for the next 160 years.

That is what we are working hard to do.

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ADDRESS BY CEO CRAIG DUNN TO THE AMP ANNUAL GENERAL MEETING 14 MAY 2009

This morning I’d like to talk to you about how we’re managing AMP to be successful over both the short and long term. We see the economic conditions we’re likely to face over these timeframes very differently.

2009 has proven to be a very challenging year so far and we expect this to continue.

This is why, in the short term, we’re maintaining a very tight focus on capital strength and liquidity, cost control and opportunities to drive short-term revenue growth.

At the same time, we continue to invest in our medium to long-term growth strategy because the longer-term picture looks far more promising.

As part of this investment in AMP’s future, we’re continuing to evolve the company so that it’s strongly positioned for growth in a changing world.

We do this from a position of some strength and resilience.

2008 review

This strength and resilience was evident in our 2008 financial results.

While AMP’s bottom line profit fell 41 per cent to A$580 million, primarily because of losses we booked on our investment portfolio, our underlying profit held up well.

It was down only eight per cent on the previous year at A$810 million.

Underlying profit is our key measure of business profitability because it removes the impact of market volatility and is the earnings base from which we determine our dividends.

This underlying profitability was underpinned by strong earnings growth in our risk insurance businesses in both Australia and New Zealand and by our retail banking business in Australia.

Our superannuation, pension and investment businesses produced reasonable results. These businesses are far more dependent on investment market conditions, which have continued to be volatile.

Despite this volatility and subsequent negative investor sentiment, we were very pleased to attract around A$2 billion of net cashflows into our superannuation and pensions business in 2008.

Our first quarter cashflows for 2009 (our cashflow results from 1 January to 31 March), provided further evidence of AMP’s resilience.

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Net cashflows in AMP Financial Services were A$210 million, up A$81 million on the first quarter of 2008.

This was driven by strong net cashflows in our employer-sponsored superannuation channel and Australian risk insurance business.

Despite the very difficult trading conditions, resilient cashflows from AMP customers have helped us to grow market share over the past 12 months across all our key retail segments: superannuation, retirement incomes and risk insurance.

In the other major business of the AMP group, AMP Capital Investors’ (our investment management house) business conditions in 2009 have also continued to be very challenging.

While the fall in assets under management for AMP Capital – of around 15 per cent over the twelve months to 31 March 2009 – compares favourably to many of its competitors, investor sentiment remains subdued. We’ve started to see some institutional clients wanting to re-balance their asset allocation away from unlisted assets, including commercial property.

Over the first four months of this year, AMP Capital Investors delivered good improvements in its relative investment performance across most asset classes. Although to date this has not translated into significant performance fees, and while always difficult to forecast with any certainty, at this stage we’d expect performance fee income in the first half of 2009 to come in well below the second half of 2008.

Short-term focus

In the short term, our focus is on:

• capital strength and liquidity

• managing costs very tightly

• and, exploiting new opportunities to drive revenue growth.

During the past five to six years, AMP has become a very cost efficient company. One of our competitive advantages is our cost efficiency.

This efficiency is critically important to us because it gives us the flexibility to respond to a changing environment and to do so more rapidly and effectively than many of our higher cost competitors.

It also gives us the flexibility to continue making selective, targeted investments in our key growth initiatives that we believe will position the company well once markets recover.

We’re also using this efficiency, and strong competitive position, to drive revenue growth in the short term.

For example, we’re focusing on growing both our risk insurance and retail banking businesses.

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This is paying dividends with both businesses growing strongly over 2008 and into the first quarter of 2009.

At the same time, we’re working to increase the number of our financial planners and helping them become more productive.

The investment we’re making here is considerable.

Long-term view

In addition to focusing on these short-term opportunities, we’re also continuing to invest for long-term growth.

We’re doing this because we see the medium to long-term outlook differently to the challenging environment we face today.

We believe the Australian economy is probably better placed than most other advanced economies to weather the current economic storm.

Relative to other Western countries, our banks are strong; we have an underlying shortage of housing stock; and our fiscal and monetary flexibility has allowed the Government to provide significant economic stimulus.

We also retain our very positive, long-term view of the wealth management sector. Australia remains an undeniably attractive wealth management market over the medium to long term.

Some of the changes announced in the Federal Budget earlier this week will impact superannuation flows in the short term, but we don’t believe that impact will be as significant in the long term. No matter how you look at it the fact remains that Australia will continue to be one of the largest and most attractive pension markets in the world.

Because of this view, we’re continuing to invest in our longer-term growth strategy and because of our competitive strengths we can do this when many others cannot and will have to pull back.

Given the current environment, we have made some modifications to how we’re executing this strategy. In Asia, we’re maintaining our commitment to expand our asset management business into this region, but we are tightening its focus.

Our strategic intent, though, remains unchanged.

Having said that, our world is certainly changing. There are really two key drivers of this change.

The first is evolving consumer preferences. In our view, we’re going to see a move to simpler, more transparent products and services.

This is a good outcome, and in some ways, an inevitable outcome of the global financial crisis and the role that complexity has played in this crisis.

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The second driver is the potential for regulatory change, which is another likely outcome of the global financial crisis.

In Australia, there are a number of government inquiries and reviews underway looking at ways to make our financial services system even more efficient.

These reviews will inevitably result in some recommendations for change, and we’re very confident in our ability to respond to and to capitalise on any change.

We have substantial experience on which to draw.

During the past five years, we’ve successfully managed the company through the introduction of Financial Services Reform, superannuation choice and the introduction of Simpler Super reforms in 2006 – to name just a few.

While the detail of any changes will come through the review process and the recommendations that flow from that, the Government has already made it clear that it wants to make the superannuation industry even more efficient by focusing on four areas:

• fees, charges and commissions

• transparency of products and services

• conflicts of interest

• and, superannuation adequacy.

These are issues that we’ve been tackling at AMP for some time.

Fees in general have declined in recent years thanks to a competitive, progressive and efficient system. We’ve been of the view for some time that the downward pressure on industry fees will continue. This is why we’ve been so focused on driving down costs.

As part of our response to these fee pressures, we’ve also just introduced a new lowcost, simple superannuation product that has no automatic commissions built into it: Flexible Lifetime Super Easy.

While we’ve done this primarily to tap a new market segment for AMP, it also responds to demand for simpler, more transparent products.

To make our product statements more transparent, and easier to understand, we’ve also invested significantly in new systems to produce shorter, clearer documents, including customer statements and product disclosure statements.

Last year we cut the product disclosure statement for our flagship superannuation and pension product from 212 to 36 pages.

We also believe that transparency is one of the best ways of dealing with potential conflicts of interest in our industry.

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We’ve eliminated conflicts where we can, and in other instances, we’ve made it clearer to consumers what those potential conflicts are and how we’re managing them.

In recent years, we’ve also been focused on highlighting the issue of superannuation adequacy.

In 2007, we began a study to monitor the true extent of how well Australians are prepared for retirement. To date, it has found that many people, particularly those under 40 and women, risk falling short of their retirement goals. It also found that many of AMP’s customers are saving more than the mandatory nine per cent for their retirement. This positive sign demonstrates that people are responding well to financial advice.

We’re also helping people track down their lost superannuation accounts, and so far, we’ve helped more than 300,000 customers do this successfully. We’ve done a lot of work to help people consolidate their superannuation accounts, and in the past 18 months,12,000 customers have consolidated more than A$160 million in super with AMP.

We’ve been proactively addressing, and preparing, for changes to our industry for some time now.

We’ve also identified five key priorities that play to our organisational strengths, and which we believe will maximise our success in whatever scenarios unfold and will position the company for sustainable growth in a changing world.

First, we’re maintaining our market-leading cost efficiency, which I spoke about earlier. It’s this efficiency that’s going to give us the flexibility to respond effectively and profitably to potential changes.

Second, we’re continuing to grow our employer-sponsored superannuation channel. We now have more than half a million members in these workplace superannuation plans, and our strategy is to continue introducing other AMP products and services to them to help them better secure their financial futures. The majority of customers in our flagship product, SignatureSuper, already pay fees at or below one per cent.

Third, we’re optimising our business mix both at an AMP level and within our planners’ businesses. This means diversifying our revenue sources so that we build stronger businesses in non-superannuation areas, like risk insurance and retail banking.

Fourth, we’re increasing our revenue growth by reaching additional customer segments. This year we have launched two new superannuation products aimed at two different market segments: Flexible Lifetime Super Easy, which is a low cost offer for younger customers, and AMP Ascend, which is a more sophisticated offer for selfmanaged super funds.

Finally, we are working very hard to accelerate the productivity of our financial planners, who remain an integral part of our business.

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We’re doing this by:

• rolling out new technology to improve the efficiency of our planners’ businesses

• providing back office, centralised services, where we can use our size and scale to reduce costs for planners and their clients

• and, developing strategic marketing initiatives that give planners the opportunity to provide even more tailored offers to more clients.

Summary

Despite today’s volatile climate, AMP is in a strong position to respond very effectively to a changing world.

We’re managing the company to be successful over both the short and long term, with a very tight focus on the things that matter.

This means using our organisational strengths and experience to continue evolving our business model to capitalise on a changing market environment.

We’re confident that no matter what changes are in store, Australia will remain one of the largest and most attractive pension markets in the world.

In the past, we’ve demonstrated a capacity to successfully change and grow, and we’ll continue to do that into the future.

No company can survive for 160 years without doing these things well and in our 160[th] year, this has never been more true.

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