AMP LIMITED — AGM Information 2015

May 6, 2015

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7 May 2015

Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000

Client and Market Services Team NZX Limited Level 1, NZX Centre, 11 Cable Street PO Box 2959 Wellington, New Zealand

Announcement No: 12/2015 AMP Limited (ASX/NZX: AMP)

Annual General Meeting

Part One: Chairman’s Address to Shareholders Part Two: CEO’s Address to Shareholders

Please refer to the attached documents.

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Public Affairs T 02 9257 6127 E media@amp.com.au W AMP.com.au/media AMP_AU

AMP Limited 33 Alfred Street, Sydney NSW 2000 Australia ABN 49 079 354 519

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ADDRESS BY AMP CHAIRMAN SIMON McKEON AO TO THE AMP ANNUAL GENERAL MEETING

7 MAY 2015

2014 performance

The company had a very good year, but that’s not just because of the hard work that was performed last year by many of our employees.

We delivered a good performance because of the long-term thinking and hard work that has taken place over a number of years.

We saw the potential of what we can achieve by being more customer centric, and the turnaround in our life insurance business is a great example of this.

AMP continues to be financially very strong, and at the end of last year, we had close to $2 billion in capital above regulatory requirements. Craig will take you through what our businesses have achieved in more detail in a moment but, simply put, all of AMP’s businesses performed well.

AMP’s good year meant better results for you, our shareholders.

We increased the final dividend by 17% to 13.5 cents per share. This brought the total 2014 dividend to 26 cents per share, which is a payout of 74% of underlying profit.

Our share price has increased substantially, while our return on equity improved two percentage points to 12.7%[1] .

All together, this has helped generate better total returns for our shareholders over the year.

Future trends

This performance has showed us very clearly that our new strategy is the right course for the company, and will drive stronger profitability if we continue to execute it well.

We take the view at AMP that strategy setting should be properly bedded in what we know, and so we continually learn from the past, act on the present and anticipate the future.

In addition to the honour of chairing the board of AMP, I’ve been humbled to serve as chairman of the CSIRO, where I’ve been in the privileged position of seeing work that can help us create a better future.

1 Underlying return on equity.

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One such piece of work is a snapshot of what our world will look like 20 years from now[2] . It’s meant to help us prepare for some very significant changes or, as CSIRO terms them – ‘megatrends’ – including:

• a diminishing supply of essential resources, like water, traditional energy sources and food

• a loss of biodiversity

• an ageing population

• a shift in the world’s economic power from west to east – and north to south

• greater online connections between people, communities, businesses and governments

• and, increased demand from people for experiences, rather than physical products.

They should be of particular significance to business, and act as starting points for thinking about innovative ways to plan for the coming years and decades.

At AMP, these trends are helping us do just that, and have informed the strategic choices we’ve made about our future.

AMP strategy

Three trends in particular are influencing our strategy.

The first is the fact that our planet’s population is ageing, and the impact of this continues to present an incredible growth opportunity for AMP.

In a little over a century, human life expectancy has almost doubled.

In our parents or grandparents’ lifetimes, life expectancy was in the mid- 50s. Today, it is about 80 for men and 84 for women[3] .

This is possibly the most rapid evolution of any species in the history of the planet and, of course, one of humanity’s great achievements.

Our strategy is to participate in this growth, by helping people live these longer lives in financial security. This is a very important responsibility, and one that I am particularly passionate about.

It is a responsibility that extends to AMP playing a leading role in ensuring appropriate financial security for the broader community, because an ageing population is not without its challenges.

While many measures have been put in place during the past decades to build Australia’s world-leading retirement system, there is still a huge amount of work to be done before we can say as a nation that this issue is under control.

2 Hajkowicz, Cook and Littleboy, ‘Our Future World’, CSIRO, 2012 revision.

3 Based on a boy or girl born in 2008-2010. Gender Indicators, Australia, January 2012, (cat no 4125.0), Australian Bureau of Statistics, Canberra.

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We also recognise that financial security means different things to different people, and our strategy takes account of that.

We are focussed on attracting a younger demographic to AMP, who may not see financial security in the same way as their parents or grandparents.

Our younger generation may equate it with owning their home sooner, or planning for their kids’ education. There will come a day when they look to retirement though, and it’s our intention to have won them as a customer for life.

Winning more customers, and keeping more customers, means AMP must operate in very different ways compared to the past. This is why our strategy focuses intensely on what customers want from us.

This brings me to the second trend influencing our strategy, and that is the growing human desire for experiences, rather than products.

Research shows that more and more, we’re putting our money toward travel, entertainment and education – experiences that make us feel good. In fact, psychology experiments found that people tend to feel happier after buying an experience, rather than a product[4] .

For business, this translates into an imperative to develop great service. Service that is unique and personalised – and makes us feel understood and good about what we’re doing.

At AMP, there is no better example of this than the successful financial adviser and client relationship. This tailored, personal interaction is generally more satisfying than buying some sort of ‘off the shelf’ financial product – as good as that product may be.

What’s more, the client walks out their adviser’s door feeling better and more confident about their future.

Our strategy is to make all AMP’s experiences this rewarding.

This means better understanding, and then providing, what our customers want from us and giving them more choices in how they interact with us. That’s what we mean when we talk about customer centricity.

Having said this, we know there are people who have had a bad advice experience. There are some well-known cases that have featured in the press and that are simply unacceptable.

These experiences show that as an industry we must continually do more to improve advice professionalism, and ultimately rebuild the community’s trust. I’ll come to more on this shortly.

Finally, the third trend influencing our strategy is the shift in the world’s economy.

4 Hajkowicz, Cook and Littleboy, ‘Our Future World’, CSIRO, 2012 revision, p 21.

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During the next two decades, the world economy is expected to shift from west to east – and north to south.

The rise of Asia as an economic powerhouse is clear. China and India’s economies are expected to continue growing steadily, as we move further into the Asian Century.

Meanwhile, economies in both South America and Africa will continue to develop.

In all these instances, we are seeing and will continue to see billions of people move out of poverty into a burgeoning middle class.

Australia’s proximity to Asia, along with our strong economic and cultural ties, present our nation with a multitude of growth opportunities.

AMP’s strategy is to tap into this growth, primarily through our investment management business, AMP Capital. Executing this strategy, which has taken considerable time and patience, is yielding results.

We have formidable and successful business partners in China and Japan – countries that are home to two of the biggest savings markets in the world[5] . Our investment management capabilities are increasingly being sought, particularly by Asian and European pension funds.

No doubt this economic shift places AMP in a promising position for growth.

Building trust

Underpinning our growth ambition, is work we’re doing to rebuild consumer trust in the advice industry – because there are, without a doubt, very serious concerns about advice that need to be addressed and resolved.

It is important that we keep lifting the bar on advice professionalism.

Just last week we announced industry-leading change to the way our advisers are paid for advice in relation to life insurance. In a few moments, Craig will touch on other ways we’ve led industry change during the past few years.

We know an important part of being an industry leader is to acknowledge when we’re wrong, because even with the best will in the world, sometimes things don’t go the way we expect.

What’s important, is that when things do go wrong, we fix it.

We always stand behind our advice. This means we put things right for the customer when there’s wrongdoing or a mistake, and this provides consumers with a particularly strong safety net.

5 World Bank. (2013). World Bank national accounts data. Gross savings.

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At AMP, our priority is to help people live better lives in a myriad of ways – from helping to budget, pay down debt, save for retirement or prepare for tough times. Our focus is much, much broader than mortgages and debt.

What we do will lead us to some extraordinary growth opportunities because as a whole, Australians are under-advised and under-insured, and so we have much to offer those who count on us.

AMP Board contributions

AMP’s opportunities, along with the bigger issue of our ever changing world, is one of the constants we have around our board table.

We spend our time:

• building hypotheses

• deliberating strategy

• challenging ourselves

• and, monitoring our execution.

Your board has, I believe, a terrific mix of skills and experience to help us make informed calls on these issues.

I’d now like you to hear for yourself from our directors, and let them explain how they contribute to our thinking and make their individual contributions.

Many of you have told me how you enjoyed hearing from our directors at last year’s AGM, when we had quite a few standing for re-election.

We’ve decided to repeat it this year, such that you’ll hear from all of our directors, whether standing for re-election or not.

Directors’ comments

It’s humbling for me to be part of this group.

My role on AMP’s board is not merely a job. It’s more important than that. I get up on a day that is for me an ‘AMP day’ with excitement, interest and purpose.

I know that AMP has a very significant impact around this country, with its extraordinary community offering to ensure we have adequate financial futures.

Indeed, this is AMP’s noble purpose, and it’s humbling to be part of something that makes a real difference to so many people.

Conclusion

I remain optimistic that we will build on AMP’s success, because your board and management team spend a lot of time thinking and then acting on how we can make this substantial and indeed iconic Australian organisation better.

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I see many other people inside this company earnestly doing the same thing: trying to come up with the best solutions for our customers, shareholders, business partners and the community.

We’ve made significant progress during the past year, but as ever, we still have many things we need to improve and challenges to face.

Markets will remain unsettled, and our industry will continue to attract an intense level of political and community scrutiny.

The race, however, is always from here on.

We have extraordinary opportunities, right here, right now. We’ve got, I believe, the right people, the right structure and the right strategy. We’ve got the energy and the commitment.

We’re keen to take AMP up to another level.

Thank you.

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ADDRESS BY AMP CEO CRAIG MELLER TO THE AMP ANNUAL GENERAL MEETING

7 MAY 2015

Introduction

Thank you Simon.

Good morning ladies and gentlemen.

2014 was a year in which AMP continued to make significant changes to our operations, so we can help our customers own tomorrow and build greater value for our shareholders.

The strategy we committed to almost two years ago is leading to a business that’s leaner and more efficient, with a re-oriented focus toward its customers. It’s a business that’s better able to deliver value to both customers and shareholders.

AMP has long occupied a leading position in the Australian and New Zealand markets – markets with strong fundamentals and enormous potential.

However, long-term success in these markets against a backdrop of shifting economic, social and technological trends – to which Simon referred – requires a new approach.

That new approach is gradually bringing to life a refreshed AMP, and a new and better experience for our customers.

And we have done this while delivering a strong set of results in 2014.

Business performance

AMP continues to be Australia’s leading, independent wealth management company in a $2.4 trillion market[1] – with a superannuation sector forecast to double in size by 2024[2] .

Your company’s underlying profit for the full year 2014 was $1.05 billion, up from $849 million in 2013.

All our contemporary businesses contributed to this 23% lift in profit.

Earnings and assets under management continued to grow, cashflows were strong, and we managed our costs tightly.

The recovery in our insurance business continued, and we are now focusing on ensuring the sustainability of the changes we have made to that business.

1 Australian Bureau of Statistics Managed Funds Report, Managed Funds Industry, Sep 2014

2 Dynamics of the Australian Superannuation System, The next 20 years: 2013 – 2033, Deloitte, Sep 2013; and AMP modelling

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AMP Capital’s earnings grew strongly, the result of good cashflows and investment returns.

Our overseas activities, through AMP Capital, are making an ever greater contribution to our revenues.

Our partnerships with China Life and MUTB in Japan are not only generating good cashflows, but also leading to product innovation and knowledge sharing.

AMP Bank’s earnings grew by 10%, and our New Zealand and Mature businesses also posted solid results.

We continued to successfully embed changes in response to shifts in regulation that have brought about significant change in the superannuation and advice industries.

We also continued with our business efficiency program, which – by next year – will see us having invested $320m to reduce our annual costs by $200m on an ongoing basis. The money we’re saving – and the savings yet to come – will be used to fund initiatives that will drive real growth in shareholder value.

And today we announced our first quarter cashflows, which I’m pleased to say continue to demonstrate we’re executing our strategy well.

Cashflows from our contemporary businesses were encouraging and assets under management continued to grow.

Customer focus

A “refreshed” AMP becoming increasingly focused on our customers is a simple way of describing a complex set of changes that are incrementally shifting perceptions of our company.

And we are beginning to see clear evidence our customers like what we are doing.

We are driving this customer focus in four ways.

One, we’re creating better products and service solutions.

Second, we’re radically improving the quality of our service in all areas of our business – that means, for example, improving our information systems so our customer service staff can more easily and efficiently resolve a customer issue.

Third, we’re creating more and better ways for customers to deal with us – whether that’s online, over the phone or through an adviser.

And fourth, we’re redesigning the face-to-face advice model so we can reach more customers with this type of advice more often.

Face-to-face financial advice has always been at the heart of AMP – and that will continue to be the case.

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Challenges in advice industry

But, as Simon mentioned, 2014 was a challenging year for the financial advice industry.

As the company with the largest network of financial advisers, we took proactive steps last year to give our customers an extra layer of certainty – above and beyond the certainty enshrined in regulation.

We increased education standards for advisers, introduced an industry-wide ethics program and established an advice review panel with an independent chair, which will act as a final review point for customers who have a concern about their advice.

We have a history of moving early and decisively when it comes to meeting new regulatory requirements with consumers’ interests at heart.

AMP adopted a fee-for-service model across our superannuation, pension and investment products in July 2010, two years before it became a regulatory requirement to do so.

And in terms of remuneration for advisers recommending insurance solutions, change is also afoot.

As you heard from Simon, AMP has become the first company to announce changes in the way advisers will be remunerated for advising on insurance products.

We made these announcements last week to deliver better outcomes for customers and to go some way towards ensuring a sustainable future for the insurance industry in this country.

Changing the way we remunerate advisers in this area is complex, and that is largely due to the fact that insurance is not a product most people wake up in the morning with the intention of buying.

It’s a solution that we describe as being “sold” more often that it’s “bought”.

Getting the process right so that more Australians are adequately insured is critical: the role the right insurance solutions play in a quality financial plan is an invaluable one.

We see the changes we have made as an initial step in the transition of remuneration for advisers in this area.

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Value of advice and our business model

The reason we are working so hard and care so much about lifting standards in financial advice, and restoring consumer trust, is because we see the fantastic impact quality financial advice has on people’s lives every day.

There’s been a lot written and said about poor advice. But let me share with you what quality financial advice looks and feels like to me.

Many of you in the room may have a financial adviser, and may well know how the advice process works.

For those of you who don’t, let me take a moment to describe it.

High quality advice starts with discussing with a client their life goals – and for those nearing retirement – what they want to do when they stop work.

Next, there’s an assessment of the financial viability of achieving the clients’ life goals, and a process of re-budgeting and planning to achieve a suitable post-retirement income without having a negative impact on short-term spending.

This then takes into account clients’ attitudes to investment risk, and some risk management strategies. Then it’s about asset allocation and product category selection.

And that’s about 90% of the process – with no products selected yet.

With more products on the market for advisers to choose from – most of which are of great quality – I would argue that product selection is the least important component of highquality financial advice.

And there is a real benefit to consumers when a company like AMP can comprehensively train its advisers, carefully understand the products people want, deliver both the advice and the products at scale, and cost-efficiently manage people’s investments.

And that is why AMP maintains its commitment to an integrated business model, with quality financial advice at its centre.

Whether it’s delivered, as is most of our advice, by an adviser in a face-to-face setting, over the telephone or via a website, it is the essence of AMP’s business.

The business of AMP is:

• engaging and educating customers

• creating great products

• delivering quality financial advice

• and managing their financial affairs

• so we can help our customers enjoy better lives.

Integral to this is our commitment to customers: AMP stands behind its products and advice. This is something we’ve always been proud to do, and something we will continue to do.

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Work to do

And, looking at our products and advice through a customer lens, we can see that the fundamentals are falling into place, but there’s still a great deal of work to be done.

The aim of that work will involve reaching more people and building much deeper relationships with them.

This will require us to do four things.

One, make financial advice available to more people, in more places, more often.

Two, ensure the advice process consistently takes into account the way people want to live their lives, how they want to spend their time, what they value, and what they dream of doing.

Three, offer a broader range of products directly meeting a wide range of customer needs. Even if those products are sophisticated or bespoke, the key here is to make things as simple as possible for customers and strip away complexity at every opportunity.

And four, ensure customers who come to us, either directly or through one of our advisers, know how the process will work, feel comfortable, feel in control, feel knowledgeable and – most importantly – feel excited about tomorrow.

These four things will add up to more customers doing more business with AMP for longer. And therein lies the real value to you, our shareholders.

Conclusion

So, in conclusion, our business performance in 2014 was a strong one, and we were pleased to be able to deliver a higher dividend.

We are a strongly-positioned player in a robust and growing market. However, the world is changing, consumer expectations are changing, and AMP is changing too.

We’ve made great strides on our journey to become a company whose customers are at the centre of every decision we make. And I am incredibly pleased with the progress we have made in such a short time, but aware of how far we have to go.

Financial advice is woven into the fabric of AMP’s past, and is critical to its future. We are doing more than any other company to ensure people seeking advice from an AMP adviser can take comfort in the fact that their adviser is held to rigorous standards of professionalism, and that the advice they receive is backed by us.

So our focus for the next 12 months and beyond is to build on our history of service by:

• offering more and different types of advice to more people

• honing our products so that what we take to market is what people want

• and making sure that every interaction a customer has with us – from updating their address, to seeing an adviser, to making a claim, to embarking on retirement – is an experience that delights them.

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Because delighted customers do more business with us, stay with us longer, and so create more value for our shareholders.

It continues to be a tremendous privilege to lead this company, and I thank you for your support.

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