AMP LIMITED — Annual Report 2019

Feb 12, 2020

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ASX Announcement
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13 February 2020

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

AMP Limited (ASX/NZX: AMP)

Full Year Financial Results

RESULTS FOR ANNOUNCEMENT TO THE MARKET

Part One: Appendix 4E Part Two: AMP reports FY 19 results Part Three: Investor presentation Part Four: Investor report

Marissa Bendyk Group Company Secretary

Public Affairs 02 9257 6127 media@amp.com.au amp.com.au/media

AMP Limited ABN 49 079 354 519

13 February 2020

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2019 full year results and strategy update

Francesco De Ferrari, Chief Executive Officer James Georgeson, Chief Financial Officer

1

FY 19 – a year of fundamental reset

Key challenges

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Full year results impacted by substantial impairment (predominantly non-cash) taken in 1H 19 to address legacy issues and position AMP for the future Increasing regulatory and compliance costs, significant legislative and regulatory change expected

Reputational impact in Australian wealth management continues; cashflows remain in net outflow

Key achievements – towards a client-led, simpler, growth-oriented AMP

Renegotiated sale of AMP Life; on track to complete by 30 June 2020

Launch of three-year transformational strategy

Capital raising strongly supported by new and existing shareholders

Client remediation program accelerated to scale; total program spend to date of A$264m

Significant progress on reshaping AMP’s advice network; ~440 advisers exited the network

Upgrading of risk management; A$100 million (pre-tax) investment to strengthen risk, controls and governance progressing well

Cost out program delivered A$19m in-year controllable cost savings; good progress to FY 20 target

Strong growth performance in AMP Capital; US$12 billion raised for infrastructure debt and equity strategies

2

Supporting clients, the community and our colleagues

Clients

Community

Colleagues

Improved client outcomes; fee reductions to approximately 585,000 existing clients[2 ]

A$100 million donated by AMP Foundation since inception

Around 50% of AMP employees took part in Employee Volunteering Program

Around 110,000 clients helped with their banking needs

In 2020, partnered with advisers to offer pro bono financial advice to Australians impacted by bushfires

Launched Employee Share Plan to create alignment with shareholder experience

A$2.4b in Australian pension payments

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Notes:
1. All data refers to FY 19 period unless otherwise stated
2. Fee reductions include MyNorth fee reductions in 2019
and Super fee reductions in February 2020
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3

FY 19 results

Progress on Reinventing AMP Outlook Appendix

4

5

FY 19 profit summary

A$m	FY 191	FY 18	%
Australian wealth management	182	363	(49.9)
AMP Bank	141	148	(4.7)
AMP Capital2	198	167	18.6
New Zealand wealth management	44	53	(17.0)
Retained businesses operating earnings	565	731	(22.7)
AMP Life operating earnings 3	(21)	(3)	n/a
Business unit operating earnings	544	728	(25.3)
Group Office costs	(128)	(76)	(68.4)
Total operating earnings	416	652	(36.2)
Underlying investment income2	113	96	17.7
Interest expense on corporate debt	(65)	(68)	4.4
Underlying profit	464	680	(31.8)
Items reported below underlying profit	(2,878)	(710)	n/a
Market adjustments2	(52)	8	n/a
Accounting mismatches	(1)	50	n/a
Profit/(loss) attributable to shareholders of AMP Limited	(2,467)	28	n/a

Notes:

1. FY 19 operating earnings of Australian and New Zealand wealth management businesses do not include internal distribution fees and product revenues that are for the benefit of Resolution Life from 1 July 2018 2. AMP Capital is 15% owned by MUFG: Trust Bank. AMP Capital results, and any other impacted line items, are shown net of minority interests

2. AMP Life refers to AMP’s wealth protection and mature businesses in Australia and New Zealand which are subject to a sale agreement with Resolution Life

Section 1 AMP full year results

6

FY 19 business unit highlights

	Real assets drive record profit
AMP Capital	– 19% increase in earnings driven by growth in AUM and strong real assets performance
Op. earnings: A$198m	– Average AUM increase driven by investment of real asset committed capital and positive external net cashflows
	– Cost to income ratio within target of 60-65%
	– Supporting continued investment in operating platform
AMP Australia: AMP Bank Op. earnings: A$141m	Mortgage and deposit growth underpins resilient performance – Residential loan book grew to A$20.2b; total deposits increased by A$1.1b to A$14.4b – Net Interest Margin broadly stable in challenging and competitive market
	– Controllable costs increased reflecting inclusion of major regulatory and compliance project costs
AMP Australia: Australian wealth management Op. earnings: A$182m	Prioritising client outcomes in challenging environment – Earnings lower due to removal of product revenues transferring with AMP Life, margin compression and inclusion of major regulatory and compliance project costs – Margin compression of 11 bps from FY 18 due to product mix changes, fee reductions and AMP Life transaction
	– Cashflows impacted by reputational damage; but North AUM up 26% to A$47.6b
New Zealand wealth management	Strong underlying performance in competitive market
Op. earnings: A$44m	– Operating earnings impacted by removal of product revenues transferring with AMP Life; underlying trends strong
	– Leading provider of KiwiSaver; total AUM increased 11% to A$12.3b
AMP Life Op. earnings: (A$21m)	Impact of PYS legislation ongoing as structural challenges in industry continue – Lower operating earnings impacted by capitalised losses following best estimate assumption changes – Resolution Life is entitled to all AMP Life earnings from 1 July 2018 until completion of transaction

Section 1 AMP full year results

7

Controllable costs

A$m

Structural increase in cost of doing business

First steps in saving to reinvest in transformation and growth

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122 1,035 (27)
(19) 28 1,017
Benefit from
capitalised
913 FY 18 write-off in 1H 19project cost FY 19 cost out achieved Project costs and transformation FY 19
Regulatory, rebased activity controllable
FY 18 insurance, CPI compliance, controllable costs ex AMP costs
Capital
controllable and other uplifts
costs
ex AMP
Capital
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• Controllable costs (ex AMP Capital) up 11%, from A$913m to A$1,017m reflecting structural increase in cost of doing business

• Regulatory and compliance costs for implementing major change now moved into business units (~A$50m)

• First steps in transformation commenced in 2H 19

  • Benefit of 1H 19 capitalised cost write-offs partly absorbed by strategy implementation costs

  • A$19m of cost savings achieved in FY 19 towards A$300m FY 22 target

• Increase in professional indemnity insurance costs

• CPI and wages growth of approximately 2.5% of rebased cost base

• Other uplifts predominantly reflect higher ongoing regulatory and compliance costs

Section 1 AMP full year results

8

Items reported below underlying profit

A$m	FY 19	FY 18
Client remediation and related costs	(153)	(469)
Royal Commission	-	(32)
Portfolio Review	-	(29)
Separation costs	(183)	(19)
Risk management, governance and controls	(33)	(8)
Transformation	(28)	-
Other items	22	(74)
Impairments	(2,407)	-
Amortisation of acquired intangible assets1	(96)	(79)
Items reported below underlying profit	(2,878)	(710)

Notes:

1. AMP Capital is 15% owned by MUFG: Trust Bank. AMP Capital results, and any other impacted line items, are shown net of minority interests

Section 1 AMP full year results

9

Client remediation – program on track to complete in 2021

A$m	Pre-tax
Closing provision balance at 1H 19	672
Less payments made during 2H 191	(190)
Additional provision primarily for inactive advisers	150
Additional lost earnings recognised during 2H 19	20
Closing provision balance at FY 19	652
Expected total future remediation costs still to be paid2	673

Client remediation comprises the following components:

• Inappropriate advice: program approx. 50% complete

• Fee for no service

• Active advisers: program approx. 20% complete

• – Inactive advisers: pilot program for inactive advisers has commenced

• Overall FFNS refund rate expected of 17% (29% including interest) of ongoing service fees charged

• Program costs: tracking to expectations

Progress

• 2H 19 additional provision of A$150m primarily relates to finalisation of inactive adviser approach

• Overall remediation costs remain broadly in line with original estimate (November 2018)

• Total program spend to date of A$264m; A$190m paid in 2H 19[1]

• Major policies now agreed with ASIC including active and inactive advisers

• No insurance recoveries recognised yet, actively pursuing recovery options

Notes:

1. Payments include client payments and program costs

2. Expected total remediation costs include estimates of future lost earnings which are not included in the provision under accounting standards, and other minor methodology differences

Section 1 AMP full year results

10

Summary of FY 19 impairments

A$m	FY 19 Post-tax	2H 19 Post-tax
Goodwill
−Australian wealth management	1,509	-
−AMP Life	459	-
Prior capitalised project costs	211	-
Advice related assets	228	55
Total impairment recognised	2,407	55
Approximate capital impact	190	51

• Predominantly non-cash impairments recognised mainly at 1H 19 to address legacy issues and position AMP for the future

• Goodwill impairment reflects overall reduction in value of Australian wealth management business from significant industry disruption including actions to reshape advice network; AMP Life goodwill impairment attributable to impact of Protecting Your Super legislation

• Prior capitalised project costs includes impact of AMP’s new strategy, including partial write-downs of Goals360 and Salesforce, which are expected to deliver lower financial benefits given planned reshape of adviser network

• Impairment of advice related assets reflects a reduction in value of client registers (including those in buyback pipeline) (A$168m post-tax) and associated practice finance loan impairments (A$60m post-tax)

• Additional A$55m recognised in 2H 19, reflects reductions in value of additional client registers (A$46m post-tax) and associated practice finance loan impairments (A$9m post-tax) notified in 2H 19

• Diminished carrying value of advice related assets following actions to reshape the network and broader changes to advice business in Australia following the Royal Commission

• Impairment impacts group capital position by A$190m; does not impact the group’s financial stability

Section 1 AMP full year results

11

Capital adequacy, funding and liquidity

A$m	FY 19	FY 18
Shareholder equity	4,910	6,683
Less: intangibles and other regulatory adjustments	(1,078)	(3,606)
Level 3 eligible capital	3,832	3,077
Minimum Regulatory Requirements (MRR)	1,353	1,426
Level 3 eligible capital above MRR	2,479	1,651
Debt metrics and liquidity	FY 19	FY 18
Corporate debt (A$m)	2,139	1,849
Undrawn loan facilities (A$m)	750	1,000

• Level 3 eligible capital of A$3.8b, with level 3 eligible capital above Minimum Regulatory Requirements (MRR) of A$2.5b at 31 December 2019

• Level 3 eligible capital above MRR has increased by A$0.8b from proceeds from capital raising (A$0.8b), business unit earnings (A$0.5b), offset by capital usage from business growth and below the line costs (A$0.3b)

• Corporate debt increased in FY 19 from the recent AT1 issuance in anticipation of redeeming an existing equivalent instrument in Q1 20

• To maintain balance sheet strength and prudent capital management through a period of significant change, the Board has resolved not to declare a final dividend in FY 19. This position will be reviewed after the completion of the AMP Life sale

• Of the total Group Level 3 eligible capital position of A$2.5b, A$985m is attributable to Life participating business

Section 1 AMP full year results

12

Proforma capital position – AMP Life agreement

A$m	31 Dec 2019 reported	AMP Life Sale capital impacts	31 Dec 2019 Proforma (adjusted for AMP Life sale)
Level 3 eligible capital	3,832	(550)	3,282
Less: Minimum regulatory capital requirements (MRR)	1,353	(600)	753
Level 3 eligible capital above MRR	2,479	50	2,529
Capital in excess of target surplus	529	1,100	1,629

• In line with the board approved capital management framework, FY 19 capital in excess of target surplus is A$529m

• Net cash proceeds of A$2.5b will be used to repay debt (A$800m), fund separation costs (A$400m) and fund capital dis-synergies (A$200m)

• On settlement, the AMP Life sale is expected to increase the capital held in excess of target surplus by A$1.1b

• The 31 December 2019 proforma capital in excess of target surplus of A$1.6b proforma does not take into account 1H 20 profitability and capital usage of the business, including transformation costs and investments in AMP Bank and AMP Capital

• AMP anticipates that any capital in excess of target surplus post completion will first be used to fund delivery of the new AMP strategy. Beyond this, AMP will assess all capital management options with the intent of returning the excess above target surplus to shareholders, subject to unforeseen circumstances

Section 1 AMP full year results

13

14

Focused, higher growth and higher return AMP

Future portfolio

		AMP Life1	AWM AMP Bank	AWM AMP Bank	AMP Capital	AMP Capital	NZ WM
Context		– Structural challenges of operating in life insurance industry – High capital intensity – Significant earnings volatility – In-force market consolidation opportunity	– Traditional advice licensee model requires reinvention – Big 4 banks exiting wealth – Technology enabling lower- cost advice – Continued pressure on product margins	– Unique opportunity for bank and wealth integration – Growth track record above system – Access to diversified retail deposits – Focused and efficient	– Shift to passive and specialist active – Global search for yield and high-demand for differentiated products (e.g. real assets) – Internationally recognised real asset capability		– Competitive advantage for local players – Market consolidation opportunity – Uniquely positioned employed advice business – High return business
Operating earnings (A$m) 2		148 (54) 31 (52) 1H18 2H18 2H19 1H19	161 117 103 79 1H18 2H18 1H19 2H19	78 70 71 70 1H19 1H18 2H18 2H19	94 73 120 78 1H18 2H18 1H19 2H19		22 19 22 22 1H18 2H18 1H19 2H19
FY19 ROBUE		1%	20%	14%3	43%		41%
Strategic implications4		Divest ownership to release capital	Reinvent wealth management in Australia to capitalise on industry disruption		Continue to grow successful asset management franchise		Localise and explore options to divest

Notes:

1. Includes Australian Wealth Protection, Australian Mature, New Zealand Wealth Protection and Mature. 2. All historical earnings have been restated to reflect the perimeter of the divestment of AMP Life and Mature; AMP Capital operating earnings are shown net of minority interests; 3. Return on Capital 4. AMP is committed to the growth of its business. As part of AMP’s growth strategy, it will continue to consider sources and allocation of capital and therefore will continue to evaluate opportunities to leverage its capabilities, capitalise on synergies, streamline its business and respond to market dynamics and changes in competitor landscape and regulation. This may include looking for, and pursuing opportunities for, future acquisitions or disposals, joint ventures or other partnership or risk sharing arrangements, modifying its cost base or undertaking capital management initiatives. The AMP Board and management will continue to evaluate future potential opportunities for the business.

Section 2 Progress on Reinventing AMP

15

Reinventing AMP – strategic priorities

	1	Divest AMP Life
Simplify portfolio
	2	Divest New Zealand
	3	Reinvent advice
Reinvent wealth	4	Build best-in-class super business
management in
Australia	5	Grow successful platform business
	6	Maintain growth momentum in bank
Continue to grow
successful asset management	7	Grow AMP Capital through differentiated capabilities
franchise
	8	Create simpler, leaner operating model
Create a simpler, leaner business	9	Strengthen risk management
	10	Transform culture

Section 2 Progress on Reinventing AMP

16

17

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Simplify portfolio
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Divestment of AMP Life and New Zealand

18 Section 2Progress on Reinventing AMP Sale of AMP Life – On track for completion – AMP Life operating as standalone business – Positive momentum in securing regulatory approvals: – Approval from China Banking and Insurance Regulatory Commission (CBIRC) received – Continue to work with other regulators on achieving conditions precedent – Separation costs increased to A$400m, reflecting the extended timeframe, additional simplification work and additional costs related to regulatory approvals – Complete by 30 June 2020, simplifying portfolio – AMP anticipates that any capital in excess of target surplus post completion will first be used to fund delivery of the new AMP strategy – Beyond this, AMP will assess all capital management options with the intent of returning the excess above target surplus to shareholders, subject to unforeseen circumstances Divest New Zealand wealth management – New Zealand wealth management largely localised, operating standalone business – Divestment process underway; mandate to maximise shareholder value and in discussions with a number of interested parties – Expect to provide a further update at or before 1H 20 results Strategic objectives Progress in 2H 19 2020 focus

19

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Reinvent wealth
management in
Australia
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Reinvent advice

Strategic objectives

Progress in 2H 19

• Reshape aligned Reset commercial terms to more appropriate market based network multiples

• Mitigation of BOLR risk, with capital outlay tracking to plan

• Proactively managed adviser transition in clients’ best interests; ~440 advisers exited network

• Improved adviser productivity with average AUM per adviser increasing to A$52m

• Client remediation program on track to complete in 2021

• Build direct to – Employed channel: consolidation of operations to major metros, client channels providing solid foundation for profitable growth

• Strong growth in MoneyBrilliant; over 260,000 registered clients

2020 focus

• Continue to reshape network, retaining professional, productive and compliant advisers

• Co-design new licensee offer to re-balance risk and return

• Roll-out of clientHUB across network

• Continue focus on adviser productivity as network reshapes

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AUM per adviser ($m)
12.8% CAGR
55
50 52.3
45
40
41.7 40.9
35 37.4
30 32.3
25
FY15 FY16 FY17 FY18 FY19
(A$m)
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• Scalable employed channel with increased adviser productivity

• Leverage existing technology to create compelling digital propositions for clients and advisers

Section 2 Progress on Reinventing AMP

20

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Build best-in-class retail super business
Strategic objectives Progress in 2H 19 2020 focus
– –
Simplify Simplification program underway in parallel with completion of Complete phase one of product and platform simplification
products and AMP Life transaction
Simpler governance and Fewer products
systems – Includes client communications, op model design and better client outcomes [1,2] and platforms [1,2]
product mapping Product admin Investment
Trustees Super funds Products
systems options [3]
Today 2 6 9 ~70 ~170
Separation
1 1 2 11 ~140
– Mid 2020
2021 1 1 2 6 ~50
– –
Improve client New trustee operating model implemented, delivering significant Majority of grandfathered commissions to be removed by end of
outcomes uplift to controls and governance 1H 20 as part of the separation of AMP Life
– –
MyNorth fee reductions benefiting more than 85,000 clients Target growth through focus on retirement and client
(effective May 2019) and all new clients engagement including via digital channels
–
Super fee reductions benefiting 500,000 clients (effective February
2020) and all new clients
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Notes:

1. Metrics are for AMP’s Mastertrust, Mature and WP in Super businesses

2. All changes are subject to trustee approval

3. Mastertrust investment menus evolve over time – number of options will fluctuate, but it is our intention to reduce significantly from current position

Section 2 Progress on Reinventing AMP

21

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Progress in 2H 19 2020 focus
– –
Maintained North growth momentum; North AUM up 26% to Maintain strong growth trajectory with:
A$47.6b – Continued investment in platform features and capability
– EFA (external financial advisers) inflows into North increased 44% –
Enhanced EFA service proposition
to A$1.2b in FY 19
–
Strengthened managed portfolio (SMA) and investment offers;
ongoing platform enhancements Continued growth in AMP’s flagship
–
Strong performance; MyNorth achieved third highest platform North platform
22.9% CAGR
inflows for September quarter vs. peers [1] ; ranked top 3 for value [2]
50
47.6
40
37.9
30 34.9
27.1
20
20.9
10
0
FY15 FY16 FY17 FY18 FY19
AUM (A$b)
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Grow successful platform business

• Strategic objectives Progress in 2H 19 Accelerate – Maintained North growth momentum; North AUM up 26% to growth of North A$47.6b platform – EFA (external financial advisers) inflows into North increased 44% to A$1.2b in FY 19

Notes:

1. Strategic Insights quarterly platform market update (September 2019)

2. Chant West Super Platform Fee Comparison (February 2019)

Section 2 Progress on Reinventing AMP

22

Maintain growth momentum in bank

2020 focus

• Strategic objectives Progress in 2H 19 2020 focus – –

• Scale through Bank platform modernisation on track Bank platform modernisation to complete by FY 20, improving re-platforming, – efficiency, client experience and expanding operational capacity Deposit portfolio automation and automatic credit

• digitisation and decisioning underway

• automation Meet clients’ – Strong growth in deposits and residential mortgages – Deliver whole-of-wealth banking and superannuation offering for whole-of-wealth corporate super channels needs

• Deliver whole-of-wealth banking and superannuation offering for corporate super channels

• Maintain growth momentum through integration with wealth management

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Residential mortgage portfolio
8.5% CAGR
25
20
20.2
18.9 19.5
15 16.5
14.6
10
5
FY15 FY16 FY17 FY18 FY19
(A$b)
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Section 2 Progress on Reinventing AMP

23

24

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Continue to grow
successful asset
management
franchise
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Growing AMP Capital through differentiated capabilities

Strategic objectives Progress in 2H 19 2020 focus

Strategic objectives	Progress in 2H 19	2020 focus
Accelerate	– Significant growth in infrastructure and real estate	– Continue momentum in market leading real assets capabilities
growth in real	– A$3.9b of real assets capital deployed	– Deploy capital; A$7.5b commitments available for investment
assets	– US$6.2b committed for fourth infrastructure debt strategy	– Prepare for launch of next fundraisings
	– Global Infrastructure Fund II closed at US$3.4b, drawing
	additional co-investment commitments
	– Strong progress on A$5b Australian real estate development
	pipeline
Public markets:	– Differentiated capabilities including flagship equities capabilities	– Grow solutions and high alpha offerings
simplify and	performing strongly	– Simplify product set and improve operating model to drive efficiency
continue		and effectiveness in co-ordination with AMP Australia
momentum in
differentiated
capabilities
Pursue	– 358 direct international institutional clients in FY 19, up 19% on FY 18	– Expand and deepen international client base
international	– China Life AMP Asset Management1 (CLAMP) AUM grew 17% in FY 19	– Continue to build strong relationships with international partners
growth opportunities	– China Life Pension Company2 (CLPC) AUM grew 49% in FY19; strong growth in occupational pensions

Notes:

1. AMP Capital holds a 15% stake in the joint venture. AMP Capital’s 15% share of AUM is A$7.3b 2. AMP holds a 19.99% stake in the joint venture

Section 2 Progress on Reinventing AMP

25

Growing through differentiated capabilities in real assets

Diverse and expanding investor base

Infrastructure

Real estate

56 new direct international institutional investors introduced in FY19 - largely driven by Infrastructure Debt Fund IV and Global Infrastructure Fund II success in 2019

Significant growth in infrastructure strategies; exceptional global investor support in fundraisings

Well placed to maintain prominent position in Australian core real estate through successful delivery of A$5b development pipeline

Continued growth of global distribution network with significant commitments from international jurisdictions including Korea

Direct Institutional International AUM (A$b)

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31.6% CAGR
20.4
17.3
12.0
9.6
6.8
FY15 FY16 FY17 FY18 FY19
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Infrastructure (AUM A$b) [1]
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Real Estate (AUM A$b)[1]

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9.4% CAGR
24.7% CAGR
25.0 29.3 29.8
Infrastructure 26.1
20.3
Debt 22.7
20.8
14.8
12.3
10.3 Infrastructure
Equity
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
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Notes:

1. Excludes committed capital not yet invested

Section 2 Progress on Reinventing AMP

26

Growing through differentiated capabilities in public markets

Global Listed Infrastructure	– AMP Capital Global Infrastructure Securities Fund (hedged)ranked #1 by Mercer and Morningstar for 1 year performance;
Total AUM A$2.6b	delivered 37.8% in 2019 against benchmark return 27.2%1
	– AMP Capital Global Property Securities Fundrated top 2 by both Mercer and Morningstar for 1 year performance, delivering
Global Listed Real Estate	27.2% returns against benchmark return 21.2%1
Total AUM A$6.1b	– Australian Listed Property Trustrated top 3 by both Mercer and Morningstar for 1 year performance, delivering 23.7%
	returns against benchmark of 19.6%1
	– Global Companies Funddelivered top percentile performance vs peers returning 27.8% p.a. since inception against
Equities	benchmark return 14.3% p.a.1
Total Aust equity AUM: A$10.5b Total global equities AUM: A$220m	– Emerging Companies Fundranked Q1 by Mercer for 1 year performance1; returned 36.1% against benchmark return 21.4% in 2019
	– Sustainable Fundranked #2 by Mercer for 1 year performance1; returned 28.9% against benchmark return 23.4% in 2019
	– AMP Capital Corporate Bond Fundranked third in Money Magazine best income awards 2020 category; the fund has
Fixed Income	returned 6.1% pa over 10 years outperforming benchmark by 1.3% p.a.1
Total AUM: A$49.8b	– Core Fixed in Income Fundranked Q1 in Morningstar and Mercer industry surveys for 1 year performance
	– Global Infrastructure Bond Fundwon Morningstar Japan Best Fixed Income Fund Award 2019

Notes:

1. Source: AMP Capital. Past performance is not a reliable indicator of future performance. Unless otherwise indicated, performance and AUM are as at 31 December 2019. For full details of performance across all time periods, and for each Fund’s benchmark, please refer to the AMP Capital website. Performance is shown gross of investment management fees, before tax and assume all distributions are reinvested; with the exception of the Global Companies Fund which is after (net) the deduction of fees. Global Companies Fund inception date is 30 March 2017. Peer relative performance uses Mercer sub-universe data (Australian Equities), Evestment’s Large Cap Growth Equity Universe in AUD (Global Equities), Mercer Investment Performance Survey of Global Listed Infrastructure (Australian Investors) and the Morningstar Australian Institutional Sector Survey (Global Listed Infrastructure), Mercer and Morningstar’s global listed real estate Universe (Australia) in AUD and Mercer and Morningstar’s Australian listed real estate universe in AUD (Global Listed Real Estate), and Mercer and Morningstar’s [core fixed income] survey. General information only. Before making any investment decision you should seek professional advice having regard to your own circumstances. AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426455 is the responsible entity of the Funds mentioned. You should consider the PDS available from AMP Capital before investing in any Fund.

Section 2 Progress on Reinventing AMP

27

28

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Create a simpler,
leaner business
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Create a simpler, leaner operating model

2020 focus

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Strategic objectives Progress in 2H 19 2020 focus
Establish end to – AMP Life and New Zealand wealth management established – Simplify operating model to better align operations with legal
end businesses as end-to-end businesses entities
with discrete – –
Establishment of AMP Australia business unit integrating Clarify accountabilities and improve governance and risk
P&Ls
Australian wealth management and AMP Bank management in anticipation of FAR
– –
Reshape cost Cost program delivered A$19m in-year gross controllable Targeting A$140m cumulative gross cost savings in FY 20
base, delivering cost savings (ex AMP Capital) – A$120m incremental (split: A$90m controllable, A$30m
A$300m gross –
Target revised to A$300m (ex AMP Capital) variable)
savings by FY 22 – –
split of 80% controllable and 20% variable costs Action taken in FY 19 delivers 50% of full year cost target
–
approximately one third to be reinvested by FY 22
Cumulative gross cost savings
300
300 ex AMP Capital
60
250
200
140 240
150
30
100
50 110
19
0
2019 2020 Exit Run-rate
FY22
Controllable Variable
Section 2 Progress on Reinventing AMP 29
A$m
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Strengthen risk management and transform culture

30 Section 2Progress on Reinventing AMP Strengthen risk management, controls and governance – Risk management embedded in performance management framework – Introduction of Governance, Risk and Compliance system across business to better capture and manage incidents, issues and breaches – Strengthened risk culture including increased risk training across businesses – Strengthened whistleblower program through key appointments, upgraded policies and streamlined processes – Improved processes to support regulatory engagement – On track to complete A$100m (pre-tax) investment to further strengthen risk management, internal controls and governance by end of FY 20 Transform culture – Renewed Board and management – Redefined purpose and behaviours to embed focus on client: – Client-led – Entrepreneurial mindset – Accountable – Changes to performance management to reward top talent – Continue to drive cultural change focusing on accountability and execution Strategic objectives Progress in 2H 19 2020 focus

Reinventing AMP: 2020 objectives	Reinventing AMP: 2020 objectives	Reinventing AMP: 2020 objectives
Towards a client-led, simpler, growth-oriented business
Simplify portfolio	1 2	Complete sale of AMP Life by 30 June 2020 Update on New Zealand wealth management divestment process at or before 1H 20 results
Reinvent advice	3	Continued focus on reshaping advice to be more professional, compliant and productive
Best in class super retail business	4	Deliver phase one of product and platform simplification
Grow successful platform business	5	Maintain strong growth trajectory; continued investment in platform and enhanced EFA service proposition
Maintain growth momentum in Bank	6	Complete platform modernisation, enabling scaled growth beyond FY 20
Continue to grow
successful asset	7	Deploy committed capital, continue to expand global footprint to prepare for next round of fundraisings
management franchise
Create simpler, leaner operating model	8	Deliver A$140m cumulative gross savings (ex AMP Capital); establish end to end businesses across AMP group
Strengthen risk management	9	Complete the investment of A$100m (pre-tax) in risk, governance and controls by end of FY 20
Transform culture	10	Drive cultural change focusing on accountability and execution

Section 2 Progress on Reinventing AMP

31

32

Investing to build the new AMP

	Business units
	AWM AMP Bank
Investing in growth	– Digitally enabled propositions – Advice network reshape (retention and support) – Increase network professionalism – Employed advice and direct channels – Bank core system and operations capacity – Digitally enabled propositions – Operating platform investment
Realising cost improvement	– Operations and technology efficiency and effectiveness – Advice cost and productivity – Reweight to a more variable cost base – Process automation and digitisation – Process simplification and improvement of controls
	Leaner and clearer structure with greater end-to-end accountability in the business Focus on scale and automation
De-risking the business	– Mastertrust simplification – Public Markets simplification
	– Advice network reshape (register acquisitions)
Total investment spend

Section 3 Outlook

33

FY 20 controllable cost outlook

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A$m
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1,017
~50 ~810
(170)
(90)
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FY 19 Removal of Additional controllable AMP Life controllable cost costs (ex AMPC) savings to be delivered in FY 20

CPI, rebase variable FY 20 cost remuneration and guidance reinvestment in strategy (ex AMPC)

Section 3 Outlook

34

FY 20 outlook

Business units

Adjusting for the sale of AMP Life, FY 20 underlying profit expected to be broadly flat on FY 19

Australian Wealth Management

Margin compression: expect average IRR to AUM of ~70 bps in FY 20, driven by Mastertrust simplification and repricing; partly offset by investment management expense reductions

Net cash outflows in FY 19 expected to persist in 2020 as competitive and reputational issues continue

Operating earnings expected to be approximately 20% lower in FY 20, under normal market conditions

AMP Bank

NIM under pressure from competition and funding costs; targeting at or above system lending growth; continued investment in automation and digitisation to maintain cost efficiency

AMP Capital

Controllable costs

FY 20 controllable costs (ex AMP Capital) expected to be approximately A$810m reflecting: removal of AMP Life (A$170m), cost reductions (~A$90m), partly offset by: inflation, CPI and rebase of variable remuneration, and reinvestment in strategy (A$50m)

AMP Capital FY 20 controllable costs expected to reflect 60-65% cost to income ratio

Other

Risk, Governance and Control costs of ~A$30m (post-tax) in FY 20

FY 20 separation costs expected of ~A$150m (post-tax)

Transformation spend of ~A$90m (post-tax) in FY 20 to fund cost improvements

Amortisation of acquired intangibles of approximately ~A$85m in FY 20

Client remediation program expected to be 80% complete by end of FY 20

FY 19 includes a number of one-off performance and transaction fees which are not expected to repeat in FY 20

New Zealand wealth management

Flat earnings from margin compression from product closures in 2019

Section 3 Outlook

35

Creating a higher growth and higher return AMP

Simplify portfolio

Reinvent wealth management in Australia and maintain growth momentum in AMP Bank Continue to grow successful asset management franchise

Create a simpler, leaner business

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FY 19 3-5 year outlook
NZ AMP Life AMP Capital AMP Bank AWM AMP Capital AMP Bank AWM
Business unit Business unit
tangible capital 43% 13% 22% 19% tangible capital 30% 40% 30%
3%
AMP Life NZ AMP Capital AMP Bank AWM AMP Capital AMP Bank AWM
Business unit Business unit
8% 36% 26% 34% 45% 30% 25%
operating earnings operating earnings
-4%
Dividend policy: 40-60% pay-out on net profit after tax adjusted for non-cash items
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Notes:

1. Includes Wealth protection and Mature in Australia and New Zealand

Section 3 Outlook

36

37

Capital position

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A$m
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771
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389 2,479
(113)
464 (190)
(397)
(96)
1,651
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FY 18 Underlying profit Dividend Equity raised paid (net of DRP)

• As at 31 December 2019, Level 3 eligible capital above MRR of A$2.5b

• In FY 19, net business usage relates to capital deployed in the purchase of advice registers, capital required to support mortgage growth in AMP Bank and capital required to support AUM growth

• Advice impairments reflect capital impact associated with advice related asset impairments in 2019

Net business

Advice related usage impairments

Below the Other capital FY 19 line costs movements

• Below the line costs include separation costs, client remediation and related costs, risk management, governance and controls and other items

• Other capital movements relate to the impact of best estimate assumption changes in AMP Life, as well as other impacts to AMP Life that relate to the application of APRA’s capital standards for life insurers, and the movements in deferred tax balances

Section 4 Appendix

38

AMP Australia: Australian wealth management

	Key performance measures	FY 19	FY 18	% FY
	Investment-related revenue (A$m)1 Other revenue (A$m)	1,070 25	1,213 96	(11.8) (74.0)
	Controllable costs (A$m)	(517)	(462)	(11.9)
	Operating earnings (A$m)	182	363	(49.9)
	Operating earnings (restated) (A$m)2	182	278	(34.5)
	Average AUM (A$b)3	131	130	0.8
	Total net cashflows (A$b)	(6.3)	(4.0)	(59.8)
	Investment-related revenue to AUM (bps)1 ,3, 4	82	93	n/a
	Cost to income ratio	65.3%	46.4%	n/a

Notes:

1. Investment related revenue refers to revenue on superannuation, retirement income and investment products

2. Operating earnings (restated) excludes internal distribution fees and product revenues that are for the benefit of AMP Life

3. Based on average of monthly average AUM

4. Excludes SuperConcepts AUA

Section 4 Appendix

39

AMP Australia: Australian wealth management

Continued growth in flagship North platform, AUM and key products resilient

More conservative allocation bias to match clients’ risk profile and retirement needs AWM AUM (A$134.5b) by asset class

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Australian equities 30%
International equities 30%
Cash and fixed interest 29%
Property 6%
Other 5%
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AMP retail market share remains resilient across key products

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Retail Super Corporate Super Retirement Income Total retail funds
25%
20%
15%
10%
5%
0%
FY15 FY16 FY17 FY18 FY 19
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Continued growth in AMP’s flagship
North platform
22.9% CAGR
50
47.6
40
37.9
30 34.9
27.1
20
20.9
10
0
FY15 FY16 FY17 FY18 FY19
AUM (A$b)
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Increasing productivity per adviser as network reshapes
AUM per adviser ($m)
12.8% CAGR
55
50 52.3
45
40 41.7 40.9
35 37.4
30 32.3
25
FY15 FY16 FY17 FY18 FY19
$m
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Notes:

Trailing market shares as reported in AMP full year and half year investor reports

Section 4 Appendix

40

AMP Australia: clientHUB

A holistic, comprehensive, practice management solution

Launched in Q4 19, clientHUB provides an end-to-end advice experience for practices, advisers and clients on one platform, with roll-out to AMP’s network in 2020

A compliant and more efficient advice process enabling delivery of lower cost advice to clients

Improves controls through central monitoring and productivity gains

Salesforce technology to manage client data, processes and controls in one place, with Xplan plug-in to provide the core financial modelling

Significant adviser benefits including single platform, compliance by design and improved client experience

An attractive proposition to the large EFA market, with further enhancements in 2020

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Onscreen XTOOLS &
training XTOOLS+
Financial
Various modelling
Reporting Wealth Solver &
Apps & analytics Risk Researcher
Product data
Document
Prime
generation Scaled advice
(optional)
Campaigns
& lead
management
IPS
Data feeds
Product Document
providers storage
MyNorth
Multi-disciplinary Electronic
Xero signature
Future
Integrations
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Section 4 Appendix

41

AMP Australia: AMP Bank

Mortgage and deposit growth underpins resilient performance
	Key performance measures FY 19 FY 18 % FY
	Operating earnings (A$m) 141 148 (4.7)
	Controllable costs (A$m) (114) (95) (20.0)
	Residential mortgage book (A$m) 20,207 19,460 3.8
	Deposits (A$m) 14,414 13,304 8.3
	Net interest margin 1.69% 1.70% n/a
	Cost to income ratio1 35.1% 29.8% n/a
	Return on capital 13.8% 15.0% n/a
	90+ day mortgage arrears 0.66% 0.47% n/a
	Liquidity coverage ratio 145% 139% n/a

Notes:

1. Amounts restated to exclude loan impairment expenses to align with industry standard

Section 4 Appendix

42

AMP Australia: AMP Bank

A well capitalised bank delivering an attractive return on capital

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AMP Bank has consistently delivered higher returns
on capital than its peer group
Regional Peers Avg. [1]
18%
16%
16.5% 16.7% 16.5%
14%
15.0%
12% 13.8%
10%
8%
6%
4%
2%
0%
FY15 FY16 FY17 FY18 FY19
Return on Capital
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AMP Bank remains well capitalised compared to
peers and regulatory requirements
12% Regional Peers Avg. [1]
10% 10.9% 10.7%
9.7%
8%
8.3%
7.9%
6%
4%
2%
0%
FY15 FY16 FY17 FY18 FY19
Common Equity Tier 1 (%)
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AMP Bank has achieved strong growth in revenue, mortgage lending and deposit funding over time

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Revenue (A$m) Residential mortgage portfolio (A$b)
9.8% CAGR
8.5% CAGR
401 408
365
281 311 18.9 19.5 20.2
16.5
14.6
FY15 FY16 FY17 FY18 FY19 FY15 FY16 FY17 FY18 FY19
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Total deposits (A$b)

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10.6% CAGR
14.4
13.3
12.4
11.5
9.6
FY15 FY16 FY17 FY18 FY19
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Notes:

1. Based on current disclosure of regional bank peers

Section 4 Appendix

43

AMP Australia: AMP Bank

A low cost bank with below industry arrears and favourable geographic exposure

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AMP Bank has a leading cost to income ratio versus peer group AMP Bank mortgage arrears remain lower than
Cost to Income (FY19) industry on 30+ day and 90+ day metrics
AMP mortgage arrears vs industry [[2]]
AMP bankBankBank 35%
1.50%
S&P 30d+ arrears
1
Peer1 * 58% AMP 30d+ arrears
1.00%
S&P 90d+ arrears
Peer2 * 1 56% 0.50% AMP 90d+ arrears
Peer3 * 1 64% 0.00%
FY15 FY16 FY17 FY18 FY19
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AMP Bank has a leading cost to income ratio versus peer group AMP Bank mortgage arrears remain lower than
Cost to Income (FY19) industry on 30+ day and 90+ day metrics
AMP mortgage arrears vs industry [[2]]
AMP bankBankBank 35%
1.50%
S&P 30d+ arrears
1
Peer1 * 58% AMP 30d+ arrears
1.00%
S&P 90d+ arrears
Peer2 * 1 56% 0.50% AMP 90d+ arrears
Peer3 * 1 64% 0.00%
FY15 FY16 FY17 FY18 FY19
AMP Bank’s portion of interest only (IO) lending AMP Bank’s diversified mortgage portfolio is
has steadily declined weighted to NSW and Victoria
AMP Bank mortgage portfolio by State
Investor IO Investor P&I Owner Occ. IO Ownder Occ. P&I
100%
NSW 45%
80% 45% 49% Vic 20%
56% 58%
60% QLD 16%
21% WA 12%
40% 20%
20% 10% 11% 15%13% 11%18% SA 4%ACT 2%
0% 24% 20% 16% 13% TAS 1%
FY16 FY17 FY18 FY19
Notes:
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Notes:

1.Based on current disclosure of regional bank peers. FY represents the relevant financial year for each peer which may not be aligned to AMP’s. 2.Standard and Poor’s (S&P) 30+ day and 90+ day Arrears Index covering Australian RMBS rated by S&P

Section 4 Appendix

44

AMP Capital

Real assets drive record profit

Key performance measures	FY 19	FY 18	% FY
Performance and transaction fees (A$m)	84	69	21.7
Fee income (A$m)	800	708	13.0
Controllable costs (A$m)	(527)	(453)	(16.3)
Operating earnings (A$m)1	198	167	18.6
Average AUM (A$b)2	198	190	4.2
Total external net cashflows (A$b)	2.5	4.2	(40.1)
Total net cashflows (A$b)	(5.2)	(2.8)	(87.2)
Cost to income ratio	63.0%	62.3%	n/a

Notes:

1. Operating earnings after minority interests

2. Based on average of monthly average AUM

Section 4 Appendix

45

AMP Capital: external clients

Growth driven by external AUM and higher margin real assets business

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External AUM driven by Real Estate, Infrastructure External AUM continues to grow,
and Fixed Income now 38% of total AUM
External AUM Composition (FY19)
9.8% CAGR
90
77.4
Real Estate 34% 70.8
Infrastructure 28% 60 62.5
Fixed Interest 26% 55.6
53.2
Int. Equities 10%
Aust. Equities 1%
Alternatives & Direct Inv. 1% 30
0
FY15 FY16 FY17 FY18 FY19
AUM (A$b)
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Section 4 Appendix

46

AMP Capital - Infrastructure Equity

Overview

GIF platform

Significant growth over the last five years underpinned by strong track record and investor support for Global Infrastructure Fund (GIF) series

• −Now managing A$19.3b in infrastructure equity

AMP Capital Core Infrastructure Fund (CIF) and AMP Capital Community Infrastructure Fund (COMMIF) surpassed A$1b in net asset value

• −CIF is a leading domestic retail vehicle that provides unique exposure to global assets including GIF

• −CommIF is a leading vehicle of its kind with a diversified portfolio of high quality social infrastructure assets in Australia and New Zealand

Raised US$3.4b for GIF II, exceeding target and drawing significant coinvestment commitments

Existing GIF platform foundation of future growth, with further funds in the series targeting larger fund sizes and additional co-investments

This platform will be leveraged to create opportunities in adjacent investment strategies and support geographic expansion which will capture the large and expanding pool of private equity style cashflows into infrastructure[1]

As at FY 19, more than 80 infrastructure equity investments throughout Europe, North America, Asia, New Zealand and Australia, across transport, utilities, energy, communications, social and health infrastructure sectors −Includes investment in student housing and largest wind farm in the southern hemisphere

Notes:

1. New geographies such as Singapore

Section 4 Appendix

47

AMP Capital - Infrastructure Debt

Overview

IDF platform

Maintained position as market-leading provider of infrastructure mezzanine debt solutions

Raised US$6.2b from investors for AMP Capital's fourth infrastructure debt strategy – the largest of its type in the world

−Total invested in infrastructure debt A$5.7b

Well positioned to deliver continued success; evidenced by market leading track record and strong support from investors for the Infrastructure Debt Fund (IDF) series

Over US$2b invested in IDF IV in quality assets globally; focus on deploying remainder of capital with strong pipeline of investment opportunities

IDF platform through successor funds will continue to underpin overall AUM and fee growth for Infrastructure Debt

Potential to expand the infrastructure debt offering , including consideration of capitalising on potential in Asia

Notes:

Infrastructure Investor (February 2019). The Debt team consider Westbourne, GIP and Brookfield to be the only material direct competitors in the mezzanine infrastructure space (smaller measured by US$ capital raised) with the other managers listed as Top Global Infrastructure Debt Managers targeting either senior loans or, in the case of EIG, an energy focussed strategy.

Section 4 Appendix

48

AMP Capital - Real Estate

Overview

Real Estate growth driven by strong development pipeline, investor support for the core real estate business in Australia and 24.9% stake in PCCP

Strong development capability, well positioned to;

• −Maintain current leading position in Australian core real estate; and

• −Grow internationally through PCCP partnership, developing new strategies, and expanding market research

Committed to long-term sustainable outcomes, launched AMP Capital Real Estate 2030 Sustainability strategy in 2019

Over A$1.4b of committed capital available for investment as at FY 19, with majority to be deployed in FY 21

Development pipeline and capability

Well placed to maintain prominent position in Australian core real estate through successful delivery of A$5b pipeline

Australian property development program attracting strong support from international and domestic investors

• −Development of Quay Quarter Tower commenced in 2018; forecast completion mid 2022; already 80% leased

• −Development of Karrinyup Shopping Centre commenced in late 2018; forecast completion late 2021

• −Development of Crossroads Logistics Centre commenced in 2016; forecast for completion in 2020 pending approval to commence final facility

Expanding internationally by leveraging our partnership with PCCP

• −US-based real estate manager PCCP managing US$10.6b in gross AUM at Q3 19

• −PCCP’s deep institutional client base includes five of the top ten US public pension plans and US commercial banks

Developing a new smart alpha generating strategies across debt and equity, and expanding market research

Section 4 Appendix

49

New Zealand wealth management

	Key performance measures	FY 19	FY 18	% FY
	Controllable costs (A$m)	(34)	(33)	(3.0)
	Operating earnings (A$m)	44	53	(17.0)
	Operating earnings (restated) (A$m)1	44	41	7.3
	Average AUM (A$b)2	12.0	11.1	7.4
	Total net cashflows (A$m)	(433)	83	n/a
	Operating earnings to AUM (bps)2	37	48	n/a
	Cost to income ratio	35.4%	31.0%	n/a

Notes:

1. Operating earnings (restated) excludes product revenues that are for the benefit of AMP Life 2. Based on average of monthly average AUM

Section 4 Appendix

50

AMP Life[1]

Impact of PYS ongoing as structural industry challenges continue

Key performance measures	FY 19	FY 18	% FY
Profit margins (A$m)	222	269	(17.5)
Experience and capitalised losses and other one-off items (A$m)	(243)	(272)	10.7
Operating earnings (A$m)2	(21)	(3)	n/a
Operating earnings restated (A$m) 3	(21)	94	n/a

Notes:

1. AMP Life refers to AMP’s wealth protection and mature businesses in Australia and New Zealand that are subject to a sale agreement with Resolution Life

2. Operating earnings for FY 18 are shown after the payment of internal distribution fees and product revenues to wealth management. These payments have been discontinued for FY 19. 3. Operating earnings restated removes the impact of internal distribution fees and product revenues to wealth management on the FY 18 result

Section 4 Appendix

51

Important notice

Forward-looking statements in this presentation are based on AMP’s current views and assumptions and involve known and unknown risks and uncertainties, many of which are beyond AMP’s control and could cause actual results, performance or events to differ materially from those expressed or implied. These forward-looking statements are not guarantees or representations of future performance, and should not be relied upon as such.

AMP undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation, subject to disclosure requirements applicable to AMP.

Information and statements in this presentation do not constitute investment advice or a recommendation in relation to AMP or any product or service offered by AMP or any of its subsidiaries and should not be relied upon for this purpose. Prior to making a decision in relation to AMP’s securities, products or services, investors or potential investors should consider their own investment objectives, financial situation and needs and obtain professional advice.

Section 4 Appendix

52

53