AMP LIMITED — Capital/Financing Update 2007

Dec 10, 2007

ASX Announcement

11 December 2007

Manager Manager Company Announcements Office Market Information Services Section Australian Stock Exchange New Zealand Stock Exchange Level 4, 20 Bridge Street Level 2, NZX Centre, 11 Cable Street Sydney NSW 2000 Wellington New Zealand

Announcement No: 63/07

Clarification of operating earnings post sale of Cobalt/Gordian

AMP Limited announced earlier today the sale of its closed reinsurance and general insurance operations, Cobalt/Gordian, to the Enstar Group Limited.

To assist the market in its analysis of AMP's future earnings, AMP is providing clarification around the use of tax losses in subsequent periods.

Part of the Cobalt/Gordian operating earnings in prior periods has been comprised of the gradual recoupment of carried forward tax losses from that business. By virtue of the tax consolidation regime, this loss recognition will continue to be reflected in AMP's operating earnings post the completion of the Cobalt/Gordian disposal.

For financial year 2008, that amount is currently estimated at approximately $28 million. The benefit is linked to overall taxable earnings and is to continue to 2012.

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