AMP LIMITED — Capital/Financing Update 2009

May 5, 2009

AMP Financial Services reports first quarter 2009 cashflows…/ 1

6 May 2009

Manager Company Announcements Office Australian Stock Exchange Level 4, 20 Bridge Street Sydney NSW 2000

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

AMP Limited (ASX/NZX: AMP) Announcement No: 31/09

(also for release to AMP Group Finance Services Limited (ASX: AQNHA))

AMP Financial Services reports first quarter 2009 cashflows

AMP Limited today reported AMP Financial Services cashflows and Assets Under Management (AUM) for AUM-driven businesses for the first three months to 31 March 2009.

Total AMP Financial Services net cashflows for the March quarter increased by $81 million to $210 million compared to $129 million in the corresponding period, reflecting solid cashflows from employer contributions which increased nine per cent.

AMP Financial Services Managing Director Craig Meller said that while subdued investor confidence continued to impact discretionary contributions, cashflows from employer contributions remained resilient.

“Despite the challenging environment, AMP continued to develop and diversify its cashflow. Corporate superannuation recorded a $28 million mandate win, a new external platform product called Definitive Wrap contributed $35 million, and contemporary wealth protection net cashflows increased 27 per cent to $117 million during the quarter.”

Net cashflows were positively impacted by a 23 per cent improvement in outflows to $2,317 million compared to the corresponding period, largely due to fewer retirement age members withdrawing balances and falling markets.

Overall persistency for AMP Financial Services remained steady at 90.7 per cent, compared to 90.8 per cent in the corresponding period.

The attached tables contain cashflows for the period ending 31 March 2009.

Retail superannuation and allocated pensions/ annuities

Net cashflows for AMP Financial Services retail superannuation and allocated pensions/annuities were $115 million, down 56 per cent from $263 million in the corresponding period. This reflected lower rollovers and member contributions, which was off-set by lower withdrawals.

AMP Financial Services reports first quarter 2009 cashflows…/ 2

Inflows to retail superannuation and allocated pensions/annuities fell by 30 per cent to $970 million, compared to $1,394 million in the corresponding period, reflecting lower member contributions as a result of market volatility.

Outflows for retail superannuation and allocated pensions/annuities improved by 24 per cent to $855 million, compared to $1,131 million in the corresponding period, largely due to market falls reducing withdrawal balances as well as members delaying retirement.

Retail superannuation persistency was 93.0 per cent, unchanged from the corresponding period.

Allocated annuities persistency fell to 85.1 per cent, from 88.4 per cent in the corresponding period.

Corporate superannuation

Corporate superannuation net cashflows (excluding mandate wins) were $250 million, an increase of 112 per cent compared to $118 million in the corresponding period, reflecting strong employer contributions and lower outflows.

• Including mandate wins, total corporate superannuation inflows were $724 million, compared to $697 million in Q1 2008.

• Total corporate superannuation outflows improved 22 per cent to $446 million, compared to $569 million in the corresponding period.

• Persistency for corporate superannuation increased marginally to 94.7 per cent from

• 94.2 per cent compared to Q1 2008.

Mature products

Net outflows in mature products improved two per cent to $277 million compared to $282 million in Q1 2008.

The improvement was largely due to lower outflows resulting from lower investment markets discouraging withdrawals from capital guaranteed products.

New Zealand

Net cashflows for New Zealand were $37 million, a slight decrease on $40 million in the previous corresponding period.

KiwiSaver flows continued to perform consistently compared to Q1 2008 despite weaker market conditions.

Channel flows

AMP Financial Planning net cashflows were $41 million, a 74 per cent decrease from $159 million in the corresponding period, mainly reflecting lower discretionary inflows into retail superannuation and allocated pensions/annuities.

• Inflows for the quarter fell 26 per cent to $1,331 million, compared to $1,798 million in Q1 2008.

• Outflows improved by 21 per cent to $1,290 million, compared to $1,639 million in the corresponding period.

AMP Financial Services reports first quarter 2009 cashflows…/ 3

Hillross net cashflows were $22 million, an improvement of $86 million largely due to a loss of nearly $100 million in the previous corresponding period following the departure of a practice, and $35 million contributed by the new Definitive Wrap product.

Assets under management

AMP Financial Services Contemporary Wealth Management (CWM) average AUM fell 21 per cent to $41.8 billion, compared to $52.8 billion at 31 March 2008.

AMP Capital Investors (AMPCI) average AUM fell 15 per cent to $89.7 billion, compared to $106.2 billion at 31 March 2008.

Capital management update

AMP remains strongly capitalised with A$923 million in excess capital above minimum regulatory requirements (MRR) as at 31 March 2009, compared to A$898 million as at 31 December 2008.

Media enquiries Jane Anderson AMP Public Affairs Tel: +61 2 9257 9870 Mobile: +61 402 967 791

Investor enquiries Howard Marks AMP Investor Relations Tel: +61 2 9257 7109 Mobile: +61 402 438 019

Sarah Hudson AMP Public Affairs Tel: +61 2 9257 2700 Mobile: +61 424 034 059

Stuart Kingham AMP Investor Relations Tel: +61 2 9257 5207 Mobile: +61 401 139 067

Table 1: Cashflows by business Line

		Cash inflows	Cash inflows		Cash	outflows		Net	cashflows
		Q1 09	**Q1 08 % **	Q1/Q1	Q1 09	Q1 08 %	Q1/Q1	Q1 09	**Q1 08 % **	Q1/Q1
Australian contemporary wealth
management
Retail superannuation 1		722	985	(26.7)	589	887	33.6	133	98	35.7
Allocated pensions/annuities		248	409	(39.4)	266	244	(9.0)	(18)	165	n/a
Total retail superannuation and
pensions/annuities		970	1,394	(30.4)	855	1,131	24.4	115	263	(56.3)
Retail investment		53	78	(32.1)	97	125	22.4	(44)	(47)	6.4
Externalplatforms 2		281	414	(32.1)	297	479	38.0	(16)	(65)	75.4
Total retail		1,304	1,886	(30.9)	1,249	1,735	28.0	55	151	(63.6)
Corporate superannuation		696	687	1.3	446	569	21.6	250	118	111.9
Corporate superannuation mandatewins	3	28	10	180.0	-	-	-	28	10	180.0
Total Australian contemporary wealth
management		2,028	2,583	(21.5)	1,695	2,304	26.4	333	279	19.4
Total Australian contemporary wealth
**protection **		174	147	18.4	57	55	(3.6)	117	92	27.2
Total Australian contemporary		2,202	2,730	(19.3)	1,752	2,359	25.7	450	371	21.3
Australian mature 4		170	204	(16.7)	447	486	8.0	(277)	(282)	1.8
Total Australia		2,372	2,934	(19.2)	2,199	2,845	22.7	173	89	94.4
New Zealand		155	196	(20.9)	118	156	24.4	**37 **	40	(7.5)
Total AFS cashflows		2,527	3,130	(19.3)	2,317	3,001	22.8	210	129	62.8
								**0 **
AMP Banking~~–~~ mortgages		423	715	(40.9)	255	410	37.9	168	305	(44.8)
AMP Banking ~~–~~ deposits								490	311	57.9

Table 2: Cashflows by channel

AMP Financial Planning	1,331	1,798	(26.0)	1,290	1,639	21.3	41	159	(74.2)
Hillross	336	429	(21.7)	314	493	36.3	22	(64)	n/a
Corporate Superannuation - direct sales force	355	360	(1.4)	194	234	17.1	161	126	27.8
Centrally managed clients and other	158	162	(2.5)	212	232	8.6	(54)	(70)	22.9
3rd party distributors	192	185	3.8	189	247	23.5	3	(62)	n/a
Total Australia	2,372	2,934	(19.2)	2,199	2,845	22.7	173	89	94.4
New Zealand	155	196	(20.9)	118	156	24.4	**37 **	40	(7.5)
Total AFS cashflows	2,527	3,130	(19.3)	2,317	3,001	22.8	210	129	62.8

Table 3: Australian contemporary wealth management cash inflows (A$)

Member contributions	178	257	(30.7)
Employercontributions	733	671	9.2
Total contributions	911	928	(1.8)
Transfers and rollovers in 5	1,028	1,492	(31.1)
Othercash inflows	89	163	(45.4)
Total Australian contemporary wealth
management cash inflows	2,028	2,583	(21.5)

1 Retail superannuation includes the product Flexible Lifetime - Super (FLS), a component of which is small corporate superannuation schemes.

• 2 Externally manufactured products that earn platform fees (superannuation, pensions and investments). 3 Cashflows from the transfer of accumulated member benefits as a result of SignatureSuper mandate wins.

• 4 Fixed term annuities (previously part of Contemporary wealth management) and Lifetime annuities (previously part of Contemporary wealth protection) are now reported within Australian mature as they were closed to new business during Q1 09.

• 5 Transfers and rollovers in include transfer of accumulated member balances into AMP from both internal (eg retail superannuation to allocated pensions/annuities) and external products.

ABN 49 079 354 519

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

Table 4: Q1 09 AUM for AMP Financial Services and AMPCI

AUM (A$b)	Q1 09	Q1 08 % Q1/Q1	Q1 08 % Q1/Q1
Australian contemporary wealth management
Q1 09 Closing AUM (including capital)	41.7	51.2	(18.5)
Q109AverageAUM(including capital)	41.8	52.8	(20.8)
AMPCI
Q1 09 Closing AUM	88.5	103.9	(14.8)
Q109AverageAUM	89.7	106.2	(15.5)