AMP LIMITED — Capital/Financing Update 2009

Mar 10, 2009

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ASX Announcement
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11 March 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

Announcement No: 09/09

AMP Notes interest rate margin announced

AMP today announced the results of its bookbuild which has determined the margin payable on the recently launched AMP Notes.

The margin has been set at 4.75% per annum on both the A$ Notes and the NZ$ Notes.

On 3 March AMP announced the launch of AMP Notes, new listed debt securities to be offered in two currencies – Australian dollar AMP Notes to be listed on the Australian Securities Exchange and New Zealand dollar AMP Notes to be listed on the New Zealand Debt Exchange. AMP Notes are 10-year securities with a five year call option.

AMP is looking to raise approximately A$300 million through the offer, with the option to accept more or less. Approximately A$230 million has been allocated on a firm basis through the bookbuild process. The remaining amount of approximately A$70 million has been reserved for applicants under the shareholder offer, AMP customers and other general offer applicants. It is expected that the amount of A$ AMP Notes issued will be at least A$150 million and the amount of NZ$ AMP Notes issued will be at least NZ$110 million.

Based on the Australian 90-day Bank Bill Swap Rate at 10 March 2009 of 3.13% and the margin of 4.75%, the A$ AMP Notes are expected to pay interest at a rate of around 7.88% per annum.[1] Based on the NZ five year Swap Rate on that date of 4.09% and a margin of 4.75%, the NZ$ AMP Notes are expected to pay interest at a rate of 8.84% per annum.[2] The AMP Notes have been provisionally rated A- by Standard & Poor’s and A3 by Moody’s.[3]

The Notes are backed by a guarantee by AMP Group Holdings Limited, which is on an unsecured and subordinated basis.

ABN 49 079 354 519

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

AMP Notes interest rate margin announced …/ 2

An updated Prospectus with full details of the Offer, including the final Margin, will be lodged with the Australian Securities and Investments Commission and the New Zealand Companies Office today. The Prospectus is also available at AMP’s website at www.amp.com.au.

The AMP Notes Offer opens today. The expected Closing Date for the Shareholder Offer and General Offer is 5.00pm (Sydney time) on 2 April 2009. The expected Closing Date for the Broker Firm Offer is 10.00am (Sydney time) on 7 April 2009.

AMP Notes are expected to begin trading on 9 April 2009, with the first interest payment likely to be made to noteholders on 17 August 2009.[4]

Interested investors can call the AMP Notes Information Line on 1300 750 485 (within Australia), 0800 444 229 (within New Zealand) or +61 3 9415 4332 (international), 8.30am to 5.00pm (Sydney time), Monday to Friday.

UBS Investment Bank, ABN AMRO, ANZ Securities, CommSec and Macquarie Capital Advisers are acting as Joint Lead Managers and Joint Bookrunners. The New Zealand Lead Managers are ABN AMRO Craigs and Forsyth Barr.

Media Enquiries Jane Anderson AMP Public Affairs Ph: +61 2 9257 9870 Mob: +61 402 967 791

Analyst Enquiries

Howard Marks AMP Investor Relations Ph: +61 2 9257 7109 Mob: +61 402 438 019

1 The interest rate for A$ AMP Notes is floating, and will be the sum of 4.75% and BBSW, as determined on the first day of the relevant interest period. The interest rate for the first interest period will be set on the Issue Date, which is expected to be on 9 April 2009. The actual interest rate may be higher or lower than this example.

2 The fixed interest rate for NZ$ AMP Notes for each interest period for the first five years will be the sum of 4.75% and the greater of 4.085% and the Swap Rate applying on the Issue Date, which is expected to be on 9 April 2009.

3 An explanation of the meaning of these ratings can be found at section 3.5 of the prospectus for AMP Notes.

4 The first scheduled interest payment date is Saturday 15 August 2009 but interest will be paid on the first business day thereafter.

This release does not constitute an offer of securities for sale in the United States. AMP Notes may not be offered or sold in the United States unless they are registered under the U.S. Securities Act of 1933 or an exemption from registration is available.