AMP LIMITED — Capital/Financing Update 2018

Nov 7, 2018

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8 November 2018

AMP announces wholesale subordinated notes issue

AMP Limited today announces the launch of a new subordinated notes issue to wholesale investors.

The AMP Subordinated Notes will be fully paid, unsecured, subordinated debt obligations of AMP. AMP is seeking to raise $200 million, with the ability to raise a higher or lower amount.

The principal terms of the AMP Subordinated Notes are as follows:

• The notes will have a notional face value of $10,000 per instrument, with a minimum subscription amount of $500,000 unless the notes are otherwise issued in a manner which does not require disclosure in accordance with Part 6D.2 or Part 7 of the Corporations Act.

• Subject to satisfaction of a solvency condition, interest will be payable quarterly and based on a floating rate (three-month BBSW + a margin).

• The notes will mature in November 2028 and, subject to APRA’s prior written approval[1] and certain other conditions, the notes are callable from November 2023 or if certain tax or regulatory events occur.

• If a non-viability trigger event occurs, the notes may be converted into ordinary shares of AMP or written-off.

• Assuming a non-viability trigger event has not occurred, the notes will be subordinated to senior creditors.

There are risks associated with an investment in AMP Subordinated Notes. It is important that wholesale investors read the Information Memorandum for a description of all terms of the notes and some of the risks associated with an investment in AMP Subordinated Notes before making a decision to invest in AMP Subordinated Notes.

The notes are not being offered to retail investors and are not issued under a prospectus.

The margin will be determined by a bookbuild process.

AMP expects to use all or a substantial portion of the net proceeds of the issue to fund or support the funding of tier 2 capital of a regulated entity within the AMP Group.

ANZ, CBA, NAB and UBS are each joint lead managers for the notes issue.

King & Wood Mallesons is acting as legal adviser to AMP in connection with this issue.

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1 Holders should not expect that APRA’s approval will be given for any redemption of the notes.

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

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

AMP announces wholesale subordinated notes issue…2

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