AMP LIMITED — Capital/Financing Update 2019

Dec 3, 2019

ASX release

4 December 2019

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)

AMP Capital Notes 2 Offer opens

AMP Limited's (AMP) Capital Notes 2 (Capital Notes 2) Offer opens today for clients of Syndicate Brokers and Eligible Securityholders who are resident in Australia.

As announced on 29 November 2019, the size of the Offer has increased to at least A$250 million from A$200 million due to strong demand and the Margin determined under the Bookbuild process is 4.50% per annum over the BBSW Rate.

The final size of the Offer will depend on the volume of applications received and accepted under the Securityholder Offer. AMP retains the right to scale-back applications.

The Offer of Capital Notes 2 is made in the replacement Prospectus, lodged with ASIC and the ASX today.

Interested investors will be able to access the Prospectus online at ampcapitalnotes2.com.au or by requesting a Prospectus by calling the numbers set out below. Anyone wishing to apply for Capital Notes 2 will need to complete an Application Form attached to or accompanying the replacement Prospectus.

There are risks associated with an investment in Capital Notes 2 and investors should read the Prospectus in full before deciding to invest. Potential investors should also consider obtaining guidance from a licensed adviser which takes into account their particular investment objectives and circumstances before deciding whether to invest.

For more information contact: Capital Notes 2 information line 1300 338 164 (within Australia) +61 3 9415 4018 (outside Australia)

Monday to Friday—8.30am to 5.30pm (Sydney time)

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

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

AMP Capital Notes 2 Offer opens...2

Media enquiries	Investor enquiries
Lachlan Johnston	Howard Marks
+61 466 026 702	+61 2 9257 7109
Rhiannon Hornsey	Michael Vercoe
+61 428 404 345	+61 2 9257 4244

DEFINITIONS

Unless otherwise defined, capitalised words used in this announcement have the meanings given to them in the Prospectus.

DISCLAIMER

This announcement does not constitute an offer of any securities (including Capital Notes 2) for sale or issue. No action has been taken to register or qualify Capital Notes 2 or the offer or to otherwise permit a public offering of Capital Notes 2 outside Australia. In particular, this announcement does not constitute an offer to sell, or a solicitation of an offer to buy, securities in the United States or to, or for the account or benefit of, any US Person (as defined in Regulation S of the US Securities Act). Any securities described in this announcement have not been, and will not be, registered under the US Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, US Persons except in transactions exempt from, or not subject to, registration under the US Securities Act and applicable US state securities laws.

This announcement has been authorised for release by the Group Company Secretary.

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

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