AMP LIMITED — Interim / Quarterly Report 2007

Aug 22, 2007

Interim results 2007

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Andrew Mohl
Chief Executive Officer
23 August 2007
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Focused strategy is driving shareholder value

• Strategic focus is “to run the business better than it’s ever been run before”

• Key performance measures tracking well

• Underlying return on equity up from 26.6% to 38.7%

• Operating earnings up 35% to A$460m

• Cost ratio down from 40.1% to new low of 36.5%

• Embedded value up 12.4%1 in half-year, before transfers, and value of new business up 30%1 over year

• 76% of AUM at or exceeding benchmarks in year to June and top ranking balanced and conservative diversified funds

• 1 Traditional basis, @ 3% discount margin, recurring contributions methodology 2

1

Focused strategy is driving shareholder value

• Powerful platform for growth � Record retail net cashflows – up 62% to A$2.1b � Group assets under management up 18% to A$130b

• Revenue growth easily outstripping costs driving operating leverage • AFS Contemporary Wealth Management 16% v 2% • AMP Capital Investors 28% v 19%

• � Strong balance sheet and capital management � Underlying interest cover up to 18.4 times; S&P gearing down to 8%

• Third successive capital return of 40 cents completed

• � Interim dividend up 3 cents to 22 cents (85% franked)

• High free cashflow of earnings with strongly rising return on equity

• � Evergreen medium term goal to grow value at 15% pa over cycle

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3
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Outline

• Group overview

• � Business line review � Capital management

• � Outlook and summary 4

2

Overview – 2007 first half profit summary

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A$m 1H 07 1H 06 % change
AFS Contemporary Wealth Management 145 116 +25%
AFS Contemporary Wealth Protection 59 59 -
AFS Mature 95 92 +3%
AFS New Zealand 24 23 +4%
AMP Capital Investors 78 55 +42%
Cobalt/Gordian 78 15 large
BU operating earnings 479 360 +33%
Group office costs (19) (18) -6%
Total operating earnings 460 342 +35%
Underlying investment income 90 99 -9%
Interest expense on Group debt (26) (31) +16%
Cobalt / Gordian fair value provision release 10 10 -
Underlying profit 534 420 +27%
Investment income market adjustment 29 1 large
Profit after income tax before other items 563 421 +34%
Adjustments (2) 3 n/a
Profit attributable to shareholders 561 424 +32%
Excludes A$91m of accounting mismatches (1H 06 A$77m).
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Overview – assets under management
130
110
96
83
78
A$b
1H 03 1H 04 1H 05 1H 06 1H 07
6
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3

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Overview – costs and cost ratios
439
412
397 399 392 50 46.5% 120
43.9%
45 41.9%
40.1%
100
40 101bps 101bps 36.5%
35
84bps 80
30 77bps
25 70bps 60
20
40
15
10
20
5
A$m % 0 0 bps
1H 03 1H 04 1H 05 1H 06 1H 07 1H 03 1H 04 1H 05 1H 06 1H 07
Controllable costs Cost to income ratio Cost to AUM ratio
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Overview – operating earnings and underlying
investment income
460
342
297
245
234
124
94 101 99 90
A$m
1H 03 1H 04 1H 05 1H 06 1H 07
Total operating earnings Underlying investment income
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4

Overview – dividends and capital returns

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40
40
40
22
19
13 14
Cents 7
per
share 1H 03 1H 04 1H 05 1H 06 1H 07
15% franked 75% franked 75% franked 85% franked 85% franked
Interim dividend Capital return
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Overview - growth in shareholder value

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Value of an investment in AMP has grown 85% from June 2005 to June 2007
(81% in TSR terms based on actual share price)
25 23.2
2.4 21.4
0.7
20 17.9 0.4
16.2
15 13.5
11.6
10
5
0
Opening Opening Opening Opening Dividends Capital Valuation Closing 2009 Goal
value – value – value – value – return – uplift value –
June 2005 Dec 2005 June 2006 Dec 2006 1H 07 June 2007
Increase in value of an investment in AMP is calculated by adding the value of dividends and capital returns paid to shareholders to changes in enterprise
value. Measure of enterprise value is the median of the major stockbroking analyst valuations of AMP for each period, beginning June 2005
10
A$b
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Overview – underlying return on equity
50 48.4%
40
38.7%
30
21.0% 26.6%
20 22.9%
10
6.9%
% 0
1H 03 1H 04 1H 05 1H 06 1H 07 1H 07 assuming
capital return on
1 Jan 07
Pre-demerger Underlying return on equity
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Business line review
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6

AMP’s earnings by business lines

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AFS Contemporary Wealth AMP Capital Investors AFS Mature operating earnings
Management operating 145 operating earnings
earnings
116
89 78 89 88 83 92 95
62 55
25 34 35 42
A$m A$m A$m
1H 03 1H 04 1H 05 1H 06 1H 07 1H 03 1H 04 1H 05 1H 06 1H 07 1H 03 1H 04 1H 05 1H 06 1H 07
AFS Contemporary Wealth Protection AFS New Zealand operating earnings Cobalt/Gordian operating earnings
operating earnings
78
55 59 59
21 41 23 18 23 23 24 27 19 21 15
A$m A$m A$m
1H 03 1H 04 1H 05 1H 06 1H 07 1H 03 1H 04 1H 05 1H 06 1H 07 1H 03 1H 04 1H 05 1H 06 1H 07
Open business Closed business
Management estimate
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AFS Australian contemporary wealth management

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Contemporary
Change
wealth management
1H 07 1H 06
Operating earnings A$145m A$116m + 25%
Controllable costs A$178m A$175m + 2%
Cost to income ratio 43.8% 48.5% - 4.7 percentage points
Retail net cashflows A$2,100m A$1,294m + 62%
Corporate super net cashflows A$864m A$2,015m - 57%
Persistency 80.9% 83.1% - 2.2 percentage points
AUM (pre capital) A$55.4b A$44.7b + 24%
RoEV pre transfers @ 3% discount margin 13.8% 10.4% +3.4 percentage points
VNB @ 3% discount margin A$144m A$110m + 31%
Return on equity [1] 49.0% 37.6% + 11.4 percentage points
1 Return on BU equity, ungeared, excluding goodwill. Based on monthly average capital numbers.
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AFS Australian contemporary wealth management – drivers of operating profit margin

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9 (3)
(2)
53bps
52bps (1)
(2)
45bps
2H 06 operating Lower AUM Lower other Improvements Higher variable Higher tax 1H 07 operating
earnings to related revenue revenue in controllable costs to AUM earnings to AUM
AUM costs to AUM
Excludes AMP Banking
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AFS Australian contemporary wealth protection

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Contemporary
Change
wealth protection
1H 07 1H 06
Profit margins A$57m A$49m + 16%
Experience profits A$2m A$10m - 80%
Operating earnings A$59m A$59m steady
Operating earnings / API [1] 20.9% 22.6% - 1.7 percentage points
Controllable costs A$33m A$31m + 7%
Individual risk annual premium income A$433m A$403m + 7%
Individual risk lapse rate 10.0% 9.6% + 0.4 percentage points
RoEV pre transfers @ 3% discount margin 9.5% 13.6% - 4.1 percentage points
VNB @ 3% discount margin A$40m A$24m + 67%
Return on equity [2] 29.3% 28.2% + 1.1 percentage points
1 Based on average annual premium income.
2 Return on BU equity, ungeared, excluding goodwill. Based on monthly average capital numbers.
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AFS Australian contemporary wealth protection

• 1H 07 earnings impacted by:

• fall in experience profits due to less favourable claims experience

• lower API growth due to price reduction coupled with lower than expected sales as planners focused on superannuation opportunities

� Business initiatives:

• improving ease and profitability of writing AMP risk products by

• automated underwriting, online lodgement, automatic acceptance for small business plans, product enhancements and improved medical limits

• premium increases and product improvements in income protection

• risk sales and marketing activities increasing post 30 June super deadline

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AFS Australian mature

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Mature Change
1H 07 1H 06
Operating earnings A$95m A$92m + 3%
Controllable costs A$33m A$30m + 10%
Controllable costs/AUM [1] 35bps 32bps + 3bps
Net cashflows (A$615m) (A$564m) - 9%
Persistency 87.6% 87.7% - 0.1 percentage point
AUM (pre capital) A$18.9b A$18.2b + 4%
RoEV pre transfers @ 3% discount margin 14.0% 15.8% -1.8 percentage points
VNB @ 3% discount margin A$20m A$20m steady
Return on equity [2] 201.1% 82.5% + 118.6 percentage points
1 Based on monthly average AUM, including capital.
2 Return on BU equity, ungeared, excluding goodwill. Based on monthly average BU capital numbers.
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AFS New Zealand

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New Zealand Change
1H 07 1H 06
Profit margins A$26m A$22m + 18%
Experience profits (A$2m) A$1m -
Operating earnings A$24m A$23m + 4%
Controllable costs A$29m A$31m - 6%
Cost to income ratio 42.5% 44.4% - 1.9 percentage points
Individual risk annual premium income [1] A$101m A$79m + 28%
Lapse rate 7.1% 6.9% + 0.2 percentage points
AUM (pre capital) A$4.9b A$4.2b + 17%
RoEV pre transfers @ 3% discount margin 7.4% (3.6%) [2] -
VNB @ 3% discount margin A$11m A$11m steady
Return on equity [3] 29.8% 23.0% + 6.8 percentage points
1 In NZ dollar terms, individual risk API has increased by 15% over 1H 06.
2 Restated for methodology and modelling changes. RoEV 6.7% in 1H 06 in NZ$ (not restated).
3 Return on BU equity, ungeared, excluding goodwill. Based on monthly average capital numbers.
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AFS overview – 1H 07 cashflows

• Total retail net cashflows up 62% to A$2.1b � Retail superannuation and annuities/pensions net cashflows up 75% to A$1.63b

• External platforms net cashflows up 44% to A$0.55b

• � Total corporate super net cashflows down 57% to A$0.9b � Net cashflows in corporate super (excluding major mandate wins in both periods) up 44% to A$452m

• Strong growth in planner channels

• Net cashflows through AMP Financial Planning up 66% to A$1.45b

• Net cashflows through Hillross up 37% to A$0.5b

• Allowing for internal product flows, persistency fell slightly

• Retail super 91.0% (up 0.5% from 1H06)

• Allocated pensions/annuities 86.6% (down 0.6%)

• � Corporate super 93.0% (down 0.8%)

• Around 50% of FLS outflows are retained in AMP

• Around two thirds of corporate super outflows are retained in AMP

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AFS overview – net cashflows by major channel on rolling 12 month basis

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(A$m)
Corporate Super direct AMP Financial Planning
3,500 Corporate Super Direct incl SignatureSuper mandate wins 2,300
Corporate Super Direct excl SignatureSuper mandate wins
3,000 1,800
2,500
1,300
2,000
1,500 800
1,000 300
500
0 (200)
Hillross New Zealand
2,300 2,300
1,800 1,800
1,300 1,300
800 800
300 300
(200)
(200)
Excludes cashflows from CCC, 3PD, GID and other
21
AFS overview – net cashflows by wealth
management product line on rolling 12 month basis
(A$m)
Corporate Super 1 AMP-manufactured retail products 2
3,500 Corporate Super Direct incl SignatureSuper mandate winsCorporate Super Direct excl SignatureSuper mandate wins 2,500
3,000 2,000
2,500 1,500
1,000
2,000
500
1,500 0
1,000 (500)
500 (1,000)
0 (1,500)
(2,000)
1 Includes Corporate Super sales through direct sales force and through planners 2 Australia only, excludes New Zealand.
2,500 External platforms 2,500 Mature and closed products
2,000 2,000
1,500 1,500
1,000 1,000
500 500
0 0
(500) (500)
(1,000) (1,000)
(1,500) (1,500)
(2,000) (2,000)
22
Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07
Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07
A$m
A$m
Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07
Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07
A$m
A$m
Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07 Q4 02 Q1 03 Q2 03 Q3 03 Q4 03 Q1 04 Q2 04 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Q1 06 Q2 06 Q3 06 Q4 06 Q1 07 Q2 07
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Super contribution pattern in first half 2007
consistent with AMP market positioning
1,200
1,000
800
600
400
200
A$m 0
$0 - $1000 $1000 - $100K $100K - $250K $250K - $450K $450K - $1M $1M+
Super contribution amount – FLS, Corporate Super, external platforms
1H 06 1H 07
Corporate Super excludes employer contributions
23
Total super contributions –
FLS, Corporate Super, external platforms
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AFS overview – cost efficiency
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282 274 45 42.1% 41.8% 140
267 274 38.6%
262 40 36.1% 120
34.3%
35 116bps
100
30 104bps
25 89bps 80
78bps
20 69bps 60
15
40
10
20
A$m 5
% 0 0 bps
1H 03 1H 04 1H 05 1H 06 1H 07 1H 03 1H 04 1H 05 1H 06 1H 07
Controllable costs Cost to income ratio Cost to AUM ratio
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AFS overview – embedded value
RoEV Traditional basis, @ 3% discount margin
1H 03 5.8% 47 8,178 (456)
1H 04 9.3% 115
176 17 4
1H 05 11.1%
1H 06 11.2% 215
7,722
1H 07 12.4% 327
759 7,277
6,518
A$6,000m
FY 06 EV Restatement FY 06 EV Expected return 1H 07 new Investment & Unit cost Persistency & Pricing & Other 1H 07 EV (before Net transfers 1H 07 EV (after
restated business bond yields reductions claim product transfers) out transfers)
assumptions changes
Restated for methodology and modelling changes
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AFS overview – value of new business
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VNB Traditional basis, @ 3% discount margin
1H 03 $100m
1H 04 $125m 4 1 215
9
1H 05 $134m 42 (8)
1H 06 $165m 2
1H 07 $215m
164 1 165
A$120m
1H 06 VNB Restatement 1H 06 VNB Volume & Future Expense Persistency Pricing NZ exchange 1H 07 VNB
restated mix economic / assumptions & claim & product rate
investment assumptions changes
assumptions
Restated for methodology and modelling changes
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13

AMPFP Enforceable Undertaking (EU) wrap-up

• Around 35,000 customers identified to be contacted and offered free review of advice

• Around 1,500 customers offered rectification

• To date, about 90 customers have responded to the offer to move back to original fund or funds

• EU has been catalyst for significant change in the organisation

• New management structure established in AMP Financial Planning to enhance focus on both field management and operational support

• Developed, implemented and automated new advice standards and new disclosure documents reflecting those standards

• Implemented new training, auditing and compliance procedures for planners

• Accelerated initiatives designed to increase planner productivity – eg invested in technology improvements, expanded low touch program and paraplanning, revised Professional Standards Manual and strengthened programs dedicated to improving planners’ business and technical skills

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AMP Capital Investors (AMPCI)

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AMPCI Change
1H 07 1H 06
Operating earnings A$78m A$55m + 42%
Internal management fees A$91m A$80m +14%
External management fees A$93m A$67m +39%
Total performance &
A$48m A$34m +41%
transaction fees
Controllable costs A$124m A$104m + 19%
Cost to income ratio 51.4% 55.2% - 3.8 percentage points
External net cashflows A$1,261m A$1,144m + 10%
AUM (pre capital) A$111.6b A$96.4b + 16%
Return on equity [1] 71.6% 60.0% + 11.6 percentage points
1 Return on BU equity, ungeared, excluding intangibles
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AMPCI – operating earnings
8 1 2 (14)
18
78
8
55
A$m
1H 06 Higher internal Higher Higher Higher Net seed pool Higher 1H 07 operating
operating management external performance transaction income controllable earnings
earnings fees management fees fees costs
fees
Income relates to movement in seed asset valuations and proceeds from sales offset by funding costs. Seed pool used to ‘seed’ new funds or business
opportunities.
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AMPCI – volumes and profit margins
120 20
109.1
18
100 94.5
16
81.3 14
80
70 70.4 13.9bps
12
60 11.6bps 10
10.3bps
9.9bps 9.7bps
8
40
6
4
20
2
A$b 0 0 Basis
1H 03 1H 04 1H 05 1H 06 1H 07 points pa
Average AUM in period Operating earnings after tax –
basis points pa before net seed pool
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15

AMPCI – assets under management

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Opening AUM at 1 January 2007 A$105.6b
Australian external market flows
Institutional (0.5)
Retail 0.7
Asian distribution channels 1.1
NZ market flows (0.2)
AMP contemporary internal flows 1.3
AMP run-off businesses (1.4)
AMP group (0.7)
Investment returns 5.7
Assets under management at 30 June 2007 A$111.6b
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AMPCI – out performance against benchmarks
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Weighted AUM % at or above benchmark June-07 Dec-06
99%
95% 96% 93%
86%
83%
78%
Target 74% 76% 71% 76%
75%
64%
Listed assets Infrastructure Private equity Property Future Directions Total
funds
AUM
at June 07 A$72.9b A$3.8b A$1.1b A$17.0b A$16.8b A$111.6b
% indicates assets under management meeting or exceeding benchmarks
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AMPCI – out performance in diversified funds
AMP Capital Balanced Growth Fund AMP Capital Conservative Fund
Return Ranking Return Ranking
Year 1 17.5% 1 Year 1 10.6% 1
Year 3 16.9% 1 Year 3 10.3% 1
Year 5 12.7% 1 Year 5 8.7% 1
Source: Mercer Pooled Fund Survey of institutional funds for periods Source: Mercer Capital Stable Fund Survey of institutional funds for
ended 30 June 2007 periods ended 30 June 2007
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Cobalt/Gordian – operating earnings
74
67
58
51
53
31 52
78
32
27
19 21
15
A$m
FY 03 FY 04 FY 05 FY 06 1H 07
1H 2H
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Cobalt/Gordian – capital position
237
125 511
615
349 492 484
585
499 423
309
255 224
159 132
A$m
FY 03 FY 04 FY 05 FY 06 1H 07
Minimum capital requirement Surplus capital held in licensed insurers
} Loans to Group office
Excludes capital held in non-licensed entities and capital held as deferred tax assets; A$48.3m at June 2007.
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Capital management
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Total capital resources
561 (394)
(750)
3,689
100 28 3,234
A$m
Total capital - 1H 07 profit Dividends paid Capital return Increase in Other Total capital -
31 Dec 06 attributable to less dividends Group debt movements 30 June 07
shareholders reinvested
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AMP – financial strength metrics
20
30 June 2007
18
16
14 30 June 2006 31 Dec 2006
31 Dec 2005
12
30 June 2005
10
8
31 Dec 2003 31 Dec 2004
6
3 0 June 2004
4 30 June 2003
2
0
60% 50% 40% 30% 20% 10% 0%
S&P gearing S&P indicative A range
Notes:
• AMP’s A credit rating is driven by a two-notch difference to AMP Life, which is rated AA minus. AMP Life’s financial strength rating is based on S&P’s capital adequacy
assessment.
• S&P changed its methodology during 2H 06 to include 50% of the value of future AMP Life shareholder profits in the denominator of its gearing calculation. The methodology
was again changed in 1H 07 to include 100% of the value of in-force AFS business in the denominator of its gearing calculation.
38
Underlying interest cover
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Capital management

• Capital management strategy since 2004 has driven:

• Significant increase in dividends per share

• A$2,250m in capital returns to shareholders

• A$500m reduction in group debt

• Capital management strategy going forward:

• AMP’s surplus regulatory capital position remains above its target range post June 07 capital return following strong profits, share markets and investment out performance in 1H 07

• Capital management strategy now focusing on optimising capital mix

• Future capital initiatives will continue to be framed against the objective to maintain the Group’s ‘A’ range credit rating

• Previous guidance that future capital initiatives are likely to be less frequent and/or significantly smaller in scale stands

• Underlying return on equity now approaching 40% and set to rise substantially in FY 08 and beyond

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Outlook and summary

20

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Robust growth outlook for key market sectors
Retirement savings projections to 2016
800
Post retirement - CAGR: 18.2%
700
Retail - CAGR: 9.4%
600 SMSF - CAGR: 9.5%
500 Industry funds - CAGR: 12.3%
400
300
200
100
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Pre-ret assets - industry Pre-ret assets - retail Pre-ret assets - SMSF Post retirement
Source: Trowbridge Deloitte July 2007 report, commissioned by AMP
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$billion
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Key drivers and enablers of AMP business model
Six drivers
Products & Cost Asset
Brand Distribution Platforms Efficiency Management Packaging
Pre-eminent retirement brand in force in Australia / Largest planner New Zealand Large, scaleable contemporary platform Cost to income < 37%ratio Broadly based > $130bAUM Rapidly growing > $25bAUM
savings > $45b
Four enablers
People & Operations & Risk Capital
Culture Technology Management Management
Invest in core businesses,
Close partnership with Strong risk
Increasingly targeting ‘A’ credit rating,
constructive culture business and long record of program delivery management framework returned to shareholderswith excess capital
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AMP’s cultural profile
Financial services
industry comparison
Base profile = AMP 2006
Source: Human Synergistics International
Overlay = Finance industry Copyright © 2005. All rights reserved
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Evergreen goal to deliver 15% pa growth in value over each five year cycle

• Cornerstone assumptions underpinning goal:

• Equity markets growing at 6% pa plus dividends.

• AUM growth > 10% pa

• Revenue margin contraction in CWM of 2-3% pa

• Group costs growth around cost of living type increases

• Expectations on key performance metrics:

• Underlying return on equity – strong trend improvement

• Value metrics – overall growth of 15% pa

• Operating earnings – double digit growth pa

• Cost ratio – continuing trend reduction

• Investment performance – 75% of AUM > benchmark

• Alignment with short term and long term management incentives

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Summary
� Powerful platform for growth
� Industry growth high, buoyed by Simpler Super reforms
� Flexible, robust and scaleable business model
� Sharp focus on core business
� The better we get at running the business, the more opportunities we
find to improve
� Broad basis to grow
� Retail super, corporate super, retirement income products, risk
insurance, retail and institutional funds
� Strong balance sheet and cash flow
� High free cashflow of earnings with rising return on equity
� Evergreen medium term goal to grow value at 15% pa over cycle
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Appendix
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Organisational culture inventory (OCI) –
measuring 12 behaviour styles
ACHIEVEMENT ACTUALISINGSELF- ENCOURAGINGHUMANISTIC- AFFILIATIVE
Members are Members are Members are Members are
expected to set expected to gain expected to be expected to be
challenging but realistic goals and enjoyment from their supportive, constructive, and friendly, open, and sensitive to the
solve problems work and produce open to influence in satisfaction of the
effectively high quality dealing with others work group
products/services
APPROVAL CONVENTIONAL DEPENDENT AVOIDANCE
Members are Members are Members are Members are
expected to agree expected to conform, expected to do what expected to shift
with, gain the follow the rules, and they are told and responsibilities to
approval of, and be make a good clear all decisions others and avoid
liked by others impression with their superiors being blamed for
mistakes
OPPOSITIONAL POWER COMPETITIVE PERFECTIONISTIC
Members are Members are Members are Members are expected
expected to gain expected to take expected to operate to avoid making
status and influence charge and ‘control’ in a ‘win-lose’ mistakes, work long
by being critical and others, and make framework and work hours, and keep ‘on
constantly decisions against their peers top’ of everything
challenging one autocratically to be noticed
another
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