AMP LIMITED — Investor Presentation 2009

May 5, 2009

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ASX Announcement
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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: 32/09

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

Presentation by AMP Limited CEO, Craig Dunn

AMP Chief Executive Officer Craig Dunn will be presenting to the Macquarie Conference today. Attached is a copy of his presentation.

ABN 49 079 354 519

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

AMP – managing for the short and long term Craig Dunn Chief Executive Officer

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6 May 2009

Executive summary

• First quarter cashflows and capital position demonstrate ongoing business resilience

• We are managing business for success over both short and long-term

� Short-term focus on capital strength and liquidity, cost management and revenue growth

• Key part of longer-term strategy is positioning business for sustainable growth in a changing world

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Outline

� Current position

� Managing for short-term success

• Managing for medium and long-term growth

• Summary

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Current position

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Positive cashflow results demonstrate business resilience

• Total Q1 09 net cashflows up A$81m to A$210m compared to $129m in Q1 08

• Strong mandated superannuation position reflected in corporate superannuation net cashflow results

• Corporate superannuation net cashflows up to A$250m from A$118m in Q1 08 (ex mandate wins); mandate wins also up to A$28m compared to $10m in Q1 08

• Employer contributions increased 9%; member (ie, discretionary) contributions down 31%

• Weaker member (ie, discretionary) contributions impacted retail super and pension net cashflows

• Contemporary wealth protection individual risk API up 17% to A$554m on Q1 08

• New Zealand net cashflows at A$37m from A$40m in Q1 08

• Persistency steady at 90.7% compared to 90.8% in Q1 08 � Total outflows down 23% to A$2.3b

*Australian contemporary wealth management only

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Robust capital position

• AMP remains strongly capitalised with A$923m in excess capital above minimum regulatory requirements (MRR) at 31 March 2009, compared to A$898m at 31 Dec 2008

• Excess above MRR of A$923m includes Q1 09 impacts of

• market movements in equities, bonds and commercial property valuations

• first quarter 2009 profits

• capital funding for new business growth

• benefits of additional equity downside protection

• Post 31 March 2009, excess above MRR impacted by

• final 2008 AMP dividend paid of A$226m (net of DRP)

• AMP Notes offer of A$296m (A$287m net of issue costs)

• � AMP Banking lower tier 2 refinancing of A$100m

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Continuing to manage capital position dynamically

• Equity position in AMP Life SF1 reflects

• A$1b of protected equities which provides both upside exposure and downside protection and is unchanged from 31 Dec 2008

• A$1.7b of sold futures, up A$700m from 31 Dec 2008

• Exposed (or unprotected) equities of A$1.2b

• Further reduction in equity exposure in shareholders fund, consistent with preferred risk appetite over longer term

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Updated capital sensitivities

• These sensitivities are a point in time view of the impact of movements in equity markets, bond yields and property values on the 31 March 2009 capital position

• AMP’s dynamic capital management framework includes market-related trigger points at which management will take action to reduce the impact of market movements on its capital position

• These sensitivities do not make any allowance for these management actions

31 March 2009 capital sensitivities – regulatory capital resources above MRR	AMP Life Statutory Funds	AMP Group 1
Actual 31 March 2009 (ASX 200 @ 3,582, Australian bond yields @ 4.5%)	956	923
Equity sensitivity - ASX 200 @ 4,000 @ 3,500 @ 3,000 @ 2,500 Australian bond yield sensitivity - @ 5.0% - @ 4.0% - @ 3.5% - @ 3.0% Property sensitivity - 10% increase in unlisted property values - 10% reduction in unlisted property values	80 (10) (120) (250) (70) 50 (90) (300) 120 (130)	100 (10) (150) (300) (50) 30 (130) (350) 120 (130)

1. AMP Group sensitivities are AMP Life Statutory Funds sensitivities plus the movement in group shareholder capital outside of the life funds, including the effect on capital from AMP's defined benefit fund and investment gains/losses on shareholder funds outside the AMP Life Statutory Funds.

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Commercial property update

• More than 80% of AMP Life SF1’s A$2.3b Australian property portfolio independently valued in Q1 09

• 8% decline in office property values

• 5% decline in retail property values

• SF1 Australian weighted average capitalisation rate increased by 85bps in 12 months to 31 March 2009

• Australian office fund occupancy rate at 99%, average lease life approx 7 years and arrears below 0.7% of income billed

• 80% of leases run to 2011+

• quality tenants include federal and state government departments and blue-chip corporates

• Independent external valuers use range of market data to arrive at fair value, including

• comparable sales analysis, discounted cashflow analysis and capitalisation of income approach

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Managing for short-term success

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AMP growing market share in core markets

	Dec 2008	Dec 2008	Dec 2008	Dec 2007	Dec 2007	Dec 2007
Market share - Australia	Total market size A$b	Market position (rank)	Market share %	Total market size A$b	Market position (rank)	Market share %
Total retail managed funds (ex CMTs) Unit trusts (ex CMTs) Retirement income Superannuation including rollovers Funds under management¹	417.2 120.4 86.9 203.0	2 10 2 1	12.2 3.5 12.2 17.6	552.5 178.6 100.9 264.8	3 10 2 1	11.6 3.5 11.9 17.0
In force annual premiums2 Individual risk	Dec 2008			Dec 2007
	4.8	4	11.3	4.3	4	11.1

1. Source: Plan for Life Retail & Wholesale QDS, December 2008

2. Source: Plan for Life Detailed Risk Statistics (in-force premiums individual risk excludes single premiums), December 2008 and December 2007

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Managing business for short-term success

• Short-term outlook remains volatile so tight focus remains on

� Capital strength and liquidity

� Cost management

• Revenue growth

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Continuing to manage costs tightly

• AFS costs expected to be around 3% lower in FY 09 on FY 08

• continued investment in growth initiatives to be offset by cost efficiencies

• AMPCI costs will be managed closely

• contingent on market opportunities and conditions, and variables such as staff remuneration and increased technology spend

• Group office costs expected to remain flat

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Significant unit cost reductions in AMP Financial Services over past 6 years

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600 574
560
553
546
533 535
500 111bps
100bps
87bps
400
69bps
42.8% 76bps 75bps
300
40.8%
38.5%
200
34.2%
100 35.2% 35.4%
A$m 0
FY 03 FY 04 FY 05 FY 06 FY 07 FY 08
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Controllable costs Cost to income ratio Controllable costs to AUM

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All periods restated except FY 03

• Capturing opportunities to sustain and improve revenues

• Currently growing revenues in primarily non AUMbased businesses

• AMP Bank : deposits grew by A$490m in Q1 09

• :

• Contemporary wealth protection individual risk API up 17% to A$554m on Q1 08

• Continuing investment to increase scale and productivity of planner footprint

• Sixth Horizons Academy intake attracted 2,001 applicants for 27 positions; fifth intake of 26 graduated end April

• New financial planning software Coin rolled out to 448 practices by 30 April; complete roll out expected by 30 June

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Capturing opportunities to sustain and improve revenues

• Focusing strongly on customer retention

• Q1 09 persistency steady at 90.7%

• Ramp up of new and existing marketing and client retention activities across AMP - eg, lapse management campaign and direct marketing and retention program for at-retirement

• Broadening product range and distribution

• Launched new superannuation products – Flexible Lifetime Super Easy for investors aged under 50 and Ascend Self Managed Super Fund for high net worth individuals

• Increased net cashflows by A$65m in third-party channel in Q1 09 – continuing positive trend

• Continuing to deepen distribution alliances and build investment capabilities in selected Asian markets

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Managing for medium and long-term growth

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Australian economy better placed than most advanced economies

• IMF forecasts for 2009 real GDP growth

• Advanced economies -3.8%

• Australia -1.4%

• Australia is better placed than most comparable countries

• Low inventories

• Shortage of housing (compared to US)

• Reasonable (albeit diminishing) pipeline of investment projects

• Relative strength of Australian banks

• Private borrowing rates have fallen by far more than other countries

• Australian dollar has provided a boost to exporters

• Higher interest rates and low public debt have meant more policy firepower

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Medium to long-term outlook for wealth management sectors strong

• Growth for Australian, New Zealand and selected :

• Asian wealth management markets underpinned by

• Ageing demographics

• Bi-partisan party support for mandatory superannuation regime in Australia – super now tax free after age 60

• KiwiSaver and PIE initiatives in New Zealand

• Economic, social and political development in selected Asian markets, opening up new sources of funds and assets

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Growth strategy aims to capitalise on medium to long-term outlook

Continuing to invest today in improving distribution and enhancing products and services to drive strong value growth over the longer term by:

1. Growing planner capacity and broadening distribution

2. Expanding to Asia through AMP Capital Investors

3. Growing customers in high-value segments

4. Reshaping AMP Capital Investors into a high value-add investment manager

5. Building our capacity for profitable growth

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• Wealth management industry facing significant change

• Consumer preferences evolving

• Trend toward simpler, more transparent products and services

• Financial services regulation under review

• Global level, eg through G20

• Local level, eg in Australia, Ken Henry tax review, federal parliamentary inquiry into financial services and operational review of superannuation

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• Key responses to changing operational environment

• Maintain market-leading cost efficiency

• Ongoing focus on employer-sponsored superannuation channel and product offer

• Accelerate productivity of financial planners

• Optimise business mix at company and planner levels

• Increase revenue growth by reaching more customer segments and diversifying channels

(eg, Flexible Lifetime Super Easy and Ascend Self Managed Super Fund)

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Key responses to changing operational environment

• Accelerate productivity of financial planners

• Technology : eg, continued investment in systems and platforms; roll out of Coin to financial planning network

• Services: eg, using scale to drive lower cost services for financial planners, like centralised paraplanning

• Strategic marketing : eg, targeted product / service offers expected to reach 50,000 customers and 500 planners in 2009 with tailored offers

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Summary

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Summary

• First quarter cashflows and capital position highlight resilience of AMP business model

• Managing the business for success over the short-term and growth over the long-term

• � Proactively evolving business for changing operating environment

• AMP well positioned for medium to longer term growth

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