AMP LIMITED — Investor Presentation 2012

May 1, 2012

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2 May 2012

Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Announcement No: 13/2012

Manager Market Information Services Section New Zealand Stock Exchange Level 2, NZX Centre, 11 Cable Street Wellington New Zealand

AMP Limited (ASX/NZX: AMP) (also for release to AMP Group Finance Services Limited (ASX: AQNHA & NZX: AQN010))

Integration Presentation

Paul Sainsbury, AMP Integration Director, will be making a presentation to the Macquarie Conference today. Attached is a copy of the presentation.

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Driving value through integration: building the new AMP

2 May 2012

Paul Sainsbury Integration Director

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• Merger delivering on strategic rationale to build more competitive company with stronger platform for growth

The new AMP – stronger competitive position

Increased scale and enhanced cost efficiency

• Integration setting up organisation for higher level of efficiency

Leading market share positions

• AFS and AMP Capital hold no. 1 or 2 positions across key market segments

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Larger customer and client base

• More than 5 million retail customers and almost 400 institutional clients around the world

Broader and deeper distribution footprint

• Australia and New Zealand’s largest, most qualified adviser network

• Established and growing network of relationships with IFAs

More diverse set of contemporary, quality products, platforms and investment capabilities

• Awarding-winning superannuation, risk and banking products, and leading master trust, wrap and SMSF platforms

• Leading infrastructure and property investment capabilities

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Integration – execution grounded in three objectives

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Clear focus on 1. Maintain business momentum to deliver for customers and advisers managing risks – Low-disturb approach integral part of – Pace aligned to business capacity integration – Rigorous KPI monitoring objectives

2. Sharpen competitive edge by delivering synergies and drawing on competitive strengths of both organisations

• Intensive ‘discovery’ focus

• Forward-focused joint planning

• New business model leverages strength of both companies

• Rigorous governance minimises risk and maximises synergy capture

3. Build stronger growth platform than either company had previously

• ‘Best of both’ assets deployed across enterprise

• Operating model designed for superior value creation

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Team dedicated to integration minimises risks and ensures business leaders focus on running business

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Integration program established – well into program execution

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100%
75% Business
as usual
Transition
50%
zone
Delivery
zone
25%
Current status
Initiation
1 2 3 4
Time (years)
Projects completed
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Delivery zone key outcomes

Transition zone outcomes

Initiation outcomes

• Integration roadmap

  • Selected project completions (integration lead)

• Implemented organisation design

• Business model design

• Integrated financial management & decision support

• Handover of residual inflight projects to business sponsors

• Organisation design

• Rationalised product suite

• Governance alignment

  • Integration Management Office methodology transition to business owner

• Syndicated best practices

• Separation issues

• Integrated IT infrastructure

• Program governance

• Enhanced sales management tools

• Knowledge capture (Integration manual)

• 70% of projects initiated

• Integrated servicing architecture

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Business momentum – key achievements

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• Demonstrated commitment to driving business momentum while executing integration

Planner/adviser retention high

• 96% of value of network in AXA and Charter Financial Planning retained post merger

Survey shows planners and advisers positive[1]

• Business partnership ratings stable, with more than 80% of planners and advisers rating their business partner good or better [1]

• AXA Financial Planning, Genesys and Charter rated 1[st] , 2[nd] and 4[th] respectively as licensees with highest adviser satisfaction [2]

Strong momentum across contemporary products/platforms

• 123% increase in AMP Flexible Super net cashflows, 72% increase in North net cashflows and 50% increase in AMP Bank deposit book

• 8% growth in Australian individual risk API (on pro forma basis)

Customer satisfaction measures stable[3]

• External research indicates AXA customers’ overall satisfaction stable post merger

Staff sentiment/support for merger positive

• Average score of >4 on 5 point scale regarding employee support for merger (in past two statistically valid survey waves)

Key talent retained[4]

• 93% of identified talent across organisation retained post merger

• AMP and AXA planner and adviser benchmark study, AMP internal research, 2012.

• CoreData Licensee Research, 2012.

• AMP / AXA Customer Scope, conducted by AMP and iView, December 2011.

• Excludes AXA APH group executive roles.

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Synergies emerging faster than anticipated

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Delivering synergies and drawing on competitive strengths – key achievements

Upgraded synergy target of A$140m post tax

• Increase in full year run rate synergies of A$55m post tax (up from $30m) achieved by end of 2011

• Reflects earlier than expected benefits from business investment program, organisational design and supply chain negotiations

• Upgraded synergy run rate guidance for 2012 will deliver 78% of original transaction synergies ($120m post tax) in first 21 months

• Majority of synergies based on cost efficiencies

• Rigorous synergy capture

New AMP Financial Services business model captures ‘best of both’

• Increased focus on strategic marketing and ‘customer back design’

• Leverages enhanced packaging capability evident in AXA

• Stronger partnership with AMP Capital to design relevant solutions

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Additional benefits will be realised as products/platforms are rolled out to advice networks and operating model generates further value

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Build stronger growth platform – key achievements

New revenue synergies to be realised

• AMP Bank term deposits on North and Summit attracted more than $314m since launch[1]

• North becoming available to 1,900+ AMP aligned financial planners in 2012

• AMP Flexible Super becoming available to 1,400+ AXA aligned advisers, providing new low cost offer for personal and SME markets

• AMP Bank mortgages becoming available to 1,400+ AXA aligned advisers

• SMSF assets leveraged to create superior capability

New operating model positions organisation to create superior value

• Technology integration delivers unified service architecture

• Process automation drives efficiencies across organisation

• Management Operating System optimises resource utilisation

• AMP business system drives value creation beyond integration

• Capabilities benefit AMP and business partners

• Launch in 2H 2011. Total term deposits as at 31 March 2012.

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New AMP Financial Services operating model to drive higher level of efficiency, revenue and service

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• Ambition to create a competitive financial services alternative for Australians and New Zealanders

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Integration end state – AMP by 2014

Australia and New Zealand’s leading wealth management company

• Fully integrated, functional business

• Largest, most efficient, most qualified, multi-branded financial advice network

• Stronger strategic marketing capabilities with enhanced customer-led design influencing solutions

• Diverse range of contemporary, quality products, platforms and investment capabilities that meet broad range of customer needs

• Market leader across superannuation, retirement incomes, risk insurance and SMSF

• Business system delivering lowest cost manufacturer status with capacity to deliver ongoing scale advantages

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