AMP LIMITED — M&A Activity 2010

Nov 17, 2010

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Kevin Keenan Company Secretary

Phone: 61 3 8688 3978 Fax: 61 3 9614 5298

18 November 2010

Australian Securities Exchange Company Announcements Office 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

AXA Asia Pacific Holdings Limited AXA APH Independent Directors Unanimously Recommend Scheme Proposal from AMP and AXA SA

Please see attached news release.

Yours sincerely

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Kevin Keenan Company Secretary

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AXA Asia Pacific Holdings Limited ABN 78 069 123 011 750 Collins Street, Docklands VIC 3008

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18 November 2010

AXA APH INDEPENDENT DIRECTORS UNANIMOUSLY RECOMMEND SCHEME PROPOSAL FROM AMP AND AXA SA

The AXA Asia Pacific Holdings Limited ( AXA APH ) Independent Director that had requested further information before determining their position in relation to the AMP Limited ( AMP ) and AXA SA proposal ( Proposal ) has now reviewed the relevant information and concluded that the Proposal is in the best interests of AXA APH minority shareholders.

Consequently, AXA APH’s Independent Directors now unanimously recommend the Proposal, subject to no superior proposal being made and to the review of an independent expert.

Under the Proposal, AMP will acquire 100 percent of AXA APH, merge the Australian and New Zealand businesses of AXA APH with its own operations and divest the Asian business of AXA APH to AXA SA. AXA APH minority shareholders will receive at least $6.43 in value per AXA APH share, subject to the movement of the AMP share price within certain bands.

Further details regarding the Proposal are set out in AXA APH’s news release dated 15 November 2010.

Further information

For Institutional Investors

Melissa Heyhoe Group Manager – Investor Relations and Performance Reporting Ph: +61-(0)3 8688 3744 M: +61-(0)421 333 582

For Retail Investors (Active from 12 noon AEDST 18 November 2010)

Computershare Investor Services Ph: 1300 157 263 or +61-(0)3 9415 4689

For Media

Francine McMullen Group Manager – Strategic Communications Ph: +61-(0)3 8688 4985 M: +61-(0)412 223 485