AMP LIMITED — Major Shareholding Notification 2007

Dec 9, 2007

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Date:

7th December 2007

The Manager Listings Department Australian Stock Exchange Limited

No. of Pages (incl.): 3

NOTICE OF CHANGE OF INTERESTS OF SUBSTANTIAL HOLDER

Dear Sir/Madam,

Pursuant to Section 671B of the Corporations Law, AMP Limited hereby advises of a change in its relevant interest in Valad Property Group .

The enclosed ASIC Form 604 discloses all required details.

Yours faithfully,

Justin Christopher Head of Custody BNP Paribas Securities Services Phone: 02 9222 0029

BNP PARIBAS FUND SERVICES AUSTRALASIA PTY LTD Level 6 60 Castlereagh Street Sydney NSW 2000 Australia PO BOX R209 Royal Exchange NSW 1225 Australia Tel: +61 2 9222 0000 - Fax: +61 2 9222 0255 ABN 71 002 655 674

Form 604 Corporations Law Section 671B Notice of Change of Interests of Substantial Holder

To: Valad Property Group ACN/ARSN: 102 618 824

1. Details of substantial holder

Name: AMP Limited ACN 079 354 519 and its related bodies corporate.

There was a change in the interests of the substantial holder on 5th December 2007 The previous notice was given to the company on 31-Oct-2007 The previous notice was dated 26-Oct-2007

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate had a relevant interest in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

Class ofsecurities	Person’s votes Voting power Previous notice	Person’s votes Voting power Previous notice	Person’s votes Voting power Present notice	Person’s votes Voting power Present notice
FullyPaid Stapled Units	111,144,641	7.30%	128,652,759	8.45%

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, relevant interests of the substantial holder or an associate in voting securities of the company since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

Date of change	Person whose relevant interest changed	Nature of change	Consideration given in relation to change	Class and number of shares affected	Person’s votes affected
28-Nov-2007to 30-Nov-2007	AMP Capitial Investors Limited	Share acquisition	$914,360.25	Fully Paid Stapled Units 565,800	565,800
30-Oct-2007to 5-Dec-2007	AMP LifeLimited	Share acquisition	$16,970,551.62	Fully Paid Stapled Units 9,754,490	9,754,490
13-Nov-2007to 5-Dec-2007	AMP LifeLimited	Share disposal	-$91,740.86	Fully Paid Stapled Units -52,500	-52,500
1-Nov-2007to14-Nov-2007	AMPCI KGR Reit USD Fund	Share acquisition	$165,298.30	Fully Paid Stapled Units 86,644	86,644
1-Nov-2007to 5-Nov-2007	Cogent Investment Operations Pty Limited	Share acquisition	$311,418.68	Fully Paid Stapled Units 163,517	163,517
1-Nov-2007to 5-Dec-2007	Cogent Nominees Pty Limited	Share acquisition	$3,774,986.05	Fully Paid Stapled Units 2,008,007	2,008,007
30-Oct-07	Cogent Nominees Pty Limited	Share disposal	-$1,685,858.54	Fully Paid Stapled Units -918,724	-918,724
30-Oct-2007to 3-Dec-2007	Cogent Nominees Pty Limited	Share acquisition	7,334,380	Fully Paid Stapled Units 4,041,819	4,041,819
29-Nov-07	Cogent Nominees Pty Limited	Share disposal	-$11,471.37	Fully Paid Stapled Units -7,200	-7,200
31-Oct-2007to 5-Nov-2007	DBS Global Property Sector Fund	Share acquisition	$148,420.86	Fully Paid Stapled Units 78,367	78,367
5-Nov-2007to 9-Nov-2007	Government Employees Superannuation Board	Share acquisition	$610,178.43	Fully Paid Stapled Units 325,000	325,000
1-Nov-07	Nikko AMP Global REIT Fund	Share acquisition	$1,005,308.90	Fully Paid Stapled Units 521,196	521,196
3-Dec-07	Nikko AMP Global REIT Fund	Share disposal	-$710,160.03	Fully Paid Stapled Units -435,681	-435,681
5-Nov-2007to28-Nov-2007	Queensland Local Government Superannuation Board	Share acquisition	$176,636.71	Fully Paid Stapled Units 101,000	101,000
27-Nov-07	State Authority Superannuation Enhanced IndexShareFund	Share disposal	-$1,159,560.50	Fully Paid Stapled Units -704,900	-704,900
5-Nov-2007to28-Nov-2007	Stichting Pensioenfolds - ABP	Share acquisition	$2,741,993.87	Fully Paid Stapled Units 1,537,000	1,537,000
5-Nov-2007to28-Nov-2007	Stichting Pensioenfolds Hoogovens	Share acquisition	$327,466.25	Fully Paid Stapled Units 183,000	183,000
30-Oct-2007to 3-Dec-2007	Telstra Listed Property Trust	Share acquisition	$486,327.60	Fully Paid Stapled Units 261,283	261,283

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be _registered as holder _	Nature of relevant interest	Class and number of securities	Person’s votes affected
AMP Life Limited	AMP Life Limited	AMP Life Limited	AMP Life is entitled to be the registered holder of the class and number of securities listed beside its name AMP Life Limited is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Stapled Units: 52,538,970	52,538,970
AMP Capital Investors Limited ('AMP Capital')	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited Accounts>	AMP Capital Investors Limited is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law. AMP Capital, in its capacity as the investment manager for the persons or trusts listed besides its name, has the power to control voting and/or the disposal of securities. AMP Capital is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Stapled Units: 32,391,146	32,391,146
	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited		Fully Paid Stapled Units: 14,815,404	14,815,404
	Cogent Investment Operations Pty Limited	Cogent Investment Operations Pty Limited		Fully Paid Stapled Units: 1,038,161	1,038,161
	The Northern Trust Company	DBS Global Property Sector Fund		Fully Paid Stapled Units: 502,149	502,149
	The Northern Trust Company	AMPCI KGR Reit USD Fund		Fully Paid Stapled Units: 130,870	130,870
	The Northern Trust Company	AMPCI KGR Reit Ex US Fund		Fully Paid Stapled Units: 13,917	13,917
	National Nominees Pty Limited	Nikko AMP Global REIT Fund		Fully Paid Stapled Units: 10,761,997	10,761,997
	Citicorp Nominees Pty Limited	Stichting Pensionfonds Hoogovens		Fully Paid Stapled Units: 183,000	183,000
	Goldman Sachs	AMP Capital Investors Australian Long Short Fund		Fully Paid Stapled Units: 1,223,987	1,223,987
	JP Morgan Nominees AustraliaLimited	Stichting Pensionfonds ABP		Fully Paid Stapled Units: 1,537,000	1,537,000
	JP Morgan Nominees Australia Limited	QLD Local Government Superannuation Board		Fully Paid Stapled Units: 247,800	247,800
	National Nominees Pty Limited	Government Employees Superannuation Board		Fully Paid Stapled Units: 1,312,400	1,312,400
	National Nominees Pty Limited	Commonwealth Bank Officers Superannunation Corporation Pty Ltd as trustee for the Officers' Superannuation Fund		Fully Paid Stapled Units: 364,806	364,806
	National Nominees Pty Limited	Equipsuper		Fully Paid Stapled Units: 997,160	997,160
	National Nominees Pty Limited	Telstra Listed Property Trust		Fully Paid Stapled Units: 2,574,910	2,574,910
AMP Capital Investors Limited as Responsible Entity of the EFM Listed Property Fund 1	Cogent Nominees Pty Limited	AMP Capital Investors Limited		Fully Paid Stapled Units: 4,182,874	4,182,874
AMP Capital Investors Limited as FD Global Property SecuritiesFund1	Cogent Nominees Pty Limited	AMP Capital Investors Limited		Fully Paid Stapled Units: 3,079,062	3,079,062
AMP Capital Investors Limited as Responsible Investment Leader Australian Share Fund	Cogent Nominees Pty Limited	AMP Capital Investors Limited		Fully Paid Stapled Units: 757,146	757,146
				Total: 128,652,759

5. Change in association

The persons who have become associates of, ceased to be associates of, or have changed the nature of their association with, the substantial shareholder in relation to voting interests In the company or scheme are as follows:

Name and ACN	Nature of association
No Changes

6. Addresses

The addresses of persons named in this form are as follows:

Name Address AMP Life Limited Level 24, 33 Alfred Street, Sydney NSW 2000 AMP Capital Investors Limited Level 22, 33 Alfred Street, Sydney NSW 2000 Citicorp Nominees Pty Limited 101 Collins Street, Melbourne VIC 3000 Cogent Investment Operations Pty Limited Level 6, 60 Castlereagh Street, Sydney NSW 2000 Cogent Nominees Pty Limited Level 6, 60 Castlereagh Street, Sydney NSW 2000 Commonwealth Bank Officers Superannuation Corporation 9th Floor, 48 Martin Place, Sydney NSW 2000 Pty Ltd DBS Global Property Sector Fund 8 Cross Street, # 27-01 PWC Building, Singapore 048424 Government Employee Superannuation Board PO Box J755, Perth WA 6842 JP Morgan Nominees Australia Limited 259 George Street, Sydney NSW 2000 National Nominees Pty Limited 271 Collins Street, Melbourne VIC 3000 Nikko AMP Global REIT Fund 1-1-3 Yurakucho Chiyoda-ku, Tokyo 100-0006 Japan QLD Local Government Superannuation Board Of GPO Box 264, Brisbane QLD 4001 State Authority Superannuation Enhanced Index Share Level 14, 83 Clarence Street, Sydney NSW 2000 Stichting Pensioenfonds Hoogovens PO Box 10,000, 1970 CA IJmuiden, The Netherlands Stichting Pensioenfonds ABP PO Box 10,000, 1970 CA IJmuiden, The Netherlands Telstra Listed Property Trust Level 3, 215 Spring Street, Melbourne 3000 The Northern Trust Company 80 Raffles Place, #46-00 UOB Plaza 1 Singapore 048625

This notice of change of interests of substantial holder (ASIC Form 604) comprises 2 page/s in total.