AMP LIMITED — Major Shareholding Notification 2007

Oct 30, 2007

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Date: 30th October 2007

The Manager Listings Department Australian Stock Exchange Limited

No. of Pages (incl.): 4

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

Notice of Change of Interests of Substantial Holder

Form 604 Corporations Law Section 671B

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 26th October 2007 The previous notice was given to the company on 05-Oct-2007 The previous notice was dated 03-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 of securities	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	94,882,682	6.23%	111,144,641	7.30%

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
22-Oct-2007 to 26-Oct-2007	AMP Capitial Investors Limited	Share acquisition	$436,559.22	Fully Paid Stapled 226,900	226,900
4-Oct-2007 to 10-Oct-2007	AMP Capitial Investors Limited	Share disposal	-$97,003.67	Fully Paid Stapled -48,393	-48,393
5-Oct-2007 to 26-Oct-2007	AMP Life Limited	Share acquisition	$15,435,519.86	Fully Paid Stapled 8,043,482	8,043,482
9-Oct-2007 to 10-Oct-2007	AMP Life Limited	Share disposal	-$33,623.43	Fully Paid Stapled -16,800	-16,800
25-Oct-07	AMPCI KGR Reit USD Fund	Share acquisition	$7,092.21	Fully Paid Stapled 3,745	3,745
5-Oct-2007 to 24-Oct-2007	Cogent Investment Operations Pty Limited	Share acquisition	$452,254.84	Fully Paid Stapled 232,884	232,884
5-Oct-2007 to 26-Oct-2007	Cogent Nominees Pty Limited	Share acquisition	$3,342,367.02	Fully Paid Stapled 1,762,074	1,762,074
22-Oct-2007 to 23-Oct-2007	Cogent Nominees PtyLimit	eShare acquisition	$8,335,538.26	Fully Paid Stapled 4,327,287	4,327,287
17-Oct-2007 to 19-Oct-2007	DBS Global Property Sector Fund	Share acquisition	$132,947.11	Fully Paid Stapled 67,390	67,390
5-Oct-07	DBS Global Property Sector Fund	Share disposal	-$112,904.82	Fully Paid Stapled -56,879	-56,879
24-Oct-2007 to 26-Oct-2007	Government Employees Superannuation Board	Share acquisition	$1,003,137.88	Fully Paid Stapled 528,000	528,000
15-Oct-2007 to 24-Oct-2007	Nikko AMP Global REIT Fund	Share acquisition	$2,647,385.98	Fully Paid Stapled 1,383,013	1,383,013
24-Oct-2007 to 26-Oct-2007	Queensland Local Government Superannuation Board	Share acquisition	$151,990.59	Fully Paid Stapled 80,000	80,000
9-Oct-2007 to 23-Oct-2007	Telstra Listed Property Trust	Share acquisition	$550,820.44	Fully Paid Stapled 280,354	280,354
11-Oct-07	Telstra Listed Property Trust	Share disposal	-$1,110,768.88	Fully Paid Stapled -551,098	-551,098

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 : 42,836,980	42,836,980
AMP Capital Investors Limited ('AMP Capital')	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited Accounts>	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 : 28,356,527	28,356,527
	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited		Fully Paid Stapled : 13,726,121	13,726,121
	Cogent Investment Operations Pty Limited	Cogent Investment Operations Pty Limited		Fully Paid Stapled : 874,644	874,644
	The Northern Trust Company	DBS Global Property Sector Fund		Fully Paid Stapled : 423,782	423,782
	The Northern Trust Company	AMPCI KGR Reit USD Fund		Fully Paid Stapled : 44,226	44,226
	The Northern Trust Company	AMPCI KGR Reit Ex USFund		Fully Paid Stapled : 13,917	13,917
	National Nominees Pty Limited	Nikko AMP Global REIT Fund		Fully Paid Stapled : 10,676,482	10,676,482
	Goldman Sachs	AMP Capital Investors Australian Long Short Fund		Fully Paid Stapled : 1,223,987	1,223,987
	JP Morgan Nominees Australia Limited	QLD Local Government Superannuation Board		Fully Paid Stapled : 146,800	146,800
	JP Morgan Nominees Australia Limited	State Authority Superannuation Enhanced Index Share Fund		Fully Paid Stapled : 704,900	704,900
	National Nominees Pty Limited	Government Employees Superannuation Board		Fully Paid Stapled : 987,400	987,400
	National Nominees Pty Limited	Commonwealth Bank Officers Superannunation Corporation Pty Ltd as trustee for the Officers' Superannuation Fund		Fully Paid Stapled : 364,806	364,806
	National Nominees Pty Limited	Equipsuper		Fully Paid Stapled : 997,160	997,160
	National Nominees Pty Limited	Telstra Listed Property Trust		Fully Paid Stapled : 2,313,627	2,313,627
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 : 3,632,874	3,632,874
AMP Capital Investors Limited as FD Global Property SecuritiesFund1	Cogent Nominees Pty Limited	AMP Capital Investors Limited		Fully Paid Stapled : 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 : 741,346	741,346
				Total: 111,144,641

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
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
Equipsuper	171 Flinders Street, Melbourne VIC 3000
Goldman Sachs Asia LLC	68th Floor, 2 Queens Road, Central Hong Kong
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
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 3 page/s in total.