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.): 2

NOTICE OF PERSON CEASING TO BE A SUBSTANTIAL HOLDER

Dear Sir/Madam,

Pursuant to Section 671 of the Corporations Law, AMP Limited hereby advises that it is no longer a substantial holder in Progen Pharmaceuticals Limited.

The enclosed ASIC Form 605 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 605

Corporations Law Section 671B

Notice of Ceasing to be a Substantial Holder

To:

Progen Pharmaceuticals Limited

ACN/ARSN: 010 975 612

1. Details of substantial holder

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

The holder ceased to be a substantial holder on 26th October 2007 The previous notice was given to the company on 03-May-2007 The previous notice was dated 01-May-2007

2. 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 interestchanged	_Nature of change _	Consideration given in_relation to change _	Class and number ofsecurities affected	Person’s votesaffected
9-May-2007 to 5-Sep-2007	AMP Life Limited	Share acquisition	$2,843,985.13	Fully Paid Ordinary533,823	533,823
31-May-2007 to 26-Oct-2007	AMP Life Limited	Share disposal	-$771,174.44	Fully Paid Ordinary-267,326	-267,326
11-May-2007 to 18-Jul-2007	Cogent Nominees Pty Limited	Share acquisition	$1,422,584.29	Fully Paid Ordinary275,363	275,363
20-Jun-2007 to 26-Oct-2007	Cogent Nominees Pty Limited	Share disposal	-$1,598,688.82	Fully Paid Ordinary-476,979	-476,979
11-May-2007 to 28-Jun-2007	Equipsuper	Share acquisition	$642,249.32	Fully Paid Ordinary111,140	111,140
20-Jun-2007 to 26-Oct-2007	Equipsuper	Share disposal	-$1,643,795.20	Fully Paid Ordinary-414,494	-414,494
11-May-2007 to 30-Jul-2007	LAMP	Share acquisition	$1,680,179.38	Fully Paid Ordinary328,627	328,627
20-Jun-2007 to 26-Oct-2007	LAMP	Share disposal	-$1,329,262.14	Fully Paid Ordinary-391,199	-391,199

3. 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 holder in relation to voting interests in the company or scheme are as follows:

Name and ‘ACN Nature of association No Changes

4. Addresses

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

Name AMP Life Limited Cogent Nominees Pty Limited Equipsuper JP Morgan Nominees Australia Limited

Address

Level 24, 33 Alfred Street, Sydney NSW 2000 Level 6, 60 Castlereagh Street, Sydney NSW 2000 171 Flinders Street, Melbourne VIC 3000 259 George Street, Sydney NSW 2000

This notice of change of interests of substantial holder (ASIC Form 605) comprises 1 page/s in total.