AMP LIMITED — Major Shareholding Notification 2007

Oct 11, 2007

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Date:

15-Oct-07

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 Babcock & Brown Japan Property Trust.

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: Babcock & Brown Japan Property Trust

ACN/ARSN:

112 799 854

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 11-Oct-2007 The previous notice was given to the company on 04-Jun-2007 The previous notice was dated 30-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 interest changed	_Nature of change _	Consideration given in _relation to change _	Class and number of securities affected	Person’s votes affected
3-Sep-2007 to 9-Oct-2007	AMP Capitial Investors Limited	Share acquisition	$491,794.00	Units Fully Paid 272,600	272,600
31-May-2007 to 20-Sep-2007	AMP Life Limited	Share acquisition	$3,305,750.61	Units Fully Paid 1,873,767	1,873,767
31-May-2007 to 4-Oct-2007	AMP Life Limited	Share disposal	-$3,137,702.49	Units Fully Paid -1,765,507	-1,765,507
17-Jul-2007 to 2-Aug-2007	Cogent Nominees PtyLimited	Share acquisition	$674,491.59	Units Fully Paid 376,382	376,382
16-Aug-2007 to 8-Oct-2007	Cogent Nominees PtyLimited	Share disposal	-$120,701.12	Units Fully Paid -70,722	-70,722
29-Jun-07	Cogent Nominees Pty Limited	Share acquisition	$2,311,918.31	Units Fully Paid 1,314,499	1,314,499
4-Jun-2007 to 5-Oct-2007	Cogent Nominees Pty Limited	Share disposal	-$6,149,469.12	Units Fully Paid -3,578,689	-3,578,569
19-Jul-07	Government Employees Superannuation Board	Share acquisition	$24,936.56	Units Fully Paid 13,781	13,781
16-Aug-07	Government Employees Superannuation Board	Share disposal	-$57,678.54	Units Fully Paid -36,936	-36,936
16-Jul-07	Nikko AMP Global REIT Fund	Share acquisition	$881,000.06	Units Fully Paid 484,481	484,481
5-Jun-2007 to 11-Oct-2007	Nikko AMP Global REIT Fund	Share disposal	-$6,394,205.77	Units Fully Paid -3,551,691	-3,551,691
29-Jun-2007 to 25-Jul-2007	Telstra Listed PropertyTrust	Share acquisition	$340,695.99	Units Fully Paid 192,221	192,221
10-Jul-2007 to 4-Oct-2007	Telstra Listed PropertyTrust	Share disposal	-$703,991.70	Units Fully Paid -405,361	-405,361

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 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 Nominees Pty Limited Level 6, 60 Castlereagh Street, Sydney NSW 2000 Government Employee Superannuation Board PO Box J755, Perth WA 6842 Nikko AMP Global REIT Fund 1-1-3 Yurakucho Chiyoda-ku, Tokyo 100-0006 Japan Telstra Listed Property Trust Level 3, 215 Spring Street, Melbourne VIC 3000

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