AMP LIMITED — Major Shareholding Notification 2007

Oct 4, 2007

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Date: 5th 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 3rd October 2007 The previous notice was given to the company on 26-Jun-2007 The previous notice was dated 22-Jun-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 Units	43,052,420	5.20%	94,882,682	6.23%

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
10-Jul-2007 to 12-Sep-2007	AMP Capitial Investors Limited	Share acquisition	$3,510,416.00	Fully Paid Stapled Units 4,684,429	4,103,764
27-Jun-2007 to 3-Oct-2007	AMP Life Limited	Share acquisition	$44,015,527.47	Fully Paid Stapled Units 22,828,340	22,828,340
28-Jun-2007 to 25-Sep-2007	AMP Life Limited	Share disposal	-$6,511,201.65	Fully Paid Stapled Units -3,577,591	-3,577,591
14-Aug-2007 to 25-Sep-2007	AMPCI KGR Reit Ex US Fund	Share acquisition	$35,863.42	Fully Paid Stapled Units 19,085	19,085
14-Aug-07	AMPCI KGR Reit Ex US Fund	Share disposal	-$9,618.08	Fully Paid Stapled Units -5,168	-5,168
13-Aug-2007 to 2-Oct-2007	AMPCI KGR Reit USD Fund	Share acquisition	$101,445.12	Fully Paid Stapled Units 51,741	51,741
14-Aug-07	AMPCI KGR Reit USD Fund	Share disposal	-$20,989.96	Fully Paid Stapled Units -11,260	-11,260
10-Jul-2007 to 28-Sep-2007	Cogent Investment Operations Pty Limited	Share acquisition	$1,396,029.24	Fully Paid Stapled Units 728,477	728,477
17-Sep-07	Cogent Investment Operations Pty Limited	Share disposal	-$165,730.93	Fully Paid Stapled Units -86,717	-86,717
4-Jul-2007 to 2-Oct-2007	Cogent Nominees Pty Limited	Share acquisition	$22,951,319.82	Fully Paid Stapled Units 12,026,836	12,026,836
5-Jul-2007 to 21-Aug-2007	Cogent Nominees Pty Limited	Share disposal	-$1,222,583.06	Fully Paid Stapled Units -653,279	-653,279
27-Jun-2007 to 25-Sep-2007	Cogent Nominees Pty Limited	Share acquisition	$33,915,973.61	Fully Paid Stapled Units 17,709,081	17,709,081
29-Jun-2007 to 30-Aug-2007	Cogent Nominees Pty Limited	Share disposal	-$14,667,833.12	Fully Paid Stapled Units -7,758,081	-7,758,081
27-Jun-2007 to 3-Sep-2007	Commonwealth Bank Officers Superannunation Corporation Pty Ltd A/T for the Officers' Superannuation Fund.	Share acquisition	$1,145,826.40	Fully Paid Stapled Units 598,517	598,517
21-Sep-07	Commonwealth Bank Officers Superannunation Corporation Pty Ltd A/T for the Officers' Superannuation Fund.	Share disposal	-$947,186.62	Fully Paid Stapled Units -500,000	-500,000
10-Jul-2007 to 24-Sep-2007	DBS Global Property Sector Fund	Share acquisition	$785,683.23	Fully Paid Stapled Units 413,271	413,271
11-Jul-2007 to 19-Jul-2007	Equipsuper	Share acquisition	$3,081,020.16	Fully Paid Stapled Units 1,604,698	1,604,698
27-Jun-2007 to 31-Aug-2007	Equipsuper	Share disposal	-$5,381,538.68	Fully Paid Stapled Units -2,747,135	-2,747,135

27-Jun-2007 to 11-Jul-2007	Government Employees Superannuation Board	Share acquisition	$1,082,147.65	Fully Paid Stapled Units 559,400	559,400
21-Sep-07	Government Employees Superannuation Board	Share disposal	-$188,462.46	Fully Paid Stapled Units -100,000	-100,000
11-Jul-2007 to 25-Sep-2007	Nikko AMP Global REIT Fund	Share acquisition	$12,270,358.43	Fully Paid Stapled Units 6,489,867	6,489,867
27-Jun-2007 to 10-Jul-2007	Queensland Local Government Superannuation Board	Share acquisition	$273,010.76	Fully Paid Stapled Units 141,800	141,800
10-Aug-07	Queensland Local Government Superannuation Board	Share disposal	-$141,375.00	Fully Paid Stapled Units -75,000	-75,000
27-Jun-2007 to 10-Jul-2007	State Authority Superannuation Enhanced Index Share Fund	Share acquisition	$628,488.01	Fully Paid Stapled Units 327,014	327,014
10-Jul-07	State Authority Superannuation Scheme	Share acquisition	$1,418,186.88	Fully Paid Stapled Units 738,639	738,639
5-Jul-2007 to 21-Aug-2007	State Authority Superannuation Scheme	Share disposal	-$3,131,317.02	Fully Paid Stapled Units -1,723,491	-1,723,491
11-Jul-2007 to 25-Sep-2007	Telstra Listed Property Trust	Share acquisition	$2,569,911.92	Fully Paid Stapled Units 1,336,196	1,336,196
11-Jul-2007 to 19-Jul-2007	UniSuper Limited	Share acquisition	$876,589.44	Fully Paid Stapled Units 456,557	456,557
5-Jul-2007 to 21-Aug-2007	UniSuper Limited	Share disposal	-$1,937,057.91	Fully Paid Stapled Units -1,065,299	-1,065,299

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: 34,810,298	34,810,298
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 Units: 25,029,240	25,029,240
	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited		Fully Paid Stapled Units: 11,964,047	11,964,047
	Cogent Investment Operations Pty Limited	Cogent Investment Operations Pty Limited		Fully Paid Stapled Units: 641,760	641,760
	The Northern Trust Company	DBS Global Property Sector Fund		Fully Paid Stapled Units: 413,271	413,271
	The Northern Trust Company	AMPCI KGR Reit USD Fund		Fully Paid Stapled Units: 40,481	40,481
	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: 9,293,469	9,293,469
	Goldman Sachs	AMP Capital Investors Australian Long Short Fund		Fully Paid Stapled Units: 223,987	223,987
	JP Morgan Nominees Australia Limited	QLD Local Government Superannuation Board		Fully Paid Stapled Units: 66,800	66,800

	JP Morgan Nominees Australia Limited	State Authority Superannuation Enhanced Index Share Fund		Fully Paid Stapled Units: 704,900	704,900
	National Nominees Pty Limited	Government Employees Superannuation Board		Fully Paid Stapled Units: 459,400	459,400
	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: 2,584,371	2,584,371
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: 3,562,874	3,562,874
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 Future Directions Australian Small Companies Fund	Cogent Nominees Pty Limited	AMP Capital Investors Limited		Fully Paid Stapled Units: 48,393	48,393
AMP Capital Investors Limited as Responsible Investment Leader Australian Share Fund	Cogent Nominees Pty Limited	AMP Capital Investors Limited		Fully Paid Stapled Units: 584,446	584,446

Total: 94,882,682

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 Nominees Pty Limited Level 6, 60 Castlereagh Street, Sydney NSW 2000 Commonwealth Bank Officers Superannuation Corporation 9th Floor, 48 Martin Place, Sydney NSW 2000 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 Local Authorities Superannuation Board 468 St. Kilda Road, Melbourne VIC 3000 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 Scheme Level 14, 83 Clarence Street, Sydney NSW 2000 State Authority Superannuation Enhanced Index Share Level 14, 83 Clarence Street, Sydney NSW 2000 Unisuper Limited Level 28, 367 Collins Street, Melbourne 3000 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.