AMP LIMITED — Major Shareholding Notification 2007

Sep 18, 2007

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Date: 20th September 2007

The Manager Listings Department Australian Stock Exchange Limited

No. of Pages (incl.): 3

NOTICE OF INITIAL SUBSTANTIAL HOLDER

Dear Sir/Madam,

Pursuant to Section 671B of the Corporations Law, AMP Limited discloses a substantial holding in NRW Holdings Limited.

The enclosed ASIC Form 603 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 603 Corporations Law Section 671B Notice of Initial Substantial Holder

To: NRW Holdings Limited ACN/ARSN: 118 300 217

1. Details of substantial holder

Name: AMP Limited (ACN 079 354 519) and its related bodies corporate. The holder became a substantial holder on 18th September 2007

2. Details of 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 on the date the substantial holder became a substantial holder are as follows:

Class of securities	Number of Securities	Persons’ votes		Voting power
Fully Paid Ordinary	12,618,161		12,618,161		5.02%

3. Details of relevant interests

The nature of relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

		Class and number of		Person's votes
Holder of relevant interest	Nature of relevant interests	securities		affected
AMP Life Limited ("AMP Life")	AMP Life is entitled to be the registered holder of the	Fully Paid Ordinary:		1,783,861
	class and number of securities listed beside its name.	1,783,861
	AMP Life is a controlled body corporate of AMP Limited
	within the meaning of Section 608(3) of the Corporations
	Law
AMP Capital Investors Limited	AMP Capital, in its capacity as the investment manager	Fully Paid Ordinary:		7,637,034
('AMP Capital')	for the persons or trusts listed besides its name in	7,637,034
	Paragraph 4, 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
AMP Capital Investors Limited	AMP Capital Investors Limited is a controlled body	Fully Paid Ordinary:		2,784,865
as Future Directions Australian	corporate of AMP Limited within the meaning of Section	2,784,865
Share Fund	608(3) of the Corporations Law
AMP Capital Investors Limited	AMP Capital Investors Limited is a controlled body	Fully Paid Ordinary:	56,301	56,301
as Future Directions Australian	corporate of AMP Limited within the meaning of Section
Small Companies Fund	608(3) of the Corporations Law
AMP Capital Investors Limited	AMP Capital Investors Limited is a controlled body	Fully Paid Ordinary:		356,100
as Responsible Investment	corporate of AMP Limited within the meaning of Section	356,100
Leader Australian Share Fund	608(3)of the Corporations Law
			Total:	12,618,161

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

	Registered holder of	Person entitled to be	Class and number of	Person’s votes
Holder of relevant interest	securities	registered as holder	securities	affected
AMP Life Limited	AMP Life Limited	AMP Life Limited	Fully Paid Ordinary:	1,783,861
			1,783,861
AMP Capital Investors Limited	Cogent Nominees Pty	Cogent Nominees Pty	Fully Paid Ordinary:	3,522,506
	Limited	Limited	3,522,506
	Cogent Nominees Pty	Cogent Nominees Pty	Fully Paid Ordinary:	298,016
	Limited	Limited	298,016
	Citicorp Nominees Pty	Stichting Pensionfonds	Fully Paid Ordinary:	118,919
	Limited	Hoogovens	118,919
	Goldman Sachs	AMP Capital Investors	Fully Paid Ordinary:	500,000
		Australian Equity Long	500,000
		ShortFund
	JP Morgan Nominees	Stichting Pensionfonds ABP	Fully Paid Ordinary:	970,123
	AustraliaLimited		970,123
	JP Morgan Nominees	LAMP	Fully Paid Ordinary:	1,283,866
	AustraliaLimited		1,283,866
	JP Morgan Nominees	QLD Local Government	Fully Paid Ordinary: 74,265	74,265
	AustraliaLimited	Superannuation Board
	JP Morgan Nominees	ARIA scheme	Fully Paid Ordinary:	389,321
	AustraliaLimited		389,321
	National Nominees Pty	Government Employees	Fully Paid Ordinary:	192,423
	Limited	Superannuation Board	192,423
	National Nominees Pty	Commonwealth Bank	Fully Paid Ordinary:	128,185
	Limited	Officers Superannunation	128,185
		Corporation Pty Ltd as
		trustee for the Officers'
		Superannuation Fund
	National Nominees Pty	Government Employees	Fully Paid Ordinary:	159,410
	Limited	Superannuation Board of	159,410
		WA -SustainableFund
AMP Capital Investors Limited	Cogent Nominees Pty	AMP Capital Investors	Fully Paid Ordinary:	2,784,865
as Future Directions Australian	Limited	Limited	2,784,865
ShareFund
AMP Capital Investors Limited	Cogent Nominees Pty	AMP Capital Investors	Fully Paid Ordinary: 56,301	56,301
as Future Directions Australian	Limited	Limited
Small Companies Fund
AMP Capital Investors Limited	Cogent Nominees Pty	AMP Capital Investors	Fully Paid Ordinary:	356,100
as Responsible Investment	Limited	Limited	356,100
Leader Australian Share Fund

Total: 12,618,161

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration	Class and number ofsecurities
AMP Capitial Investors Limited	31-Aug-2007 to 18-Sep-2007	$7,414,138.00	Fully Paid Ordinary3,197,266
AMP Life Limited	31-Aug-2007 to 5-Sep-2007	$3,847,630.99	Fully Paid Ordinary1,783,861
ARIA Scheme	5-Sep-2007 to 18-Sep-2007	$891,674.42	Fully Paid Ordinary389,321
Cogent Nominees PtyLimited	31-Aug-2007 to 5-Sep-2007	$679,064.09	Fully Paid Ordinary298,016
Cogent Nominees Pty Limited	31-Aug-2007 to 5-Sep-2007	$8,919,323.43	Fully Paid Ordinary4,119,826
Commonwealth Bank OfficersSuperannunation CorporationPty Ltd A/T for the Officers'Superannuation Fund.	5-Sep-2007 to 6-Sep-2007	$284,498.69	Fully Paid Ordinary128,185
Government EmployeesSuperannuation Board	3-Sep-2007 to 5-Sep-2007	$749,220.56	Fully Paid Ordinary351,833
LAMP	4-Sep-07	$2,801,302.00	Fully Paid Ordinary1,400,651
Queensland LocalGovernment SuperannuationBoard	4-Sep-2007 to 5-Sep-2007	$154,780.82	Fully Paid Ordinary74,265
StichtingPensioenfolds - ABP	4-Sep-2007 to 5-Sep-2007	$2,157,301.45	Fully Paid Ordinary970,123
Stichting PensioenfoldsHoogovens	5-Sep-2007 to 12-Sep-2007	$264,384.35	Fully Paid Ordinary118,919

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN (if applicable) Nature of association

AMP Life Limited (ACN 079 Related bodies corporate of AMP Limited under Part 1.2 of the Corporations Law. 300 379) AMP Capital Investors Limited Related bodies corporate of AMP Limited under Part 1.2 of the Corporations Law. (ACN 001 777 591)

7. 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 Nominees Pty Limited Level 6, 60 Castlereagh Street, Sydney NSW 2000 Commonwealth Bank Officers Superannuation Corporation 9th Floor, 48 Martin Place, Sydney NSW 2000 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 QLD Local Government Superannuation Board Of GPO Box 264, Brisbane QLD 4001 Stichting Pensioenfonds Hoogovens PO Box 10,000, 1970 CA IJmuiden, The Netherlands Stichting Pensioenfonds ABP PO Box 10,000, 1970 CA IJmuiden, The Netherlands

This Initial Substantial Holder Notice (ASIC Form 603) comprises 2 page/s in total.