AMP LIMITED — Major Shareholding Notification 2007

Jul 9, 2007

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Date: 10-Jul-07

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 Just Group 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: Just Group Limited ACN/ARSN: 096 911 410

1. Details of substantial holder

Name: AMP Limited (ACN 079 354 519) and its related bodies corporate. The holder became a substantial holder on 05-Jul-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 11,779,152 11,779,152 5.40%

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:		3,687,830
	class and number of securities listed beside its name.	3,687,830
	AMP Life is a controlled body corporate of AMP Limited
	within the meaning of Section 608(3) of the
	Corporations Law
AMP Capital Investors	AMP Capital, in its capacity as the investment manager	Fully Paid Ordinary:		8,051,322
Limited ('AMP Capital')	for the persons or trusts listed besides its name in	8,051,322
	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	AMP Capital Investors Limited is a controlled body	Fully Paid Ordinary:		40,000
Limited in it's capacity as	corporate of AMP Limited within the meaning of	40,000
Responsible Entity of the the	Section 608(3) of the Corporations Law
Future Directions Extended
Markets International Share
Fund
			Total:	11,779,152

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:	3,687,830
			3,687,830
AMP Capital Investors	Cogent Nominees Pty	Cogent Nominees Pty	Fully Paid Ordinary:	5,330,064
Limited	Limited	Limited	5,330,064
	Cogent Nominees Pty	Cogent Nominees Pty	Fully Paid Ordinary:	381,534
	Limited	Limited	381,534
	Citicorp Nominees Pty	Stichting Pensionfonds	Fully Paid Ordinary: 85,980	85,980
	Limited	Hoogovens
	Goldman Sachs	AMP Capital Investors	Fully Paid Ordinary: 22,514	22,514
		Australian Equity Long
		ShortFund
	JP Morgan Nominees	Stichting Pensionfonds	Fully Paid Ordinary:	324,482
	AustraliaLimited	ABP	324,482
	JP Morgan Nominees	QLD Local Government	Fully Paid Ordinary:	163,438
	AustraliaLimited	Superannuation Board	163,438
	JP Morgan Nominees	Public Sector Super	Fully Paid Ordinary:	807,251
	AustraliaLimited	Scheme	807,251
	JP Morgan Nominees	State Authority	Fully Paid Ordinary:	117,677
	Australia Limited	Superannuation Enhanced	117,677
		Index Share Fund
	National Nominees Pty	Government Employees	Fully Paid Ordinary:	285,716
	Limited	Superannuation Board	285,716
	National Nominees Pty	Commonwealth Bank	Fully Paid Ordinary:	190,120
	Limited	Officers Superannunation	190,120
		Corporation Pty Ltd as
		trustee for the Officers'
		Superannuation Fund
	National Nominees Pty	Government Employees	Fully Paid Ordinary:	342,546
	Limited	Superannuation Board of	342,546
		WA -SustainableFund
AMP Capital Investors	Citibank N.A. Hong Kong	AMP Capital Investors	Fully Paid Ordinary: 40,000	40,000
Limited as Responsible Entity		Limited
of the Future Directions
Extended Markets
International Share Fund

Total: 11,779,152

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
5-Mar-2007 to 15-May-2007	Share acquisition	$145,949.00	Fully Paid Ordinary34,617
8-Mar-2007 to 5-Jul-2007	Share acquisition	$12,311,608.12	Fully Paid Ordinary3,343,988
30-Apr-2007 to 5-Jul-2007	Share acquisition	$3,424,643.71	Fully Paid Ordinary831,911
31-May-2007 to 6-Jun-2007	Share acquisition	$362,468.04	Fully Paid Ordinary90,979
31-May-2007 to 5-Jul-2007	Share acquisition	$9,931,698.09	Fully Paid Ordinary2,288,998
4-Apr-2007 to 5-Jul-2007	Share acquisition	$1,519,868.73	Fully Paid Ordinary360,978

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 Related bodies corporate of AMP Limited under Part 1.2 of the Corporations Law. Limited (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 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 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 State Authority Superannuation Enhanced Index Share Level 14, 83 Clarence Street, Sydney NSW 2000 Fund Stichting Pensioenfonds Hoogovens PO Box 10,000, 1970 CA IJmuiden, The Netherlands

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