AMP LIMITED — Major Shareholding Notification 2009

May 28, 2009

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Date: 29th May 2009

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 Magma Metals Limited.

The enclosed ASIC Form 603 discloses all required details.

Yours faithfully,

Glen Moran Head of Corporate Actions BNP Paribas Securities Services Phone: 02 9222 0091

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: Magma Metals Limited ACN/ARSN: 114 581 047 1. Details of substantial holder Name: AMP Limited (ACN 079 354 519) and its related bodies corporate. The holder became a substantial holder on 27th May 2009

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 8,279,499 8,279,499 5.12%

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:

Holder of relevant interest	Nature of relevant interests	Class and number of securities	Person's votes affected
AMP Capital Investors Limited ('AMP Capital')	AMP Capital, in its capacity as the investment manager forthe persons ortrustslisted besidesitsnamein	Fully Paid Ordinary: 8,279,499	8,279,499
Total: 8,279,499

4. Details of present registered holders

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

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Class and number of securities	Person’s votes affected
AMP Capital Investors Limited	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited	Fully Paid Ordinary: 5,943,018	5,943,018
	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited	Fully Paid Ordinary: 1,836,481	1,836,481
	National Nominees Pty Limited	Commonwealth Bank Officers Superannunation Corporation Pty Ltd as trustee for the Officers' Superannuation Fund	Fully Paid Ordinary: 500,000	500,000
	Total: 8,279,499

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 of securities
Cogent Nominees PtyLimited	22-Apr-2009 to 15-May- 2009	$689,470.27	Fully Paid Ordinary 1,836,481
Commonwealth Bank Officers Superannunation Corporation Pty Ltd A/T for the Officers' Superannuation Fund.	22-Apr-2009 to 15-May- 2009	$160,000.00	Fully Paid Ordinary 500,000
Cogent Nominees Pty Limited Accounts>	22-Apr-2009 to 15-May- 2009	$2,231,174.33	Fully Paid Ordinary 5,943,018

6. Associates

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

6. Associates The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:	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 LifeLimited (ACN079 300 379)	Related bodies corporate of AMP Limited under Part1.2ofthe CorporationsLaw.
AMP Capital Investors Limited (ACN 001 777591)	Related bodies corporate of AMP Limited under Part 1.2 of the Corporations Law.

7. Addresses

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

Name Address 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 Pty Ltd 9th Floor, 48 Martin Place, Sydney NSW 2000 National Nominees Pty Limited 271 Collins Street, Melbourne VIC 3000

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