AMP LIMITED — Major Shareholding Notification 2010

Mar 15, 2010

==> picture [133 x 48] intentionally omitted <==

Date: 16th March, 2010

The Manager Listings Department Australian Stock Exchange Limited

No. of Pages (incl.): 4

NOTICE OF INITIAL SUBSTANTIAL HOLDER

Dear Sir/Madam,

Pursuant to Section 671B of the Corporations Law, AMP Limited discloses a substantial holding in ING Industrial Fund.

The enclosed ASIC Form 603 discloses all required details.

Yours faithfully,

Glen Moran Head of Custody Operations 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: ING Industrial Fund ACN/ARSN: 089 038 175 1. Details of substantial holder Name: AMP Limited (ACN 079 354 519) and its related bodies corporate. The holder became a substantial holder on 12th March, 2010

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 Units 131,017,634 131,017,634 5.05%

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 Life Limited ("AMP Life")	AMP Life is entitled to be the registered holder of the class and number of securities listed beside its name. AMP Life is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Ordinary Units: 68,892,804	68,892,804
AMP Capital Investors (NZ) Limited (‘AMP Capital NZ’)	AMP Capital NZ is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Ordinary Units: 244,951	244,951
AMP Capital Investors Limited ('AMP Capital')	AMP Capital, in its capacity as the investment manager for the persons or trusts listed besides its name in 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	Fully Paid Ordinary Units: 49,967,529	49,967,529
AMP Capital Investors Limited as Responsible Entity of the Future Directions Australian Share Fund	AMP Capital Investors Limited is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Ordinary Units: 1,676,054	1,676,054
AMP Capital Investors Limited as Responsible Entity of the EFM Listed Property Fund 1	AMP Capital Investors Limited is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Ordinary Units: 5,136,683	5,136,683
AMP Capital Investors Limited as Responsible Entity of the EFM Listed Property Fund 7	AMP Capital Investors Limited is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Ordinary Units: 3,941,313	3,941,313
AMP Capital Investors Limited in it's capacity as Responsible Entity of the Future Directions US Small Companies Fund (AxaAsiaEx-Japan)	AMP Capital Investors Limited is a controlled body corporate of AMP Limited within the meaning of Section 608(3) of the Corporations Law	Fully Paid Ordinary Units: 1,158,300	1,158,300
Total: 131,017,634

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 Life Limited	AMP Life Limited	AMP Life Limited	Fully Paid Ordinary Units: 68,892,804	68,892,804
AMP Capital Investors (NZ) Limited	Pageant Limited	AMP Capital Investors Global Properties Australia	Fully Paid Ordinary Units: 244,951	244,951
AMP Capital Investors Limited	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited	Fully Paid Ordinary Units: 30,923,502	30,923,502

	Cogent Nominees Pty Limited	Cogent Nominees Pty Limited	Fully Paid Ordinary Units: 10,870,040	10,870,040
	The Northern Trust Company	UNWRA - GLPS Equities	Fully Paid Ordinary Units: 102,162	102,162
	Citicorp Nominees Pty Limited	Stichting Pensionfonds Hoogovens	Fully Paid Ordinary Units: 335,315	335,315
	JP Morgan Nominees AustraliaLimited	Stichting Pensionfonds ABP	Fully Paid Ordinary Units: 2,114,053	2,114,053
	JP Morgan Nominees AustraliaLimited	QLD Local Government Superannuation Board	Fully Paid Ordinary Units: 391,005	391,005
	National Nominees Pty Limited	Government Employees Superannuation Board	Fully Paid Ordinary Units: 3,135,314	3,135,314
	National Nominees Pty Limited	Commonwealth Bank Officers Superannunation Corporation Pty Ltd as trustee for the Officers' Superannuation Fund	Fully Paid Ordinary Units: 1,217,843	1,217,843
AMP Capital Investors Australian Equity Long Short Fund	Cogent Nominees Pty Limited	AMP Capital Investors Limited	Fully Paid Ordinary Units: 878,295	878,295
AMP Capital Investors Limited as Responsible Entity of the Future Directions Enhanced Index Global Property Securities Fund	Cogent Nominees Pty Limited	AMP Capital Investors Limited	Fully Paid Ordinary Units: 1,676,054	1,676,054
AMP Capital Investors Limited in it's capacity as Responsible Entity of the Future Directions US Small Companies Fund (Axa Asia Ex-Japan)	Cogent Nominees Pty Limited	AMP Capital Investors Limited	Fully Paid Ordinary Units: 1,158,300	1,158,300
AMP Capital Investors Limited as Responsible Entity of the EFM Listed Property Fund 1	Cogent Nominees Pty Limited	AMP Capital Investors Limited	Fully Paid Ordinary Units: 5,136,683	5,136,683
AMP Capital Investors Limited as Responsible Entity of the EFM Australian Share Fund 7	Cogent Nominees Pty Limited	AMP Capital Investors Limited	Fully Paid Ordinary Units: 3,941,313	3,941,313
	Total: 131,017,634

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
AMP Capitial Investors Limited	18-Nov-2009 to 12-Mar-2010	$14,034,217.47	Fully Paid Ordinary Units 43,509,934
AMP Henderson Global Investors(NZ)Limited	26-Feb-2010 to 4-Mar-2010	$104,344.35	Fully Paid Ordinary Units 244,951
AMP Life Limited	18-Nov-2009 to 12-Mar-2010	$26,227,273.21	Fully Paid Ordinary Units 56,832,907
Cogent Nominees PtyLimited	18-Nov-2009 to 16-Dec-2009	$2,111,887.43	Fully Paid Ordinary Units 4,637,828
Cogent Nominees Pty Limited	18-Nov-2009 to 16-Dec-2009	$1,766,926.94	Fully Paid Ordinary Units 3,746,684
Commonwealth Bank Officers Superannunation Corporation Pty Ltd A/T for the Officers' Superannuation Fund.	18-Nov-2009 to 16-Dec-2009	$580,102.72	Fully Paid Ordinary Units 1,217,843
Government Employees Superannuation Board	18-Nov-2009 to 21-Dec-2009	$1,204,828.64	Fully Paid Ordinary Units 2,573,626
Queensland Local Government Superannuation Board	18-Nov-2009 to 16-Dec-2009	$256,914.90	Fully Paid Ordinary Units 542,125
StichtingPensioenfolds - ABP	17-Nov-2009 to 16-Dec-2009	$1,784,316.91	Fully Paid Ordinary Units 3,772,458
Stichting Pensioenfolds Hoogovens	19-Nov-2009 to 16-Dec-2009	$268,721.13	Fully Paid Ordinary Units 568,450

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
AMP Capital Investors (NZ) Limited	City Tower, 95 Custom House Quay, Wellington, N.Z.
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
Government Employee Superannuation Board	PO Box J755, Perth WA 6842
Henderson Global Investors Limited	3 Finsbury Ave, London EC2M 2PA, United Kingdom
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
The Northern Trust Company	80 Raffles Place, #46-00 UOB Plaza 1 Singapore 048625

This Initial Substantial Holder Notice (ASIC Form 603) comprises 3 page/s in total.