AMP CAPITAL ETHICAL LEADERS BALANCED FUND HOLDINGS AS AT 31 DECEMBER 2019 The AMP Capital Ethical Leaders (previously Responsible Investment Leaders) Fund range has a very clear mission – to invest for the long term while making the world a better place. We do this by including companies we believe demonstrate a positive impact on environmental, social and governance (ESG) issues. It also means ruling out companies making significant money – more than 10% of their revenue – from industries we believe have a negative impact.

You may see some stocks on this list that, at first glance, appear at odds with our mission. That’s because investing is not always black and white. We work tirelessly to weigh up the consequences of every investment decision we make and are often faced with investing in the lesser of two evils, rather than simply between good and evil. We therefore include some companies in our portfolios that we believe are at the better end of the spectrum in terms of their ESG impact, rather than excluding them altogether. Additionally, by securing a ‘seat at the table’ of these companies, we have an opportunity to lobby for and influence reform in their policies and practices.

As an example, our approach to energy resources shows where we might face this conundrum. Though we apply our 10% threshold rule, and do not invest in companies that facilitate intensive fossil fuel emissions, we also acknowledge that at this stage it is not practical to completely divest from all oil and gas companies. So, while we continue to ramp up our investment in companies that support the transition to renewables, we may invest in some energy and resource companies from time to time.

Furthermore, by meeting with executive and boards of the companies we invest in, we can ask them to do things differently on our clients’ behalf. We can ask banks to improve their responsible lending standards and ask retailers to publish their supply chains and pay factory workers a living wage.

We believe these approaches provide the most practical and effective way of facilitating change and help ensure we make the most positive impact wherever we can.

Australian Shares A2 MILK COMPANY LTD ALS LIMITED LTD LTD APA GROUP APPEN LIMITED ARB CORPORATION ASX LTD AUSNET SERVICES LTD & BNKING GRP LTD LTD BANK OF LTD LTD LTD BENDIGO AND ADELAIDE BANK LTD BHP GROUP LTD LIMITED LTD BLUESCOPE STEEL LTD LTD BRAMBLES LTD BRAVURA SOLUTIONS LTD NEW LTD BWP TRUST CALTEX AUSTRALIA LTD .COM LTD CHARTER HALL GROUP CHARTER HALL RETAIL REIT CHORUS LTD WASTE MANAGEMENT LTD CLINUVEL PHARMACEUTICALS LTD

COCHLEAR LTD LTD OF AUSTRALIA LTD CORPORATE TRAVEL MANAGEMENT LTD CSL LTD CSR LTD DOMAIN HOLDINGS AUSTRALIA PTY LTD DOWNER EDI LTD ELDERS LTD EML PAYMENTS LTD ESTIA HEALTH LIMITED LTD FISHER & PAYKEL HEALTHCARE CORP LTD LTD TRAVEL GROUP LTD LTD G8 EDUCATION LTD PTY LTD GPT GROUP GROWTHPOINT PROPERTIES AUSTRALIA LTD GUD HOLDINGS LTD GWA GROUP LTD HEALIUS LTD HUB24 LTD IDP EDUCATION LIMITED LTD LTD INDEPENDENCE GROUP NL INGENIA COMMUNITIES GROUP INSURANCE AUSTRALIA GROUP LTD INVOCARE LTD IPH LIMITED IRESS LIMITED PLC GROUP PLC JB HI-FI LTD GROUP LINK ADMINISTRATION HOLDINGS LIMITED CORPORATION LTD LTD MAGELLAN FINANCIAL GROUP LTD MAYNE PHARMA GROUP LTD MCMILLAN SHAKESPEARE LTD PRIVATE LIMITED GROUP MONADELPHOUS GROUP LTD NANOSONICS LTD LTD REIT NEARMAP LTD NETWEALTH GROUP LTD NEXTDC LTD NIB HOLDINGS LTD NORTHERN STAR RESOURCES LTD NRW HOLDINGS LTD LTD OOH MEDIA LIMITED LTD

ORIGIN ENERGY LTD ORORA LTD OZ MINERALS LTD PENDAL GROUP LTD PERPETUAL LTD PINNACLE GRP LTD PLATINUM INVESTMENT MANAGEMENT LTD POLYNOVO LIMITED PREMIER INVESTMENTS LTD PRO MEDICUS LTD AIRWAYS LTD QBE INSURANCE GROUP LTD LTD REA GROUP LTD RELIANCE WORLDWIDE CORPORATION LIMITED RESMED INC LIMITED SANDFIRE RESOURCES NL SANTOS LTD SCA PROPERTY GROUP SEEK LTD SERVICE STREAM LIMITED LTD LTD SMARTGROUP CORPORATION LTD LTD SOUTHERN CROSS MEDIA GROUP LTD GROUP LTD STEADFAST GROUP LIMITED CORPORATION LTD LTD LIMITED AIRPORT HOLDINGS PTY LTD GROUP LTD TECHNOLOGYONE LTD CORPORATION LTD TPG TELECOM LTD GROUP UNIBAIL-RODAMCO-WESTFIELD VIRGIN MONEY UK PLC LTD LTD LTD WESTERN AREAS LIMITED BANKING CORP WISETECH GLOBAL LIMITED LTD LTD LTD

International Shares 3M CO 58.COM INC ABBVIE INC ABU DHABI NATIONAL OIL COMPANY ACCOR SA ACTIVISION BLIZZARD INC ADCOCK INGRAM HOLDINGS LTD ADVANCED INFO SERVICE PCL ADVANTECH CO LTD AIA GROUP LTD AIR LTD AIR FRANCE KLM SA AKAMAI TECHNOLOGIES INC AKER BP ASA ALIBABA GROUP HOLDING ALLEGION PLC ALLIANZ SE ALLSTATE CORP ALPHABET INC AMADEUS IT GROUP SA .COM INC AMERICAN EXPRESS CO AMERICAN TOWER CORP AMERISOURCEBERGEN CORP AON PLC AP MOELLER - MAERSK A/S APPEN LIMITED APPLE INC ASML HOLDING NV ASSOCIATED BRITISH FOODS PLC ATACADAO SA ATLAS COPCO AB AUTO TRADER GROUP PLC AUTOZONE INC AVI LTD AXIS CAPITAL HOLDINGS LTD AYALA CORP BANCO DO BRASIL SA BANCOLOMBIA SA BANDAI NAMCO HOLDINGS INC BANGKOK BANK PCL BANK CENTRAL TBK PT BANK NEGARA INDONESIA BANK OF AMERICA CORPORATION BANK OF NANJING CO LTD BANK OF THE PHILIPPINE ISLANDS BANK RAKYAT INDONESIA (PERSERO) TBK PT BAOSHAN IRON & STEEL CO LTD BAUSCH HEALTH COMPANIES INC BERKSHIRE HATHAWAY INC BID CORPORATION LIMITED BIM BIRLESIK MAGAZALAR AS BIOGEN INC BNP PARIBAS SA BOOZ ALLEN HAMILTON HOLDING CORP BORGWARNER INC BP PLC BRAC BANK LTD BRAMBLES LTD BRENNTAG AG BRISTOL-MYERS SQUIBB CO

BROADCOM INC BRP INC BURLINGTON STORES C.H. ROBINSON WORLDWIDE INC CADENCE DESIGN SYSTEMS INC CAPGEMINI SE CARDINAL HEALTH INC CDK GLOBAL CDW CORP CERNER CORP CGI INC CHEVRON CORP CHIBA BANK LTD CHINA CONSTRUCTION BANK CORP CHINA FEIHE LTD CHINA LIFE INSURANCE CO LTD CHINA MERCHANTS BANK CO LTD CHINA OVERSEAS LAND & INVESTMENT LTD CHINA RESOURCES GAS GROUP LTD CHINA RESOURCES LAND LTD CHINA UNICOM LTD CHROMA ATE INC CIA TRANSMISSAO ENER ELETR PAULISTA CIGNA CORP CINEWORLD GROUP PLC CISCO SYSTEMS INC CITIGROUP INC CITIZENS FINANCIAL GROUP INC CK ASSET HOLDINGS CLICKS GROUP LTD COCA-COLA CO COLGATE-PALMOLIVE CO COLOPLAST A/S COMCAST CORP COMERICA INC CONOCOPHILLIPS CONSTELLATION SOFTWARE INC COPART INC CORTEVA INC COVESTRO AG CRH CSPC PHARMACEUTICAL GROUP LTD CTS EVENTIM AG & CO KGAA CVS HEALTH CORP DABUR LTD DAI-ICHI LIFE HOLD DAIWA HOUSE INDUSTRY CO LTD DBS GROUP HOLDINGS LTD DELTA AIR LINES INC DELTA ELECTRONICS INC DEUTSCHE LUFTHANSA AG DIALOG SEMICONDUCTOR PLC DIAMONDBACK ENERGY INC DIRECT LINE INSURANCE GROUP PLC DOVER CORP DR LAL PATHLABS LTD DUNELM GROUP PLC DUPONT DE NEMOURS INC EAST RAILWAY CO EATON CORP PLC ECOLAB INC EDISON INTERNATIONAL

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JERONIMO MARTINS SGPS SA JIANGSU EXPRESSWAY CO LTD JOHNSON & JOHNSON JOHNSON ELECTRIC HOLDINGS LTD JUMBO SA KAKAKU.COM INC KAKAO CORP KANSAS CITY SOUTHERN KASIKORNBANK PCL KAZ MINERALS PLC KB FINANCIAL GROUP INC KERRY PROPERTIES LTD KEYENCE CORP KEYSIGHT TECHNOLOGIES KIMBERLY-CLARK DE MEXICO SAB DE CV KIRKLAND LAKE GOLD LTD KOHYOUNG TECHNOLOGY KOITO MANUFACTURING CO LTD KONINKLIJKE PHILIPS NV KOTAK MAHINDRA BANK LTD KT CORP LABORATORY CORPORATION OF AMERICA HLDS LAMB WESTON HOLDINGS INC LEAR CORP LEGAL & GENERAL GROUP PLC LENNAR CORP LG UPLUS CORP LI NING CO LTD LILLY ELI & CO LINK REAL ESTATE LLOYDS BANKING GROUP PLC LONGFOR GROUP HOLDINGS LTD LPL FINANCIAL HOLDINGS INC LULULEMON ATHLETICA INC M DIAS BRANCO SA IND E COM DE ALIME MAHANAGAR GAS LTD MAHINDRA AND MAHINDRA LTD MAHINDRA LOGISTICS LIMITED MARATHON PETROLEUM CORP MARCUS CORP MARICO LTD MASTEC INC MATCH GROUP INC MCKESSON CORP MEDTRONIC PLC MERCER INTERNATIONAL INC MERCK & CO INC MICHELIN (CGDE) MICRON TECHNOLOGY INC MICROSOFT CORP MITSUBISHI ESTATE CO LTD MITSUBISHI UFJ FINANCIAL GROUP INC MOL HUNGARIAN OIL & GAS PLC MOSAIC CO MS&AD INSURANCE GROUP HOLDINGS INC MSCI INC MTN GROUP LTD MTU AERO ENGINES AG NASPERS NESTLE FOOD NIGERIA PL NESTLE SA NETEASE INC

NEWMONT CORP NEXSTAR MEDIA GROUP INC NEXT PLC NIKE INC NINTENDO CO LTD NIPPON TELEGRAPH AND TELEPHONE CORP NK LUKOIL PAO NOMAD FOODS LTD NORTHLAND POWER INC NOVARTIS AG NOVATEK MICROELECTRONICS CORP NOVO NORDISK A/S NTT DOCOMO INC NUTRIEN LTD NVIDIA CORP NXP SEMICONDUCTORS NV ODONTOPREV SA OLD MUTUAL LTD OMV AG ORACLE CORP ORIX CORP OTP BANK PLC OWENS CORNING PAREX RESOURCES INC PAYCOM SOFTWARE INC PEPSICO INC PERSIMMON PERUSAHAAN GAS NEGARA (PERSERO) TBK PT PETROLEO BRASILEIRO SA PETROBRAS PEUGEOT SA PHILIPPINE SEVEN CORP PIGEON CORP PING AN INSURANCE GRP CO OF CHINA LTD POLY DEVELOPMENTS AND HOLDINGS GROUP POLYMETAL INTERNATIONAL PLC POSTE ITALIANE GROUP POWSZECHNA KASA OSZCZEDNOSCI BANK PRESIDENT CHAIN STORE PROCTER & GAMBLE CO PULTEGROUP INC QANTAS AIRWAYS LTD QUALCOMM INC RADIAN GROUP INC RAIA DROGASIL SA REGIONS FINANCIAL CORP RELX PLC REMGRO LTD REPSOL SA INTERNATIONAL INC RICHTER GEDEON VEGYESZETI GYAR NYRT RIO TINTO LIMITED RMB HOLDINGS LTD ROCHE HOLDING AG ROSS STORES INC ROYAL BANK OF SCOTLAND GROUP PLC ROYAL CARIBBEAN CRUISES LTD ROYAL DUTCH SHELL PLC S&P GLOBAL INC SAMPO PLC SAMSUNG ELECTRONICS CO LTD SAMSUNG LIFE INSURANCE CO LTD SAMSUNG SDS CO LTD

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SPIRIT REALTY CAPITAL INC STORE CAPITAL CORP SUN COMMUNITIES INC SWIRE PROPERTIES LTD TAUBMAN CENTERS INC TERRENO REALTY CORP TOKYU REIT INC UDR INC UNIBAIL-RODAMCO-WESTFIELD UNITE GROUP PLC/THE UNITED URBAN INVESTMENT CORP VENTAS INC VEREIT INC VICI PROPERTIES INC VONOVIA SE VORNADO REALTY TRUST WAREHOUSES DE PAUW CVA WELLTOWER INC WHARF REAL ESTATE INVESTMENT CO LTD WIHLBORGS FASTIGHETER AB WP CAREY INC

Fixed Income ABBVIE INC ABN AMRO BANK NV ACE CAPITAL TRUST II ACE INA HOLDINGS INC ACTIVISION BLIZZARD INC AERCAP IRELAND CAPITAL LTD AGILENT TECHNOLOGIES INC AIB GROUP PLC ALEXANDRIA REAL ESTATE EQUITIES INC ALLIANZ SE ALLSTATE CORP AMAZON.COM INC AMERICAN TOWER CORP AMERICAN WATER CAPITAL CORP AMERISOURCEBERGEN CORP AMGEN INC ANALOG DEVICES INC ANGLIAN WATER SERVICES FINANCING PLC AON CORP APACHE FINANCE CANADA CORP APPLE INC APPLIED MATERIALS INC AQUARIUS + INVESTMENTS PLC ASIAN DEVELOPMENT BANK SPA AT&T INC AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD AUSTRALIA, COMMONWEALTH OF (GOVERNMENT) AUSTRALIAN CAPITAL TERRITORY AUSTRALIAN GOVERNMENT 2.75 20350621 AVIATION CAPITAL GROUP CORP AVIVA PLC BAHIA SUL HOLDINGS GMBH BANCO SANTANDER SA BANK OF AMERICA CORP BANK OF NOVA SCOTIA LTD BANK OF TOKYO-MITSUBISHI UFJ LTD (SYDNEY BRANCH)

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FIBRIA OVERSEAS FINANCE LTD FIDELITY NATIONAL INFORMATION SERVICES INC FIRSTMAC BOND TRUST FMG RESOURCES (AUGUST 2006) PTY LTD FORD MOTOR CREDIT CO LLC FRESENIUS FINANCE IRELAND PLC GENERAL ELECTRIC CO GILEAD SCIENCES INC GLOBAL PAYMENTS INC GOLDMAN SACHS GROUP INC GROUPAMA SA HARTFORD FINANCIAL SERVICES GROUP INC HCP INC HEALTH CARE REIT INC HEATHROW FUNDING LTD HERTZ CORP HESS CORP HEWLETT PACKARD ENTERPRISE CO HJ HEINZ CO HONGKONG AND SHANGHAI BANKING CORP LTD (SYDNEY BRANCH) HOSPITALITY PROPERTIES TRUST HSBC HOLDINGS PLC HUMANA INC ILE-DE-FRANCE, REGION DE INDUSIND BANK LTD ING GROEP NV INGERSOLL-RAND GLOBAL HOLDING CO LTD INNOGY FINANCE BV INSTITUTO DE CREDITO OFICIAL INTEL CORP INTER-AMERICAN DEVELOPMENT BANK INTERNATIONAL BUSINESS MACHINES CORP INTERNATIONAL FINANCE CORP INTESA SANPAOLO SPA ITALY, REPUBLIC OF (GOVERNMENT) ITC HOLDINGS CORP JAB HOLDINGS BV JOHN DEERE CASH MANAGEMENT SA JPMORGAN CHASE & CO JPMORGAN CHASE BANK NA KBC GROEP NV KILROY REALTY LP KINDER MORGAN ENERGY PARTNERS LP KLA-TENCOR CORP KONINKLIJKE PHILIPS ELECTRONICS NV LABORATORY CORP OF AMERICA HLDG LAM RESEARCH CORP LANDESBANK BADEN WURTTEMBERG LLOYDS BANKING GROUP PLC LYB INTERNATIONAL FINANCE II BV MACQUARIE BANK LTD MARATHON OIL CORP MARATHON PETROLEUM CORP MASTERCARD INC MCKESSON CORP MEDALLION TRUST SERIES 2013-2 MEDTRONIC GLOBAL HOLDINGS SCA MERCK & CO INC METLIFE CAPITAL TRUST IV METLIFE INC MITSUBISHI UFJ FINANCIAL GROUP INC MOLEX ELECTRONIC TECHNOLOGIES LLC

MOODY''S CORP MORGAN STANLEY MOSAIC CO NATIONAL AUSTRALIA BANK LTD NATIONAL BANK OF ABU DHABI PJSC NATIONAL GRID GAS FINANCE NO 1 PLC NATIONWIDE BUILDING SOCIETY NATIONWIDE FINANCIAL SERVICES INC NATIONWIDE MUTUAL INSURANCE CO NEDERLANDSE WATERSCHAPSBANK NV NESTLE HOLDINGS INC NETHERLANDS, KINGDOM OF (GOVERNMENT) TREASURY CORP NISOURCE INC NISSAN FINANCIAL SERVICES AUSTRALIA PTY LTD NOBLE ENERGY INC NORDEA BANK ABP NORTHERN TERRITORY TREASURY CORP NSTAR ELECTRIC CO NUTRIEN LTD OESTERREICHISCHE ELEKTRIZITAETSWIRTSCHAFTS AG ONEOK PARTNERS LP ONTARIO, PROVINCE OF ORACLE CORP ORANGE SA OVERSEA CHINESE BANKING CORP LTD (SYDNEY BRANCH) OWENS CORNING PAPREC HOLDING SA PARKER HANNIFIN CORP PEACHTREE CORNERS FUNDING TRUST PENSKE TRUCK LEASING CO LP PFIZER INC PHILLIPS 66 PPL CAPITAL FUNDING INC PRICELINE.COM INC PROLOGIS INTERNATIONAL FUNDING II SA PRUDENTIAL FINANCIAL INC PULTE HOMES INC QUEBEC, PROVINCE OF QUEENSLAND TREASURY CORP QUESTAR MARKET RESOURCES INC QWEST CORP RABOBANK NEDERLAND (AUSTRALIA BRANCH) RABOBANK NEDERLAND NV REED ELSEVIER CAPITAL INC RESEAU FERRE DE FRANCE RESIMAC ROYAL BANK OF CANADA (AUSTRALIA BRANCH) ROYAL BANK OF SCOTLAND GROUP PLC RYDER SYSTEM INC SABINE PASS LIQUEFACTION LLC SANTANDER HOLDINGS USA INC SANTANDER UK PLC SCHLUMBERGER HOLDINGS CORP SCOTTISH HYDRO ELECTRIC TRANSMISSION LTD SEAGATE HDD CAYMAN SECURITISED AUSTRALIAN MORTGAG SEMPRA ENERGY MEXICO S DE RL DE CV SHINHAN BANK SHINHAN FINANCIAL GROUP CO LTD SIEMENS FINANCIERINGSMAATSCHAPPIJ NV SIMON INTERNATIONAL FINANCE SCA

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Direct Property LENDLEASE - AUSTRALIAN PRIME PROPERTY RETAIL FUND INVESTA PROPERTY GROUP STAPLED SECURITIES GPT SHOPPING CENTRE FUND GPT WHOLESALE OFFICE FUND

Direct Infrastructure AMP CAPITAL COMMUNITY INFRASTRUCTURE FUND

Growth Alternatives ANGELENO INVESTORS III L.P. NEW FOREST AUSTRALIAN AND NEW ZEALAND FOREST FUND

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