Executive summary

Actively driving – Underlying profit of A$491m, up 9% on 2H 11; net profit of A$383m, up 12% on 2H 11, reflecting resilient earnings growth business operations, strong cost control and delivery of integration synergies and cost – Business strength evident in growth in planner numbers, continued good sales results in AFS’s discipline, while contemporary products and platforms and strong operating performance in AMP Capital – investing in new Ongoing cost discipline, with controllable costs down 5% on 2H 11 growth – Integration exceeding expectations; synergy target upgraded to A$150m post tax opportunities – Business responding well to regulatory change and capitalising on market changes, including positioning in SMSF sector and strategic business and capital alliance with MUTB 1 – Strengthened capital position, with over A$2b in surplus capital above minimum regulatory requirements, up from A$1.5b at 31 December 2011; well positioned to meet new capital standards

Note: In most instances 2H 11 has been used as the most appropriate prior period comparison, as both 1H 12 and 2H 11 include full six months of . Section 1 1. On 1 March 2012, MUTB acquired a 15% minority interest in AMP Capital Holdings Ltd for A$425m. 2012 half year results | Page 2 Group overview Section 2 Group overview – key performance measures

Interim dividend of 1H 12 2H 11 1H 11 12.5 cps, 55% Underlying profit A$491m A$450m A$459m 1 franked; payout Growth measures ratio 73% of AFS net cashflows 2 A$301m (A$675m) A$94m underlying profit Total retail on AMP platforms A$734m A$240m A$487m Total Aust Contemporary Wealth Mngmt A$647m (A$326m) A$464m AMP Capital external net cashflows 2 (A$1,345m) (A$795m) (A$371m) AFS value of risk new business 3 A$112m A$121m A$94m Investment performance 4 80% 69% 48% 5 Underlying return on equity 13.5% 12.9% 18.2% 1

1. 1H 11 underlying profit and RoE include only three months of AXA from 31 March 2011. 2. All cashflow comparatives include AXA for full six months. 3. Represents value of new business for AFS’s Australian and risk businesses, including a restated six- month contribution from AXA in 1H 11. 4. Investment performance is on a three-year rolling basis, as this is the basis on which our investment professionals are remunerated. One year, three year and five year investment performances are shown on p34 of the 1H 12 Investor Report. Section 2 5. Excludes AXA Investment Managers. 2012 half year results | Page 4 Group overview – 1H 12 profit summary

A$m 1H 12 2H 11 1H 11 1 AFS Contemporary Wealth Management 164 151 171 AFS Contemporary Wealth Protection 134 107 108 AFS Mature 76 77 76 AFS New Zealand 38 43 33 AMP Capital 45 2 38 45 BU operating earnings 457 416 433 Group office costs (31) (31) (26) Total operating earnings 426 385 407 Underlying investment income 113 100 83 Interest expense on corporate debt (48) (43) (39) AMP Limited tax loss recognition - 8 8 Underlying profit 491 450 459 Market adjustment 3 12 8 8 Other items 4 10 21 (17) Profit after income tax before AXA merger adjustments and 513 479 450 accounting mismatches AXA merger costs and accounting mismatches 5 (130) (137) (104) Net profit attributable to shareholders of AMP Limited 383 342 346

Net profit attributable to shareholders of AMP Limited has been prepared in accordance with Australian accounting standards. 1. 1H 11 includes only three months of AXA from 31 March 2011. 2. AMP Capital’s total operating earnings for 1H 12 are A$51m. This A$45m represents AMP Ltd’s 85% interest. MUTB owns the remaining 15%. See p29 of 1H 12 Investor Report for more details. 3. Includes market adjustments for investment income, annuity fair value and risk products. 4. Other items includes a provision for FoFA, Stronger Super and other regulatory costs; see slides 14 & 31, and p7 of Section 2 1H 12 Investor Report for more detail. 5. For more detail see chart 14. 2012 half year results | Page 5 Group overview – major drivers of underlying profit

520 Business 8 initiatives driving 15 (6) increase in 500 8 (8) 491 underlying profit (7) 8 480 23

460 450

440 A$m

420

400 2H 11 Controllable Volumes, AMP Capital Capitalised Underlying MUTB minority AMP tax loss Other 1H 12 underlying costs¹ primarily risk performance loss reversals² investment interest recognition underlying profit fees income, net of profit corporate debt

1. A$23m includes A$15m of merger cost synergies. 2. Reflects management actions on pricing to improve profitability of risk book; reflected in reversal of capitalised losses. Section 2

2012 half year results | Page 6 Business lines Section 3 AMP Financial Services – overview

Tight cost control Key performance measures 1H 12 2H 11 Change and re-pricing Operating earnings (A$m) initiatives in risk Australian contemporary wealth management 164 151 +9% insurance drove Australian contemporary wealth protection 134 107 +25% higher operating earnings Australian mature 76 77 -1% New Zealand 38 43 -12% Controllable costs (A$m) 463 489 -5% CWM investment-related revenue to AUM (bps) 124 126 -2 bps

AFS operating earnings of A$412m, up 9% on 2H 11, as a result of – more competitive business platform – strong, growing planner base and high quality, contemporary product set – growth in contemporary cashflows – management initiatives to improve profitability of risk insurance book, including better claims experience – strong cost performance reflecting cost synergies, ongoing cost control and seasonally lower first half costs relative to second half

Little change in CWM margins reflecting minimal churn across book – CWM margins down 2bps from 2H 11 to 124 bps as change in product and fee mix partly offset by higher corporate superannuation profits – AMP expects margin compression on investment-related revenue to AUM of 3.5% - 4.5% pa (excluding SMSF) over MySuper implementation period to 2017 – compression more likely at higher end of range post 2014 Section 3

2012 half year results | Page 8 AFS – net cashflows

Contemporary Net cashflows summary (A$m) 1 1H 12 2H 11 1H 11 products and AMP Flexible Super 1,289 1,526 1,474 platforms North 636 507 209 attracting 2 SMSF 414 120 82 improved flows in More traditional products and platforms 3 (1,605) (1,913) (1,278) a challenging market Total retail on AMP platforms 734 240 487 Total corporate superannuation 262 37 400 External platforms (349) (603) (423) Total Australian contemporary wealth 647 (326) 464 management Total Australian Wealth Protection and Mature (397) (507) (456) New Zealand 51 158 86 TOTAL AFS NET CASHFLOWS 301 (675) 94

Bank deposits (Supercash, Super and 804 1,142 263 Platform TDs) Bank deposits (retail) 626 478 498

1. Cashflow numbers for all three periods include full six months of AXA. 2. Includes Multiport and Super IQ. Section 3 3. Includes Summit, Generations, Synergy, closed AMP Flexible Lifetime Super range and retail investment products. 2012 half year results | Page 9 1.0 AFS – strong and growing adviser force

Change Dec-11 to Australian planner Jun-12 Dec-11 Jun-11 Jun-12 numbers have AMP Financial Planning 1,724 1,653 1,566 71 grown 7% since Hillross 320 318 277 2 1H 11, including AMP Financial Planners 2,044 1,971 1,843 73 Futuro acquisition AXA/Charter Financial Planning 767 774 820 -7 Genesys Wealth Advisers 250 258 282 -8 ipac 144 140 127 4 Tynan Mackenzie 39 42 42 -3 Futuro Financial Services* 78 Jigsaw Support Services 252 242 233 10 AXA Financial Planners 1,530 1,456 1,504 74 Total 3,574 3,427 3,347 147 AMP New Zealand 310 325 308 -15 AXA New Zealand 375 379 360 -4 Total financial advisers 4,259 4,131 4,015 128

– 147 net new advisers have joined AMP’s Australian networks since January 2012 – 11 external practices elected to join AMP Financial Planning in 1H 12 – 48 advice professionals graduated from Horizons Academy in 1H 12

* In March 2012, AMP acquired a 10% stake in Futuro Financial Services; this stake is expected to rise to 100% over five Section 3 years. 2012 half year results | Page 10 AMP Capital – overview

Tight cost control Key performance measures (A$m) 1H 12 2H 11 Change and higher fee Operating earnings after minority interests 1 45 income drove Operating earnings including minority interests 51 38 +34% increase in Fee income 223 214 +4% operating earnings Performance and transaction fees 23 12 +A$11m Controllable costs 159 166 -4% AUM (A$b) 123 123 steady

Investment performance – % of funds at or exceeding +11 percentage 80% 69% benchmark three years to period end points

AMP Capital operating earnings of A$51m, up 34% on 2H 11, reflects: – higher internal management fees due to transfer of previously managed Alliance Bernstein funds in-house – higher performance and transaction fees (fees relating to the management of infrastructure funds are traditionally earned in first half) – higher seed pool income – tight cost management and integration synergy delivery

Cost to income ratio target of 60% to 65% by 1H 14²

1. This represents AMP Ltd’s 85% interest; MUTB owns the remaining 15% (from 1 March 2012). See p29 of 1H 12 Investor Report for more details. Section 3 2. AMP Capital’s 1H 12 cost to income ratio was 68.2%. 2012 half year results | Page 11 Financial overview Section 4 Financial overview – summary

A strong balance – Strong balance sheet with significant liquidity, undrawn facilities and low corporate gearing sheet means AMP – Maintaining tight control of cost base – Group-wide controllable costs down 5% on 2H 11 well positioned for – A$503m increase in total capital regulatory resources above minimum regulatory requirements in market volatility 1H 12 to A$2,046m and more onerous – Ongoing capital management initiatives to improve efficiency, reduce sensitivity to markets and provide capital standards capacity to manage a low interest rate environment – Implications of LAGIC well understood with an estimated impact on the life company statutory funds of around A$200m 1 – AMP expects the one off cost to the company of implementing the Future of Financial Advice, Stronger Super and other regulatory changes over the next 12 to 18 months to be in the range A$60m to A$75m 2 after tax, of which A$52m has been provisioned at 30 June 2012

.

1. Estimated impact had the new requirements applied at 30 June 2012. This could change with market movements. 2. Includes costs of FoFA, Stronger Super and other regulatory changes such as FATCA. The final costs may vary from this depending on final legislation and regulatory guidance, market practice and the future competitive Section 4 landscape. 2012 half year results | Page 13 Financial overview – key points on P&L

A$m 1H 12 2H 11 1H 11 1 Underlying profit 491 450 459 Market adjustment - investment income (1) (47) (3) Market adjustment - annuity fair value (10) (3) 16 Market adjustment - risk products 23 58 (5) Other items 10 21 (17) Regulatory change provision 52 Tax provision release² 51 Profit after income tax before AXA merger adjustments 513 479 450 and accounting mismatches M&A transaction costs 3 (2) (8) (34) AXA integration costs (71) (69) (36) Amortisation of AXA acquired intangible assets (50) (50) (25) Accounting mismatches (7) (10) (9) Net profit attributable to shareholders of AMP Limited 383 342 346

1. 1H 11 includes only three months of AXA from 31 March 2011. 2. Tax provisions released mainly due to the favourable resolution of Australian Tax Office activity. 3. 1H 12 and 2H 11 M&A transaction costs primarily relate to costs associated with the MUTB strategic business and Section 4 capital alliance, and sale of the GID business. See p42 of 1H 12 Investor Report for more detail. 2012 half year results | Page 14 Financial overview – maintaining tight control of costs

FY 12 costs 1H 12 Group-wide controllable costs of A$666m, down 5% on 2H 11 continue to track – 1H 12 AFS controllable costs of A$463m, down 5% on 2H 11 downwards in line – 1H 12 AMP Capital controllable costs of A$159m, down 4% on 2H 11 with guidance FY 12 Group-wide controllable costs expected to be between A$1,335m and A$1,350m*, as ongoing integration cost synergies in 2H 12 will offset: – seasonally higher second half costs – increased costs in AMP Capital, following transfer in-house of the Brookfield joint venture – higher costs in AMP Financial Services, following acquisition of The Cavendish Group

* In line with guidance that FY 12 controllable costs for the Group are expected to be 2-3% lower than the pro forma FY 11 controllable costs. Section 4

2012 half year results | Page 15 Financial overview – balance sheet

1H 12 FY 11 Change Strong balance Shareholder equity A$7,554m A$7,014m A$540m sheet, little Total corporate subordinated debt A$879m A$879m No change change to Total corporate senior debt A$700m A$657m A$43m corporate gearing Total capital resources A$9,133m A$ 8,550 m A$ 583 m ratios and access to significant Debt metrics 1 liquidity Corporate gearing 11% 11% Interest cover (underlying) 11.2 times 12.1 times Group cash A$912m A$626m Undrawn facilities 2 A$500m A$1,500m

Total capital resources increased by A$583m to A$9,133m – Increase due to profits over the period, proceeds from the formation of the MUTB strategic business and capital alliance and additional share capital issued under the Dividend Reinvestment Plan Total corporate debt increased by A$43m to A$1,579m – A$500m of the syndicated loan drawn in February 2012 to refinance the A$398m Euro medium- term notes in June 2012 and A$59m outstanding commercial paper. This pre-funding has had a slightly negative impact on the interest cover (underlying) ratio in 1H 12 – AMP Group has no further corporate debt maturities for 18 months 3

At 30 June 2012 AMP had access to significant liquidity through group cash of A$912m and undrawn facilities of A$500m – A$500m of the syndicated loan was drawn during the period – A$500m of bilateral facilities were terminated during the period due to these being surplus to requirements

1. Based on S&P methodology. 2. Undrawn syndicated loan at 30 June 2012. Section 4 3. For further details on AMP’s debt overview, see p40 of the 1H 12 Investor Report. 2012 half year results | Page 16 Financial overview – AMP’s capital position

1H 12 FY 11 Change A$m Regulatory capital resources above Total capital resources 9,133 8,550 583 MRR up by Intangibles (3,809) (3,841) 32 A$503m on FY 11 Tangible capital resources 5,324 4,709 615 Senior debt (700) (657) (43) Other deductions (19) - (19) Regulatory capital resources 4,605 4,052 553 Shareholder minimum regulatory capital requirements (MRR) 3,221 3,062 159

Shareholder regulatory capital resources above MRR 1,384 990 394

Participating policyholder capital resources above MRR 662 553 109

Total regulatory capital resources above MRR 2,046 1,543 503

Total regulatory capital resources above MRR increased by A$503m to A$2,046m, driven by: – A$553m increase in regulatory capital resources primarily due to profits over the period, proceeds from the formation of the MUTB strategic business and capital alliance and additional share capital issued under the Dividend Reinvestment Plan 1 – offset by a A$159m increase in shareholder MRR due to market impacts (A$85m increase), growth in risk business (A$53m increase), growth in AMP Bank (A$35m increase), net of capital efficiencies (A$61m reduction) – net impact on shareholder regulatory capital resources above MRR an increase of A$394m – participating policyholder capital resources above MRR increased by A$109m, primarily driven by lower future mortality assumptions for AMP Life’s participating conventional products

1. During 1H 12 AMP also changed the estimated rates for discounting defined benefit plan liabilities from using market yields on Commonwealth Government bonds to those on State Government bonds. This resulted in a decrease in the Section 4 Australian defined benefit plan liabilities of A$95m after tax . See p37 in 1H 12 Investor Report for more detail. 2012 half year results | Page 17 Financial overview – derivative protection

AMP continues to AMP has a dynamic capital management framework to protect its regulatory capital position under actively manage various scenarios, using both strategic and tactical methodologies its capital position Capital initiatives undertaken during 1H 12 – Increase in the tactical downside equity protection backing AMP Life’s guaranteed business, now covering about A$2.5b of listed equities – Restructuring of A$1b of protection against falling bond yields through using bond futures and interest rate swaps to increase the duration of the A$6.5b fixed interest portfolios supporting AMP Life’s participating business by 2 years – Maintenance of the remaining A$1.7b to protect against falling bond yields within AMP Life’s mature book – Lengthening of maturity dates for both down-side equity protection and tactical interest rate protection across 2012

In addition, there are a number of long-term protection strategies in place within both AMP Life and NMLA which reduce sensitivities to equity markets and interest rates – these include strategies involving: – equity options and futures relating to A$5.4b in policyholder equity portfolios – interest rate options, futures and swaps

Section 4

2012 half year results | Page 18 Financial overview – sensitivity to markets

Sensitivity of Capital sensitivities – regulatory 1H 12 FY 11 Change capital position to capital resources above MRR market (A$m) movements well Actual surplus 2,046 1,543 +503 understood and Impact of 20% decrease in equity (250) (400) Reduced actively managed values (ASX 200: 3,276) Impact of 100bps decrease in bond (130) (280) Reduced yields (bond yield: 2.1%)

Impact of 10% decrease in unlisted (160) (160) Steady property values

These sensitivities are point in time and do not make any allowance for subsequent management actions.

Section 4

2012 half year results | Page 19 Financial overview – regulatory capital reviews update

AMP expects APRA is currently implementing new capital standards for life and general insurers (LAGIC) LAGIC to reduce – A number of final prudential standards were issued in May 2012, with the remaining final prudential shareholder standards due by October 2012. These changes will be implemented on 1 January 2013 surplus above – Had the revised capital standards applied at 30 June, the impact of moving to these standards would have MRR by around reduced the combined shareholder surplus above minimum requirements for the statutory funds of AMP A$200m Life and NMLA by around A$200m 1 – AMP is able to manage this expected increase through a strengthened capital position, built in anticipation of these capital changes – Impact is primarily driven by increased requirements relating to asset stresses, operational risk, treatment of excess policyholder capital and treatment of deferred tax assets; this is partially offset by a reduction in insurance risk capital – These revised prudential standards also impact the North guarantee product and the Life company shareholder funds, but the overall impact of the changes on North and the Life company statutory funds is expected to be offset by management actions which are currently being progressed for implementation during the second half of 2012 – LAGIC introduces Common Equity Tier 1 (CET1), Tier 1 and Tier 2 definitions to life insurers. AMP has no hybrid instruments or subordinated debt within its life insurance businesses

1. This impact could change with market movements. Section 4

2012 half year results | Page 20 Financial overview – regulatory capital reviews update

AMP has confirmed APRA is also developing a supervision framework for conglomerate groups (Conglomerate) transitional – Implementation deferred until 1 January 2014, with no changes to existing supervision until that date; arrangements for all draft standards are expected to be available in Q4 2012 at the earliest existing Tier 2 – APRA is yet to confirm how LAGIC requirements will affect the Conglomerate proposals instruments with – AMP is currently engaging with APRA on Conglomerate proposals APRA – AMP has confirmed with APRA that Tier 2 capital held at the Group level will continue to be 100% recognised as eligible capital under the revised standards until the earlier of each relevant instrument’s first call date or March 2016

A number of other regulatory capital reviews are currently underway, or have recently completed – ASIC completed its review of financial requirements for responsible entities (RE), with changes to be effective from 1 November 2012 – These changes are expected to increase capital requirements by A$70m 1; AMP expects to reduce this impact over time – Reserve Bank of New Zealand has completed new solvency standards for NZ life insurers. AMP has been confirmed as exempt on the basis of its compliance with Australian capital standards – APRA’s implementation of Basel III will be begin from 1 January 2013 – New APRA prudential standards for superannuation funds expected to commence 1 July 2013

1. Calculations based on ASIC’s final standard in relation to RE financial requirements, where capital Section 4 requirements are based on a percentage of revenue. 2012 half year results | Page 21 Financial overview – interim 2012 dividend

Interim dividend of Interim dividend of 12.5 cents per share, franked to 55%, representing a payout ratio of 73% of 12.5 cents per underlying profits share, franked to – Target payout policy of 70% to 80% of underlying profit 55% – Given ongoing market volatility and continued growth in demand for more capital intensive products, dividend has been struck at lower end of target payout range

DRP discount to be maintained at 1.5% – DRP discount at 1.5% remains in place to fund costs of integration and regulatory change, with new shares being issued

Section 4

2012 half year results | Page 22 AXA integration Section 5 Integration continues to exceed expectations

Integration Integration achieving all key objectives program on track 1. Maintaining business momentum while bringing the two companies together to complete six – Integration program delivery accelerating, while all key business stability indicators remain well within months earlier expected range, including planner retention rates and customer satisfaction metrics than planned – 16% of integration projects now completed; a total of 64% scheduled to complete in 2H 12 – A$7b in AUM from Alliance Bernstein transferred to AMP Capital Investors – First major product rationalistion completed with A$320m AUM in AXA National Preservation Trust consolidated with AMP’s Eligible Rollover Fund

2. Sharpening competitive edge by delivering synergies and drawing on competitive strengths of both organisations – Synergy target increased to A$150m post tax from A$140m post tax reflecting higher than expected planner retention – Successful integration of AXA product administration systems into AMP’s enterprise data warehouse enabling single client view and underpinning stronger customer and adviser service – Enhanced common planner relationship management tool implemented across AMP’s adviser networks – Significant infrastructure built in 1H 12 to enable delivery of common systems across the business in 2H 12, including common planner portals

3. Building stronger growth platform than either company had previously – A$190m in cash inflows to North from AMPFP and Hillross networks since full rollout in March 2012 – A$12m in cash inflows to Flexible Super from FAN network since full rollout in March 2012 – A$426m in active Bank term deposits on North and Summit platforms

Section 5

2012 half year results | Page 24 Higher synergy target; delivery tracking ahead of plan

– A$14m of expected revenue attrition upgraded to only A$4m, increasing overall synergies by A$10m – A$82m (post tax) in cumulative annualised run-rate synergies achieved at end 1H 12 – Revenue synergies of A$10m+ (annual run rate) delivered; including through transfer of funds from Focus of future Alliance Bernstein to AMP Capital reporting will be – No change to estimated project spend of A$310m post tax on cost synergy Expected timing of delivery Expected mix of net 1H 11 target Upgraded target integration spend synergies A$m post tax A$m post tax (one-off) Cost synergies 144 144 FY 11 – 33% Revenue benefits (eg in-house 10 10 – annual run- FY 12 – 55% asset management) rate delivered Revenue attrition (eg planner (14) (4) recognised FY 13 – 11% attrition) Total 140 150 FY 14 – 1%

Timing of net A$m annual run rate A$m realised in P&L synergy delivery¹ (cumulative) in each specific reporting (post tax) (actual & estimated) 2 period 30 June 11 – Actual 18 1H 11 - 3 31 December 11 – Actual 55 FY 11 - 25 30 June 12 – Actual 82 1H 12 – 20 3 31 December 12 - Estimate 98 (Estimate at FY 11) (93) 31 December 13 - Estimate 138 30 June 14 - Estimate 150 1. Synergies are emerging faster than originally expected. Synergy target has been increased from A$140m to A$150m reflecting higher than expected planner retention. 2. Based on current integration planning. Could vary in future to enable business flexibility to respond to changing business priorities and external markets. Section 5 3. Of the A$20m cost and revenue synergy benefits realised in 1H 12, A$11m has been attributed to AFS operating earnings, A$8m to AMP Capital and A$1m to Group Office . This allocation of synergies should not be seen as a guide for future synergies achieved by business units. 2012 half year results | Page 25 Integration program well into execution

Program 64% of integration 2011 2012 Program execution Mid-2014 projects will be established completed completed by year Current stage end Program execution accelerated in 1H 12 Major initiatives in 2H 12 delivering:  Completed organisation structure – Single institutional brand, with AXA brand to be  Generated A$200m+ additional sales rolling out largely withdrawn from market North products to FPAS planners and AMP – Strategic common planner registry Flexible Super to FAN advisers – Consolidation of two general ledgers into one  Migrated A$7b AUM from Alliance Bernstein to – Single customer document technology platform AMP Capital – Single group risk product  A$13b of ipac AUM and A$4b of AXA GI (NZ) – Significant property synergies through premises AUM migrated to AMP Capital consolidation in Melbourne  Appointed single custodian for all funds – Single employee sign-on system management to deliver scale benefit – Single HR system  Integrated AXA National Preservation Trust into AMP Eligible Rollover Fund  Transitioned majority of 170 AXA Financial Planning Practices to Charter Financial Planning – 54% opting for AMP endorsed brand  Consolidated management reporting  Continued harmonising systems and processes to underpin common operating environment – key product administration systems consolidated into AMP’s Enterprise Data Warehouse; common IT support, email and HR terms & conditions rolled out Section 5

2012 half year results | Page 26 AMP’s growth strategy: Section 6 sharpening competitive edge The new AMP – powerful competitive position

Scale and cost – Low cost manufacturer Market-leading efficiency – Integration creating new scale benefits and efficiency opportunities position in key – segments with Leading market share Leading independent wealth management company in Australia and NZ – AFS holds no.1 or 2 positions in key market segments* significant – Market leader in SMSF administration capabilities across the value chain Large customer base – More than 5 million customers – Above industry average share of 35-64 year olds – Around 360 external Australian and NZ institutional clients – 66 international clients – managing A$9b on their behalf

Broad domestic – Australia & NZ’s largest adviser force, recognised externally for quality and number of distribution footprint, CFPs growing offshore – 4,200+ aligned advisers – Established and growing network of relationships within IFA market (AMP Capital, North platform, AXA and AMP risk insurance) – merged AMP now largest provider of risk insurance products to IFAs in Australia – Building Japanese distribution footprint, similar in market reach to domestic presence – Expanding presence in Asia and Europe

Quality, contemporary, – Award-winning superannuation, banking and risk products diversified products, – Leading master trust, wrap and SMSF platforms platforms, investment – Internationally recognised infrastructure and property investment capabilities capabilities – 11 AMP Capital flagship funds ‘buy’-rated by majority of independent researchers and consultants

Trusted brand – Prominent institutional and retail brand; high recognition in domestic markets – Well regarded non-institutional advice brands (eg Hillross, Charter, ipac, Genesys)

* Source: Plan for Life 31 March 2012, QDS Retail & Wholesale and Corporate Super Master Funds Report. Section 6

2012 half year results | Page 28 Executing our strategy Delivering outstanding growth in business value through: Goal Progress Quality services and products – Launched new capabilities for Australian Fundamental Equities, as well as the Multi Building more that respond to the needs of Asset and Dynamic Asset Allocation funds competitive fast-growing customer – Equity Opportunities Fund rated AA, Concentrated Equities fund rated A by van Eyk company with segments – Flexible Super AUM almost A$6b; attracted 30,000 new customers in 1H 12 – North net cashflows up 25% on 2H 11; A$3b in AUM more – AMP Bank named 2012 Bank of the Year by Your Mortgage magazine opportunities to A professional aligned planner – Attracted 147 net new advisers to largest aligned/employed planner network in grow force, with above market growth Australia in 1H 12, including 78 from Futuro Financial Services and productivity – 48 new advisers graduated from Horizons Academy in 1H 12

A broader, more productive – Established new SMSF business unit to target fast-growing A$416b SMSF market; domestic distribution acquired Australia’s largest SMSF administrator, Cavendish footprint – AMP Capital/AXA/ipac products on over 50 external financial adviser (EFA) dealer groups’ approved products lists – AMP Capital/AXA/ipac products on more than 50 platforms and wraps

Pursuing targeted – Launched first new product through MUTB strategic business and capital alliance in international expansion of – Generated A$115m in new funds flow from international pension funds in Ireland, business US and Germany – Establishing a new Asian Equities team in – Scaled up AMP Capital’s listed real estate and infrastructure capability to bring global portfolio management inhouse, ending JV with Brookfield – AMP Capital awarded first mandate (global real estate trust portfolio) by ’s almost A$150b National Council for Social Security Fund (NCSSF)

Disciplined cost and capital – Reduced Group-wide costs by 5% through tight management and synergy delivery management – of capital position strengthening balance sheet – A$2b surplus above MRR, up by A$503m on FY 11 – Well prepared for regulatory change Section 6

2012 half year results | Page 29 Positioning the business for the future – SMSF

Established new SMSF business unit to target fast-growing A$416b 1 SMSF market – SMSF segment is largest part of superannuation market; projected to reach more than A$2.2 trillion by 2030 2 Attractive – New SMSF business unit headed by Paul Sainsbury, reporting to CEO (continuing as Integration Director) – opportunities to Experienced management team now in place package AMP’s Already SMSF administration market leader new and existing – Providing services to more than 8,000 funds capabilities to – Completed acquisition of The Cavendish Group’s SMSF Administration and Investment Portfolio appeal to growing Administration operations – largest SMSF administrator in Australia, around 5,000 funds – Multiport SMSF administration, reporting and compliance services, with around 2,800 funds number of SMSF – Ascend, AMP’s newly-relaunched product and service offer, around 300 funds investors – Business also includes SuperIQ, market-leading technology and admin business, 49% owned by AMP, with over 430 funds – Key drivers of revenue for new business will be scale and efficiency in administration, developing advice capabilities, broadening distribution reach and packaging product offers to appeal to SMSF customers

Will partner with AFS and AMP Capital products, advice and investment capabilities to capture market opportunities – Offer will extend superannuation distribution capability into mass affluent, meeting increased customer demand and improving AMP’s SMSF advice capability – Technology disruption is increasing economies of scale in SMSF administration – AMP’s existing product capabilities will provide highly attractive options for SMSF consumers – eg competitive term deposits, a highly-rated wrap platform, highly awarded risk insurance offers and specialist investment funds – SMSF capabilities will also be highly complementary to AFS’s corporate super offer – Initial focus of business on providing SMSF administration and platform offerings to individuals, accountants, trustees and external financial advisers, and rolling out SMSF advice and packaged solutions to aligned financial planning networks

1. Statistics: Quarterly Superannuation Performance March 2012, APRA. Section 6 2. Dynamics of the Australian Superannuation System – The next 20 years: 2011-2030, Nov 2011, Deloitte Actuaries & Consultants. 2012 half year results | Page 30 Positioning the business for the future – capitalising on regulatory change Increasing clarity about likely impact of new regulatory environment Regulatory change – Overall framework clearer, although significant detail still to come on both Future of Financial Advice offering advantage (FoFA) and Stronger Super 1 – to scale players in Clear that scale and early adoption of change are competitive advantages in new world advice and employer Scale and integrated advice model key advantages in a FoFA world – super Shift to fee for advice two years ago means AMP has good understanding of new model economics – Since move, AMP advice networks have continued to grow as industry (particularly small, non-aligned firms) has consolidated - AMP now number one for financial advice 2 – Scale and an integrated advice model critical for investment to meet new requirements and support advisers to maximise the benefit of the FoFA intent - to increase trust and confidence in financial advisers

Scale in employer superannuation vital in Stronger Super world – Significant scale required to offer effective combination of high quality, low cost default super plus broader options for more engaged customers, while streamlining back office – AMP pioneered this combination for employers 10 years ago with SignatureSuper – now has A$8b in – Launched simple, flexible, low-cost superannuation option for individuals and smaller employers two years ago – AMP Flexible Super now has A$6b in assets under management – AMP number one in employer super 3

Detail of final legislation and regulations still to come – Still awaiting final legislation (Stronger Super) and regulations (FoFA and Stronger Super) – Once finalised, substantial work will be required to complete changes within compressed timeframes – AMP established regulatory transition project team to manage change 12 months ago, now with dedicated team of 50 – AMP expects the one off cost to the company of implementing the Future of Financial Advice, Stronger Super and other regulatory changes over the next 12 to 18 months to be in the range A$60m to A$75m 4 after tax, of which A$52m has been provisioned at 30 June 2012

1. For more detail on FoFA and Stronger Super regulations and implementation see slide 44. 2. By number. Money Management magazine July 2012. Section 6 3. By AUM. Plan for Life 31 March 2012 – Corporate Super Master Funds Report. 4. The final costs may vary from this depending on final legislation and regulatory guidance, market practice and the future competitive landscape. 2012 half year results | Page 31 Positioning the business for the future - growing opportunities offshore

Key element of Partnering with prominent local distributors to take investment capabilities into new markets, strategy is linking replicating successful Australian model large savings Successfully commercialising the strategic business and capital alliance with Mitsubishi UFJ Trust pools in Australia and Banking Corporation (MUTB) and Asia with – Launched first product, Global Listed Infrastructure Bond Fund, in conjunction with Mitsubishi UFJ Asset attractive Management (MUAM), member of AMP Capital’s alliance partner, MUTB investment – Since launch on 1 June 2012, raised A$271m (at 10 August) opportunities – First time MUAM offered retail product through all three of its distribution channels from launch date internationally – Currently developing further opportunities with MUTB for both retail and pension clients in Japan

Taking global infrastructure capabilities to new markets – Infrastructure Debt Fund (IDF) had final close on 12 June 2012, raising €400m in commitments from 30 global institutional investors; IDF is largest closed end fundraising to date, attracting the most international clients to a single AMP Capital fund – European Infrastructure team won Pension and Investment Providers Infrastructure Award in London

Strengthening our global listed securities capabilities – Scaled up global listed property and infrastructure capability to deliver global portfolio management in- house, ending joint venture with Brookfield Investment Management – Secured new global resources portfolio management team to create product for AMP Capital’s international clients – Establishing new Asian Equities team in Hong Kong to manage both Pan-Asia and China A share portfolios – AMP Capital awarded first mandate by China’s almost A$150b National Council for Social Security Fund (NCSSF) in July 2012

Section 6

2012 half year results | Page 32 Summary

New AMP – Robust operating earnings, strong sales of contemporary products and platforms and continued cost adapting quickly discipline demonstrate power of merged business in challenging market conditions to changing – Well managed integration continues to exceed expectations environment to – Dynamic management of capital position underpins balance sheet strength; well positioned to meet new capture growth capital standards and grow opportunities – Driving significant change program to ensure business well prepared for future and to capture new growth opportunities

Section 6

2012 half year results | Page 33 Appendix Section 7 The new AFS – a formidable competitor

More ways to AMPFP FAN (AXA/Charter Hillross ipac/Tynan SMSF IFAs NZ aligned Mortgage Employers reach more FP, Genesys, Mackenzie advice network brokers Jigsaw), Futuro Australians and 1,724 planners 1,347 advisers 320 advisers 183 advisers 685 advisers New Zealanders Quality advice networks provide an extensive range of customer access opportunities with quality advice Largest Voted most >1 in 3 ipac New licensee Largest Multi- 7,000 Meeting and services institutional attractive licensees advisers securities offer to provider of branded brokers super needs dealer group to work with in CFP- 2011 accountants risk advice across of more than in Australia CoreData’s 2012 qualified; CoreData insurance network Australia 750,000 annual licensee among Advisory to IFA offering now selling workers in survey highest Group of the market in choice to NZ AMP bank Aust and NZ levels in Year Australia consumers products Australia

Broader, AMP Flexible North Signature KiwiSaver AMP Flexible Protection AMP Bank SMSF Super - Super & platform Super & AXA Elevate products products, diversified set of Retirement platforms quality products to Impressive product and platform solution set for customers meet changing Strengthening 5 Star Cannex CoreData’s 2011 5 Heron Quality Managing two of AXA Trauma 2012 won Plan for Your self-managed customer needs rated platform of the Stars for top- NZ’s six default Life/AFA award for best Mortgage super year rated Signature KiwiSaver funds trauma policy 2012 capability; Super - 250,000 AXA voted Risk & Life Insurer of Bank of admin market Pension accounts the Year in Roy Morgan’s the Year independent customer satisfaction leader awards servicing approx. 8,000 funds

Section 7

2012 half year results | Page 35 The new AMP Capital – international capability and presence

Using investment Property Infrastructure Multi Asset Group Fixed income Equities capability and Top tier manager across International footprint Innovative new Consistent, Strengthening Australian Australia & NZ with a 50 delivering new clients & approaches to client outstanding and Asian equities, Global strong distribution year track record as a investment opportunities; portfolios investment Listed Real Estate, Global footprint to drive real estate manager one of world’s top 10 performance Listed Infrastructure & infrastructure investors Global Resources capability growth Investment (Towers Watson 2012) capabilities domestically and offshore Partnership with AFS Platforms Clients IFAs Access to >20% of planner Funds on more Manages assets for Products on over 50 external financial footprint in Australia and than 50 platforms around 275 institutional adviser (EFA) dealer groups’ approved New Zealand through and wraps clients in Australia and products lists; almost 11,000 EFAs

reach partnership with AFS New Zealand using AMP Capital/AXA/ipac products – Domestic Domestic 62% of market by number

Strong domestic franchise Growing international reach Key segment for the future Manages assets for three quarters 43 clients across six Well positioned to serve pension funds (largest of the top 20 industry and countries institutional client group globally), a client group with government superannuation funds a traditional preference for asset classes in which

Pension in Australia AMP Capital is strong: property, infrastructure and

funds focus fixed income assets

Strategic business and Partnerships with Investment in Relationship with key China and capital alliance with leading Japanese local teams gatekeepers MUTB distributors Access to around 80% of A$7b in Japanese Distribution staff Relationships with asset MOU with China Japanese institutional retail assets under across Tokyo, consultants, trust banks, Life; reviewing clients management London, Beijing, researchers and placement opportunities in Offshore Offshore

distribution Hong Kong and agents in key markets India Bahrain globally

Section 7

2012 half year results | Page 36 AMP Flexible Super – performing as designed

– AUM of A$5.7b in 1H 12 – 136,300 customers, up from 106,500 in December 2011 – 1H 12 net cashflows A$1.3b; superannuation account A$616m, pension account A$672m – A$12m in cash inflows to Flexible Super from FAN network since full rollout in March 2012 – Strong growth in employers using AMP Flexible Super – more than 3,100 employer plans, compared with 2,000+ in December 2011 – Attracting new, younger customer base – half of superannuation customers are 35 years or younger – Meets customer and regulatory demand for simpler, low-cost product while generating attractive margins – Minimal cannibalisation from closed products to Core and Select options

AMP Flexible Super superannuation account AMP Flexible Super retirement account AUM A$2.472b, customers 118,900¹, avg balance AUM A$3.227b, customers 17,400, avg balance A$20,800 A$185,000 AUM 2% (1H 11 1.9%) Customers 8% AUM 16% AUM 17.8% (1H 11 16.6%) (1H 11 24.4%) Customers 22% AUM 46.6% Customers 62% (1H 11 44.2%) Customers 16% AUM 82% AUM 35.7% (1H 11 81.5%) (1H 11 31.3%) Customers 70% Customers 22%

Core Select Choice Core Select Choice

1. In FY 11, 40,000 (A$22m AUM) SuperLeader superannuation customers transferred to AMP Flexible Super. Section 7

2012 half year results | Page 37 North – now a market-leading wrap platform

Development of award-winning, full wrap capability has generated strong cashflows on North platform – Originally launched in late 2007 as a guarantee product on a basic platform, North progressively upgraded to reach full wrap capabilities in March 2011

Growing strongly – 1H 12 net cashflows of A$636m, more than triple 1H 11 net cashflows of A$209m – A$190m cash inflows from AMPFP and Hillross planner networks in 1H 12 – 91% of 1H 12 net cashflows were in non-guaranteed products – North now has A$3b in AUM – 52% AUM in non-guarantee business – 31% AUM placed by IFAs – 54% AUM managed internally, principally through ipac multi-manager

Highly awarded – 2011 CoreData’s Platform of the Year – 2011 Selecting Super Personal Super Product of the Year – Premium Choice – 2010 S&P Structured Product of the Year

Section 7

2012 half year results | Page 38 AMP Bank – capturing value from shifting customer preferences

– 1H 12 operating earnings of A$29m (A$30m in 2H 11) reflect lower net interest margin (down 10 bps on 2H 11) – Return on capital of 13.4% in 1H 12, down from 15.2% in 2H 11 – Residential mortgage book up 8% on 2H 11 – Deposit book up 20% on 2H 11 – Cost to income ratio 36% in 1H 12 (33% in 2H 11) – Well positioned with capital adequacy ratio of 11.0% (11.5% in 2H 11) – Tier 1 8.6% – AMP Bank’s funding comprises a combination of on-balance sheet (75%) and off-balance sheet (25% securitisation) funding – On-balance sheet funding includes retail and superannuation deposits, as well as short- and long-term wholesale funding – Successfully completed a A$650m RMBS issue in May 2012 – Growth will continue to be managed in line with funding capacity – Asset quality remains strong, with 90+ day arrears of 0.45% at 1H 12 (0.46% at 2H 11); loans with LVR greater than 80% are mortgage insured; weighted average LVR of portfolio is 58% (2H 11 58%) – Almost 100,000 customers

Section 7

2012 half year results | Page 39 Financial overview – regulatory capital

Regulatory capital resources above MRR of $2,046m, up $503m on FY 11

3000 Movements in Shareholder MRR(-A$159m)

2500

380 32 491 109 2,046 2000 (40) (21) 61 (63) (100) (35) (240) 662 1,543 (71) 1500 553 Movements in regulatory 1000 capital resources (+A$553m)

1384 500 990

A$m 0 FY 11 Underlying Dividend Integration MUTB Movement Capitalised Other Shareholder Business Capital Other Policyholder 1H 12 profit (net of costs strategic in costs and (excld. market growth efficiences³ shareholder surplus DRP) alliance defined acquisitions markets) impact on impacts benefit life statutory deficit¹ funds²

1. Includes the impact of markets on defined benefit deficit/(surplus). During 1H 12 AMP changed the estimated rates for discounting defined benefit plan liabilities from using market yields on Commonwealth Government bonds to those on State Government bonds. This resulted in a decrease in the Australian defined benefit plan liabilities of A$95m after tax. See p37 of 1H 12 Investor Report. 2. This impact reflects the impact of markets on profit (A$22m) offset by impacts on shareholder MRR (-A$85m). Section 7 3. Capital efficiencies includes the impact of the sale of AMP Bank B Notes and restructure of internal loan arrangements. 2012 half year results | Page 40 Financial overview – composition of capital requirements

Market risk Shareholder MRR A large for life statutory component of the Insurance risk funds (other than A$629m deferred shareholder MRR Operational risk acquisition costs) Shareholder and other currently relates surplus, to implicit deferred SH MRR: A$1,384m SH MRR: Life Statutory Funds AMP Capital acquisition costs A$2,108m $2,108m A$31m A$2,737m Deferred acquisition costs $2,737m SH MRR: Other AFS A$110m Total = A$2,737m

SH MRR: AMP Bank, A$343m Regulatory capital resources = A$4,605m (Shareholder MRR = A$3,221m) At 30 June 2012, total regulatory capital resources were A$4,605m. Of this amount A$3,221m is required to support Shareholder MRR and A$1,384m is the Shareholder Surplus The life insurance statutory funds continue to be the most capital intensive component of the business. Of the A$2,737m of Shareholder MRR held in the life statutory funds: – A$2,108m relates to implicit deferred acquisition costs on current in-force policies which do not contribute to the Shareholder surplus. Under the current capital standards, these are recognised as part of the Shareholder MRR. Deferred acquisition costs relate to upfront costs on retail risk insurance business – The residual A$629m Shareholder MRR in the life statutory funds relates to shareholders’ exposure to market, insurance, operational and other risks – Under LAGIC, the deferred acquisition costs will be recognised as a deduction from Section 7 Tier 1 capital in the Life statutory funds, as opposed to part of the shareholder MRR 2012 half year results | Page 41 Financial overview – composition of capital requirements excluding implicit deferred acquisition costs

Life Statutory Funds: Market risk

Life Statutory Funds: Insurance risk Composition of Shareholder shareholder surplus Life Statutory MRR Funds: Operational A$1,113m A$1,384m and other risks

AMP Bank

Other AFS

AMP Capital Composition of shareholder MRR compared to shareholder surplus capital (excluding deferred acquisition costs)

Section 7

2012 half year results | Page 42 Financial overview – drivers of increase in capital requirements under LAGIC

Prudent capital Drivers of increase in life statutory funds minimum requirements under LAGIC management Illustrative purposes only means AMP well placed to manage impact of LAGIC

Pre-LAGIC: Market, Increase in asset More onerous Treatment of excess More onerous Reduction in Post-LAGIC: Market, insurance, operational stresses requirement for policyholder capital treatment of deferred insurance risk capital insurance, operational and other risks¹ operational risk tax assets and other risks New methodology for determining minimum capital requirements under LAGIC will impact the amount of capital held within the life statutory funds. – Had the new capital standards applied at 30 June, the impact of moving to new standards would have reduced shareholder surplus above minimum requirements in the life statutory funds by around A$200m 1,2 – Increased focus on shareholder capital requirements. Current AMP disclosure already reflects this change – Policyholder capital still available to absorb market and other impacts on the capital position of participating business Implicit deferred acquisition costs will continue not to be recognised for capital purposes. Under LAGIC, this will be recognised as a deduction from Tier 1 capital in the Life statutory funds, as opposed to part of shareholder MRR 3

Life insurance businesses issue no hybrid instruments or subordinated debt Section 7 1. Life insurance statutory funds only. 2. This could change with market movements. 2012 half year results | Page 43 3. Under LAGIC, a number of other adjustments apply between shareholder MRR to Tier 1. Regulatory outlook

Stronger Super MySuper is a new – Legislating simple, low-cost default superannuation product and auto-consolidation of multiple superannuation low-cost, simple interests default – From 1 October 2013, default superannuation contributions will have to be paid into a commission-free MySuper superannuation product; existing balances can remain in options that pay commissions until 2017 – Tailored pricing allowed for larger employers (>500 members) product When – Core MySuper legislation currently being debated in the House of Representatives; due for vote this month – Federal Government expects legislation to become effective from October 2013, with transition arrangements for existing balances by July 2017 – A further tranche of MySuper legislation is yet to be introduced into Parliament – expected this month – APRA has released draft guidance for consultation; due to be finalised end-2012

Future of Financial Advice (FoFA) FoFA aims to – Legislating removal of commissions on new superannuation, investment and pension business (from July 2012 with improve trust and transitional arrangements until 1 July 2013) and on default risk insurance in default/MySuper products (from July 2013) – confidence in Fiduciary duty requiring advisers to act in the best interests of the client – Prospective requirement for advisers to ensure clients opt in to ongoing service arrangements every two years (unless financial advisers subject to an approved code of conduct); annual fee disclosure statements required for all clients in ongoing fee arrangement – Prospective ban on volume-based payments to financial advice licensees When – Legislation came into effect 1 July 2012, under transitional arrangements until 1 July 2013 – Some regulations have now been gazetted; further regulations expected in 2H 12 – ASIC has released some guidance for consultation, with more to come in Q3 2012

Other regulatory changes Other changes – Productivity Commission currently conducting an inquiry into role of default funds in modern awards – Government’s could drive intention is that only MySuper funds would be eligible for inclusion in awards; draft report released in June 2012, final additional market report due October 2012 – Increase in Superannuation Guarantee from 9% to 12% has passed Parliament; incremental increases commence growth from 1 July 2013 Section 7 opportunities 2012 half year results | Page 44