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AMP results presentation FULL YEAR RESULTS 2010 full year results full year results full year results full full year results full year results full year results full

2010 full year results Craig Dunn Chief Executive Officer Paul Leaming Chief Financial Officer 17 February 2011 Executive summary  Operating result reflects robust performance in CWM and solid results elsewhere offset by negative claims experience in CWP  Disciplined operating cost control enabled continued investment in growth initiatives  Growth investments have positioned company well ahead of regulatory change, driving:  more productive planner force, with strong growth in AMPFP planner numbers  simpler, transparently priced products with encouraging new business flows  growing investment management footprint in Asia  Capital position further strengthened ahead of changing APRA standards  Proposed AXA merger progressing to plan 2 1

Outline  Group overview  Business line review  Financial overview  Outlook and strategy 3 Key performance measures and dividend  Underlying profit A$760m, down 2% on FY 09 (A$772m)  Growth measures:  Net cashflows in AMP Financial Services A$789m, down from A$1.7b; AMP Capital Investors external net cashflows A$2.6b, up from -A$1.1b in FY 09  Value of risk new business* up A$6m to $108m  63% of AMPCI’s AUM met or exceeded benchmark over 12 months to 31 December 2010  Underlying return on equity 26.2% (FY 09 31.6%), reflects prudent approach to capital management  Final dividend of 15cps, 60% franked, represents payout of 83% of 2H 10 underlying profit; full year dividend 30cps (FY 09 30cps) * Combined value of new business (VNB) measure for Australian Contemporary Wealth Protection and New Zealand risk insurance. 4 2

Overview – FY 10 profit summary A$m FY 10 FY 09 % change AFS Contemporary Wealth Management 303 278 +9% AFS Contemporary Wealth Protection 138 164 -16% AFS Mature 140 151 -7% AFS New Zealand 58 54 +7% AMP Capital Investors 87 91 -4% BU operating earnings 726 738 -2% Group office costs (40) (37) +8% Total operating earnings 686 701 -2% Underlying investment income 130 126 +3% Interest expense on corporate debt (72) (71) +1% AMP Limited tax loss recognition 16 16 Steady Underlying profit 760 772 -2% Market adjustment – investment income (5) (13) - M&A transaction costs 1 (16) (10) - Other items 2 (2) 20 - Seed pool valuation adjustments 3 - (30) - Profit after income tax before timing differences 737 739 -0.3% Market adjustment – annuity fair value 4 22 20 - Market adjustment – risk products 4 (7) (14) - Loan hedge revaluations 4 1 - (5) Accounting mismatches 4 22 (1) - Net profit attributable to shareholders of AMP Limited 775 739 +5% 1. M&A transaction costs in FY 10 principally relate to the proposed merger with AXA Asia Pacific Holdings Limited. See p40 of FY 10 Investor Report. 2. Principally comprise release of prior year tax provisions offset by one-off and non-recurring costs. 5 3. Represents the abnormal writedown of seed pool assets, in FY 09 primarily Singapore industrial property and an Australian retirement village business. 4. Relate to accounting gains / losses that do not reflect underlying profitability of the group and should reverse over time. See p41 of FY 10 Investor Report. Overview – assets under management 140 129 128 120 122 117 115 112 113 112 A$b 106 105 100 80 60 FY 06 FY 07 FY 08 FY 09 FY 10 Average AUM Closing AUM 6 3

Overview – tight cost control while investing for growth CAGR 2% since FY 06 900 879 884 871 837 812 63 73 79 800 59 808 806 805 58 778 754 700 79bps 78bps A$m 75bps 72bps 68bps 600 43.3% 41.7% 500 41.3% 39.6% 39.7% 400 FY 06 FY 07 FY 08 FY 09 FY 10 Operating costs Controllable costs to AUM Project costs Cost to income ratio 7 Business line review 8 4

AMP Financial Services – FY 10 highlights  Delivered A$639m in operating earnings in FY 10 (A$647m in FY 09) while significantly repositioning the business  Strong performance in CWM and improvements in NZ offset by negative claims experience in CWP  34.7% cost to income ratio reflects ongoing cost discipline, while continuing to invest in growth initiatives  Ambitious change program delivering simpler, more transparent products, and transformed planner force with fee-for-advice capability well ahead of regulatory change 9 AFS overview – FY 10 cashflows  Cashflows reflected a subdued market, with market share marginally up  Total net cashflows of A$789m, down from A$1,661m in FY 09, reflected  increases in outflows, because of higher customer account balances  reduced salary sacrifice contributions, following changes to the contribution caps  These factors were only partially offset by  increased inflows from rollovers, reflecting higher AUM balances  higher member contributions  success of AMP Flexible Super  CWM net cashflows A$1,391m (A$2,189m in FY 09)  Persistency increased to 90.4% in FY 10 (90.1% in FY 09)  AMP Flexible Super total AUM A$1.4b – split between superannuation and pensions; 21,000 customers; product working as designed for customers and shareholders 10 5

AFS overview – update on Flexible Super AMP Flexible Super superannuation account – AUM (A$541m)  Product designed to extend reach into younger customer base and attract SG contributions; balances will increase over time: 33%  Total customers 17,000 41%  One-third of Core customers aged 30 or younger  Average customer balance $33,000 (higher than retail industry average)  Average customer balance of Choice customers almost three times Core  Majority of flows from new superannuation 26% customers  70% of customers by number in Core or Select  Only A$90m in AUM sourced from closed retail super product; well within AMP's assumptions for % AUM Core Select Choice determining margin guidance  Employer plans represent A$18m of AUM, with 3,700 customers 11 AFS overview – update on Flexible Super AMP Flexible Super retirement account – AUM (A$837m) 2%  Designed to offer a more sophisticated solution for retirement customers with more complex 14% needs:  Total customers 4,000  Average customer balance $212,000  Majority of pension flows a result of money transferred internally following closure of Flexible Lifetime – Allocated Pension  Strong flows to Choice option support 84% margin guidance % AUM Core Select Choice 12 6

AFS overview – strong track record of managing margins 250 Investment-related revenue to AUM 200 201 199 195 190 187 186 186 183 184 182 Choice of Fund 180 177 150 introduced bps AMP Flexible APRA licensing Lehman Super changes collapses 100 introduced launched 50 55 54 53 52 52 52 52 51 51 51 50 45 Operating earnings to AUM 0 1H05 2H05 1H06 2H06 1H07 2H07 1H08 2H08 1H09 2H09 1H10 2H10  Five year change in investment-related revenue to AUM consistent with AMP’s past guidance  AMP’s investment related revenue to AUM guidance remains unchanged at around 3% pa decrease across the cycle (in normal markets), subject to potential MySuper changes  Operating earnings to AUM reflects cost discipline and business model flexibility 13 AFS overview – changes in investment-related revenue 190 180 - 4 2 - 3 No impact on - 1 bps CWM operating - 1 earnings 184 170 177 160 related revenue to Lower initial planner Changes in investment Lower SuperLeader related revenue to 2H 09 investment- AUM fees on contributions* / product mix Higher fee rebates par profits Member account fees 2H 10 investment- AUM 14 * Reduction in planner fees attributable to lower new business volumes relative to AUM. 7

AFS overview – disciplined cost control 600 560 553 543 545 529 54 50 50 500 63 50 506 503 493 482 479 400 A$m 77bps 76bps 75bps 72bps 69bps 300 35.4 % 200 34.0 % 35.6 % 34.2 % 34.7 % 100 FY 06 FY 07 FY 08 FY 09 FY 10 Operating costs Controllable costs to AUM Project costs Cost to income ratio 15 AFS Australian contemporary wealth management CWM Change FY 10 FY 09 A$278m Operating earnings A$303m +9% Controllable costs A$344m A$340m +1% 44.9% Cost to income ratio 42.9% -2 percentage points A$2,189m Net cashflows A$1,391m -A$798m Operating earnings to AUM 1,2 50bps 53bps -3bps Persistency 90.3% 90.0% +0.3 percentage points Average AUM (including A$51.9b A$45.7b +14% capital) 1 Return on equity 40.9% 42.9% -2 percentage points 16 1. Based on monthly average AUM including capital. 2. Costs in this ratio exclude AMP Bank costs. 8