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Independent auditor’s report to the members of AMP Limited

We have audited the accompanying financial report of AMP Limited, which comprises the balance sheet as at 31 December 2007,
and the income statement, statement of recognised income and expense and cash flow statement for the year ended on that date,
a summary of significant accounting policies, other explanatory notes and the Directors’ Declaration of the consolidated entity
comprising the company and the entities it controlled at the year’s end or from time to time during the fi nancial year.

The company has disclosed information as required by paragraphs Aus 25.4 to Aus 25.7.2 of Accounting Standard 124 Related Party
Disclosures (“remuneration disclosures”), within the Directors’ Report as referenced under the heading “Statement on Transfer of

 Related Party Information” in Section 6 of the Remuneration Report, as permitted by Corporations Regulation 2M.6.04.

Directors’ responsibility for the Financial Report

The directors of the company are responsible for the preparation and fair presentation of the financial report in accordance with the
Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This responsibility
includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the financial report that is
free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances. In Note 1, the directors also state that the financial report, comprising
the financial statements and notes, comply with International Financial Reporting Standards. The directors are also responsible for the
remuneration disclosures contained in the Directors’ Report.

Auditor’s responsibility

Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance with
Australian Auditing Standards and International Standards on Auditing. These Auditing Standards require that we comply with
relevant ethical requirements relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether
the financial report is free from material misstatement and that the remuneration disclosures comply with Accounting Standard
AASB 124 Related Party Disclosures.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fi nancial report. The
procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the fi nancial report,
whether due to fraud or error. In making those risk assessments, we consider internal controls relevant to the entity’s preparation
and fair presentation of the financial report in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the entity’s internal controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as
evaluating the overall presentation of the fi nancial report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Independence
In conducting our audit we have met the independence requirements of the Corporations Act 2001. We have given to the directors of
the company a written Auditor’s Independence Declaration, a copy of which is included in the Directors’ Report. In addition to our audit
of the financial report and the remuneration disclosures, we were engaged to undertake the services disclosed in the notes to the
financial statements. The provision of these services has not impaired our independence.

Auditor’s opinion

In our opinion:

1. the financial report of AMP Limited is in accordance with the Corporations Act 2001, including:
(i)
giving a true and fair view of the financial position of AMP Limited and the consolidated entity at 31 December 2007
and of their performance for the year ended on that date; and
(ii)
complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the
Corporations Regulations 2001.

2. the financial report also complies with International Financial Reporting Standards as disclosed in Note 1.
3.
the remuneration disclosures referenced in Section 6 of the Remuneration Report comply with Accounting Standard
AASB 124 Related Party Disclosures.
Ernst & Young
Andrew Price

Partner
Sydney, 14 February 2008
Liability limited by a scheme approved under Professional Standards Legislation.