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Remuneration report

Directors’ report continued

Contents

1. Executive remuneration 11
2. Remuneration tables 18
3. Remuneration and company performance 26
4. Contracts 27
5. Non-executive director remuneration 30
6. Statement on transfer of related party information 31
Introduction

This remuneration report provides details of AMP’s remuneration policies and practices and explains how they are linked to company
performance. The report also details the remuneration arrangements for former Chief Executive Officer (CEO), Andrew Mohl, nominated
executives and the non-executive directors of AMP Limited. This group includes the key management personnel for the purposes of
AASB 124 Related Party Disclosures.

The former CEO and nominated executives comprise the five ‘company executives’ and five ‘relevant group executives’ receiving the
highest remuneration during the year, as those terms are defined by the Corporations Act 2001 (Cth).

AMP’s Remuneration Committee

The Remuneration Committee is a committee of the AMP Board. The Remuneration Committee advises the board on the structure,
effectiveness, integrity and legal compliance of AMP’s remuneration programs, policies and practices.

Key responsibilities include:

– annually reviewing and recommending to the board the total remuneration package of the CEO
– reviewing and approving the remuneration of the CEO’s direct reports
– determining the terms and conditions and allocations of the long-term incentive grant, and
– reviewing and approving the performance measures and total expenditure for the short-term incentive plan.
Members of the committee are non-executive directors Meredith Hellicar (Chairman), Peter Mason, David Clarke and John Palmer
(appointed 13 February 2008). The committee appoints independent external remuneration consultants to provide advice and
market-related information to the committee as required. Current terms of reference for the Remuneration Committee are available
on the AMP website: www.amp.com.au

Significant changes

In August 2007, the AMP Board announced that it had mutually agreed with Andrew Mohl that he would leave AMP on 31 December 2007,
following over five years as CEO. In September, the board appointed Craig Dunn to take over as CEO from 1 January 2008.

Peter Hodgett, General Manager, Human Resources and Strategy, left AMP on 31 December 2007. His role was restructured following
the announcement in December 2007 of the sale of Cobalt/Gordian. Jonathan Deane was appointed General Manager, Group Strategy,
effective 1 January 2008. On 1 February 2008, AMP announced that David Cohen, General Counsel, intended to leave AMP. The timing
of his departure had not been finalised at the signing of this report.

In July 2007, John Palmer was appointed to the AMP Board. His biography is outlined on page 6. On 31 October 2007, John Astbury
retired from the AMP Board. On 4 December 2007, Brian Clark was appointed to the AMP Board, effective 1 January 2008. His biography
is outlined on page 4.