It presents an overview of AMP's internal reorganisation plans.This presentation was provided as an accompaniment to the release of the AMP financial statements for the year ended 31 December 2019.

Focused, higher growth and higher return AMP Future portfolio AMP Life1 AWM AMP Bank AMP Capital NZ WM Structural challenges of Traditional advice licensee Unique opportunity for bank Shift to passive and Competitive advantage operating in life insurance model requires reinvention and wealth integration specialist active for local players industry Big 4 banks exiting wealth Growth track record Global search for yield Market consolidation High capital intensity Technology enabling lower- above system and high-demand for opportunity Context Significant earnings volatility cost advice Access to diversified differentiated products Uniquely positioned In-force market consolidation Continued pressure on retail depo (e.g. real asse opportunity product margins Focused and efficient Internationally recognised employed advice business real asset capability High return business 148 161 117 103 120 Operating 31 79 94 earnings (A$m) 2 78 70 71 70 73 78 22 19 22 22 (54) (52) 1H18 2H18 1H19 2H19 1H18 2H18 1H19 2H19 1H18 2H18 1H19 2H19 1H18 2H18 1H19 2H19 1H18 2H18 1H19 2H19 FY19 ROBUE 1% 20%% 14%3 43% 41% Strategic Divest ownership Reinvent wealth management in Australia Continue to grow successful Localise and explore implications4 to release capital to capitalise on industry disruption asset management franchise options to divest Notes: 1. Includes Australian Wealth Protection, Australian Mature, New Zealand Wealth Protection and Mature. 2. All historical earnings have been restated to reflect the perimeter of the divestment of AMP Life and Mature; AMP Capital operating earnings are shown net of minority interests; 3. Return on Capital 4. AMP is committed to the growth of its business. As part of AMP's growth strategy, it will continue to consider sources and allocation of capital and therefore will continue to evaluate opportunities to leverage its capabilities, capitalise on synergies, streamline its business and respond to market dynamics and changes in competitor landscape and regulation. This may include looking for, and pursuing opportunities for, future acquisitions or disposals, joint ventures or other partnership or risk sharing arrangements, modifying its cost base or undertaking capital management initiatives. The AMP Board and management will continue to evaluate future potential opportunities for the business. Section 2 Progress on Reinventing AMP 15