Ann: AGF 40-15 - Investor Correspondence, page-2

My response to AMP Shareholder Services

Hello Mark,
I have to say that I am very disappointed by this response, in that I find it very bland and generic and does not satisfactorily address the issues of concern to me.
Specifically the areas raised by the market previously and in turn my remaining concerns are:
1. Investment performance relative to benchmark is not mentioned at all (nor its achievability). There is no attempt to try to quantify the gap objectively, explain its cause and try to remedy (if required) in future. Nor is there any mention of the IM's ability to time the market and cash up in the recent market turmoil.
2. The discount to NAV has widened over the last 12 months and AMP have done nothing about this and have not provided any meaningful plans on how to improve. There is no sign of either urgency nor innovation as to how to reduce and manage.
3. Governance - the issues of AMP Life's holding being used as a defensive block against shareholders best interests, non independent directors and making a case to justify the status quo have all been ignored.
In closing, I have to reiterate that if this is the best that one of Australia's biggest and most sophisticated investment houses can do, this leaves a lot to be desired and actually elevates rather than alleviates my concerns.
Yours etc.