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					June 2008 Quarterly fund profile – Advisers

AMP Capital Global Property Securities Fund
Access the world of listed property
Performance
The AMP Capital Global Property Securities Fund has outperformed its benchmark, the UBS Global Real Estate Investors Index, since its inception on 29 November 2004 (Class A units). To give a longer term view of our performance in this asset class, we have shown returns for the AMP Capital Global Property Securities Fund (Wholesale units).

The AMP Capital Global Property Securities Fund provides access to global property investment opportunities through a single fund. The Fund aims to generate medium to high returns over the long term by investing in Real Estate Investment Trusts (REITs) and property securities companies in North America, Europe, Asia and Australia.

Why recommend the AMP Capital Global Property Securities Fund?
• Comprehensive local knowledge and investment expertise across a wide range of property sectors, stocks and regions. • A hands on approach to stock picking and decision-making from portfolio managers on the ground in Sydney, Chicago, London and Singapore. • An integrated investment process benefiting from a solid global investment management partnership. • With $3.9 billion* under management, we are a world leader in managing global property securities. • Pioneers in offering global listed property to the wholesale Australian market over five years ago. • Fully hedged – we hedge exposure to international investments with the aim of minimising the impact of currency fluctuations on investment returns.
* As at 30 June 2008

Fund performance compared to its benchmark as at 30 June 2008
Global Property Securities Fund (Class A) Growth Distribution Total return Benchmark return (Wholesale units) Total return**
Source: AMP Capital Investors

1 Year % pa -32.25 10.23 -22.02 -21.65

2 Years % pa -18.96 15.97 -2.99 -3.20

3 Years % pa -10.26 15.71 5.44 4.62

Since Inception % pa

8.82 8.07

-21.79

-2.72

5.60

18.29

Past performance is not a reliable indicator of future performance Total returns are calculated on an annualised basis to the last day of each month using the net asset value price. They are calculated before tax, after Class A fees and costs, assume distributions are reinvested and are in accordance with the Investment and Financial Services Association Standards. The distribution component may include net realised capital gains from the sale of Fund assets. Private Client units have higher fees and therefore returns will be lower than for Class A or Wholesale units. ** Calculated using the same methodology as for Class A units, but using Wholesale Class units’ fees and inception date on 28 February 2003.

Research ratings

Investment approach
The AMP Capital Global Property Securities Fund gives investors access to property securities listed on stock exchanges around the world, with the aim of delivering medium to high returns over the longer term. Investing across Europe, Asia, North America and Australia provides exposure to many types of property assets traditionally not available in the Australian market. This in turn has the potential to enhance the risk and return profile of an investor’s portfolio.

Global value-adding opportunities
The development of efficient structures for property securities in major investment regions has been a driving force behind the growth in global property securities. While Australia and the US are relatively well established and commonly regarded as the more mature property securities markets, emerging European and Asian REIT markets have been rapidly expanding. The inefficiencies inherent in the emergence and development of these new markets provide further opportunities to add value. Global listed property can provide investors with a greater variety of investment opportunities not available locally. On stock numbers alone, the global universe has around 400 stocks versus 40 in the Australian listed property market. Investors also have access a variety of sectors overseas including institutional grade residential, hotels, aged care and healthcare sectors in addition to retail, office and commercial sectors. We believe the most effective way to tap into these opportunities is to apply an integrated investment approach via: • Portfolio managers and analysts on the ground in each region implementing an active bottom-up approach to stock selection. • A comprehensive and integrated team-oriented approach to portfolio construction. • Implementation of a single global database.

Investment Review Committee
Risk & Compliance Performance monitoring

Top-down
Global and regional allocations Input from weekly inter-regional meetings Input from Global Property Allocation Committee

On the ground presence with local knowledge
As the characteristics of property markets vary from region to region, we believe successful investment in global property securities requires regional specialists with on the ground knowledge of local property markets. Consequently, we have portfolio managers and analysts based in Sydney, Chicago, London and Singapore who constantly travel their regions conducting onsite property visits and assessing management quality. Stock selection at regional level

PORTFOLIO

Bottom-up

Successful investment in global property securities requires regional specialists with on-the-ground knowledge of local property markets.

Our investment specialists employ an active bottom-up approach to stock selection where individual stocks are considered on their own merit. Investment processes in each region take into account varying tax regimes, corporate and financial structures plus different approaches to valuing property securities. Although each regional specialist implements their own process appropriate to local market conditions, all stock selection is based on the results of detailed financial and company analysis. The objective for our portfolio managers is to identify and make decisions on stocks that show the potential for high returns, with a prudent spread of risk. Alongside financial analysis, evaluation may include an assessment of qualitative factors such as competitive positioning, growth strategies and management.

Investment decisions
as at 30 June 2008

Top 10 holdings
Security Westfield Group Simon Property Group General Growth Properties Vornado Realty Trust Unibail-Rodamco Public Storage Pro Logis Country Australia USA USA USA France USA USA UK USA Australia

An integrated team-orientated approach to portfolio construction
Overlaying our active bottom-up stock selection is a comprehensive team-oriented regional allocation process. Having portfolio managers and investment analysts on the ground in each of the four key regions - Asia, Australia, EMEA (Europe, Middle East and Africa) and the Americas, is instrumental in determining regional allocation policy. Our top-down approach is facilitated by the continuous and regular collaboration of each of the regional teams and the global portfolio managers, in addition to monthly inter-regional meetings and our quarterly Global Property Allocation Committee (GPAC) forum. The GPAC forum enables representatives from various backgrounds to share their views and outlooks for each region, with contributions from direct property research, investment strategy, economics and risk analysis. The global portfolio managers draw on each of these discussions in forming new policy on regional allocations and constructing the global portfolio.

Land Securities SL Green Realty Goodman Group

Regional weightings
% 60 50 40 30 20 10 0 -10 UK & Europe Asia Cash 22.40 24.12 16.63 13.36 7.83 10.45 4.67 52.08 48.47

Global information-sharing

North America Australasia In response to constantly changing global property markets, and increased transparency in their structures, a recent enhancement Benchmark Portfolio to our process has been the development and use of a single global database. This unique global platform enables us to Top 5 over weights standardise, as far as possible, the real-time information and Security inputs sourced by the regional investment teams on our total stock universe. The database also facilitates the sharing of General Growth Properties intellectual capital, such as valuation techniques between our SL Green Realty analysts in the different regions, providing greater opportunities Rayonier Inc to add value. Asia Digital Realty Australasia Vornado Realty Trust Europe North America Top 5 under weights Cash

Country USA USA USA

We have portfolio managers and analysts based in Sydney, Chicago, London and Singapore.

8.03% USA 7.15% 10.76%USA12.57% 29.45% 25.09% 48.42% 55.19% 3.33%
Country USA USA USA USA USA

0.88% -1.81% 4.36% -6.77% 3.33%

Security AvalonBay Communities Host Hotels & Resorts Health Care Properties Equity Residential Boston Properties

Fund facts
Inception date 29 November 2004 (Class A units) 28 February 2003 (Wholesale units) 10 April 2006 (Private Client units) Benchmark Accepted level of volatility Suggested investment time frame Distribution frequency UBS Global Real Estate Investors Index High Minimum 5 years Quarterly

Contact us

For more information about the AMP Capital Global Property Securities Fund, please visit ampcapital.com.au, call 1300 139 267 or contact your Business Development Manager.
Natalie Grey [NSW - SOUTH & ACT] 02 9257 1251 • 0413 222 423 Matthew Bushby [NSW - NORTH] 08 9257 3794 • 0403 189 412 Steve Williams [VIC] 03 9622 5432 • 0419 746 791 Steve Mazzarelli [VIC] 03 9622 5062 • 0403 368 071 JJ Stranan [QLD] 07 3226 1081 Michael Fazzini [SA, TAS & NT] 08 8333 8278 • 0412 997 393 Aaron Cattai [WA] 08 9483 4771 • 0411 255 062

On-platform (Class A units) Minimum investment Management costs Contribution fee Buy/sell spread APIR code Platforms Master trust and wrap accounts – subject to provider 0.9716% pa of gross assets Nil 0.70% AMP0974AU Asgard, BT Wrap & SuperWrap, IOOF Portfolio Service, IPAC, Macquarie Wrap & Accumulator, Mercer Portfolio Service, MLC MasterKey Custom, Navigator, Netwealth, Oasis, PortfolioCare, Summit, Symetry, Wealthview eWrap

Off-platform (Private Client units) Minimum investment Minimum additional investment Management costs Contribution fee Buy/sell spread APIR code $30,000 $5,000 1.2716% pa of gross assets 0% to 4.1% (as agreed with your clients) 0.70% AMP1073AU

Important note: AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232497) (AMP Capital) is the responsible entity of the AMP Capital Global Property Securities Fund (Fund) and issuer of the units in the Fund. To invest in the Fund, you and your clients will need to obtain the Fund’s current Product Disclosure Statement (PDS) from AMP Capital. The PDS contains important information about investing in the Fund and it’s important you and your clients read the PDS before making a decision about whether to acquire, continue to hold or dispose of units in the Fund. This information has been prepared for the purpose of providing general information, without taking account of any of your clients’ objectives, financial situation or needs. You and your client should, before making any investment decisions, consider the appropriateness of this information, having regard to their objectives, financial situation and needs. To the extent that any ratings, opinions or other information of Standard & Poor’s Information Services (Australia) Pty Ltd (ABN: 17 096 167 556, Australian Financial Services Licence Number: 258896) (“Standard & Poor’s”) constitutes general advice, this advice has been prepared by Standard & Poor’s without taking into account any particular person’s financial or investment objectives, financial situation or needs. Before acting on any advice, any person using the advice should consider its appropriateness having regard to their own or their clients’ objectives, financial situation and needs. You should obtain a Product Disclosure Statement relating to the product and consider the statement before making any decision or recommendation about whether to acquire the product. Past performance is not a reliable indicator of future performance. Ratings can change or cease at any time and should not be relied upon without referring to the meaning of the rating. For more information regarding ratings please call S&P Customer Service on 1300 792 553 and also refer to Standard & Poor’s Financial Services Guide at www.assirt.com. au. Each analytic product or service of Standard & Poor’s is based on information received by the analytic group responsible for such product or service. “S&P” and “Standard & Poor’s” are trademarks of The McGraw-Hill Companies, Inc. © 2007 Standard & Poor’s Information Services (Australia) Pty Limited Lonsec Limited (Lonsec) (ABN 56 061 751 102) rating current as at December 2007. Any Lonsec rating presented is limited to “General Advice” and based solely on consideration of the investment merits of the financial product(s). It is not a recommendation to purchase, sell or hold the relevant product(s), and you should seek independent financial advice before investing in this product(s). The rating is subject to change without notice. Lonsec receives a fee from the fund manager for rating the product(s) using comprehensive and objective criteria.

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