> June 2014

AMP CAPITAL AUSTRALIAN EQUITY CONCENTRATED FUND - OFF-PLATFORM CLASS H

To provide total returns (income and capital growth) after costs and before tax above the Fund’s performance benchmark on a rolling 3 year basis.

Performance summary > The Fund’s underweight exposure to the mining sector

was the main contributor to positive returns. > An overweight position in QBE Insurance was the main

detractor for the period. > The Fund remains positioned with a defensive stance.

Investment approach The Fund primarily invests in Australian securities listed, or about to be listed, on the ASX which we believe will outperform the market. Whilst the Fund is not restricted in the sectors in which it invests, the portfolio is concentrated, that is, the Fund invests in only a small number of securities and typically holds between 25 and 35 positions, with the aim of gaining from outperformance or an increase in share price. We implement a research driven process which, combined with active management, enables the investment team to build a concentrated portfolio that takes advantage of market opportunities as they arise.

Performance – as at 30 June 2014 Inception Date: 23 May 2012 Performance benchmark: S&P/ASX 200 Accumulation Index Management costs: 1.3% and recoverable expenses

% 1 mth 3 mth 6 mth 1 yr Incept Benchmark -1.50 0.93 3.04 17.43 19.61

Total return - after fees -1.49 1.58 3.02 16.18 21.24

Past performance is not a reliable indicator of future performance. Performance is annualised for periods greater than one year.

Past performance is not a reliable indicator of future performance. Performance is annualised for periods greater than one year. Total returns are calculated using the unit price which uses the net asset values for the relevant month end. This price may differ from the actual unit price for an investor applying for or redeeming an investment. Actual unit prices will be confirmed following any transaction by an investor. Returns quoted are before tax, after Class 'A' fees and costs, assume all distributions are reinvested.

For more information visit ampcapital.com.au

Asset allocation

$30,000 invested since inception

Top 10 holdings

Security Details % Portf % Bench COMMONWEALTH BANK OF AUSTRALIA 10.91 9.84 BHP BILLITON LTD 8.70 8.65 WESTPAC BANKING CORP 8.46 7.91 AUSTRALIA & NEW ZEALAND BANKING GRP 7.45 6.87 TELSTRA CORP LTD 5.29 4.87 NATIONAL AUSTRALIA BANK LTD 4.40 5.79 INSURANCE AUSTRALIA GROUP LTD 3.04 1.03 OIL SEARCH LTD 2.81 0.85 WOODSIDE PETROLEUM LTD 2.67 2.18 WESFARMERS LTD 2.61 3.59

Asaleo Care Ltd > Asaleo Care Ltd is a manufacturer and distributor of

everyday consumer products, primarily in the personal hygiene space. Asaleo produce everything from tissues to soap and supply products for a stable of well-known brands including Sorbent, Handee and Libra.

> Asaleo listed on the last day of June 2014 after having previously been under the control of management and a syndicate of private equity firms. AMP Capital participated in the initial public offering as we were attracted to the reasonable valuation (trading on 14x FY1 PE) and the defensive nature of its earnings.

> In the medium term we believe that the business will benefit from the long term theme of an aging population, with a number of Asaleo’s products in demand from the older demographics.

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Financials

Materials

Consumer Staples

Energy

Cash

Telecommunication Services

Industrials

Health Care

Consumer Discretionary

Utilities

Information Technology

Fund Benchmark

$0

$5,000

$10,000

$15,000

$20,000

$25,000

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$35,000

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Fund Benchmark

Investment objective To provide total returns (income and capital growth) after costs and before tax above the Fund's performance benchmark on a rolling 3 year basis.

Facts Fund size $349.03 million Distribution frequency Half Yearly

Minimum suggested time frame 5 to 7 years Date of last distribution Jun 2014

Minimum initial investment $30,000 Distribution cents per unit 1.31

Buy/sell spread +0.20/-0.20

Investors should consider the current product disclosure statement (PDS) available from AMP Capital Investors Limited (ABN 59001 777 591) (AFSL 232497) (AMP Capital) for the AMP CAPITAL AUSTRALIAN EQUITY CONCENTRATED FUND - OFF-PLATFORM CLASS H (Fund) unit class before making any decision regarding the Fund. The PDS contains important information about investing in the Fund and it’s important investors read the PDS before making a decision about whether to acquire, continue to hold or dispose of units in the Fund. Neither AMP Capital, nor any other company in the AMP Group, guarantees the repayment of capital or the performance of the product or any particular rate of return. Past performance is not a reliable indicator of future performance. AMP Capital makes no representation or warranty as to the accuracy or completeness of any statement in this fact sheet including any forecasts. This fact sheet has been prepared for the purpose of providing general information, without taking account of any particular investor's objectives, financial situation, or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this fact sheet, and seek professional advice, having regard to the investor's objectives, financial situation, and needs.

For more information T: 1800 658 404 F: 1800 188 267 W: www.ampcapital.com.au

Or your financial advisor APIR Code AMP1821AU

AMP Capital Investors Limited

ABN 59 001 777 591, AFSL 232497

> AMP CAPITAL AUSTRALIAN EQUITY CONCENTRATED FUND - OFF-PLATFORM CLASS H

Performance and activity Global markets remain range bound at elevated levels, caught in the middle of a struggle between stretched valuations and extremely accommodative monetary policy. The Fund’s underweight exposure to the mining sector was the main contributor to positive returns, while an overweight exposure to the energy sector also added to performance. In the mining sector, a decision to avoid the bulk commodity producers contributed strongly, as the sector was sold-off sharply in the face of a growing supply/demand imbalance and an ongoing transition away from capital-intensive growth in China. Meanwhile, an overweight in the energy sector continues to add positively to returns as the sector has benefitted from ongoing earnings upgrades with a number of major projects nearing completion. Conversely, stock specific issues in the gaming sector and an underweight exposure to real estate investment trusts were the main detractors from performance. On a stock level, underweight positions in iron ore producers Rio Tinto and Fortescue Metals were the main contributors. The Fund benefitted from avoiding the weakness resulting from falling iron ore prices and signs of cooling in Chinese property construction. The Fund also benefitted from an overweight position in Oil Search whose shares advanced close to 15% over the quarter, in response to a string of positive announcements from the company. Not only did the company announce that its major liquefied natural gas project in Papua New Guinea was completed ahead of schedule and under budget, but management subsequently upgraded earnings guidance for the full year after ramping up the gas export facility earlier than expected. Oil Search continues to be a core holding of the Fund as it has an attractive growth outlook with potential to add to the capacity of the existing infrastructure. An overweight position in QBE insurance was the main detractor for the period. Shares in the general insurer sold off over the quarter in response to falling interest rates and a weakening US dollar. We maintain conviction in QBE as it stands to benefit when US bond yields eventually sell-off, in turn reducing the value of QBE’s insurance liabilities relative to its assets. The Fund remains positioned with a defensive stance, reflected in a portfolio beta of 0.93 at the end of the quarter. We believe the US economic recovery is more advanced than that of the

Australian economy, and thus maintain a preference for names which generate a significant proportion of their earnings from foreign markets. Domestically, we believe the housing sector will lead the transition away from mining investment-led growth and as such we have key overweights in the building materials and property developers sectors. We remain underweight the resources and developers and contractors sectors. Market commentary The Australian share market had another fairly subdued quarter – mining stocks slipped on the falling iron ore price, consumer stocks were negatively impacted by the fiscal tightening outlined in the Federal Budget and worries about China’s economy continued to weigh on commodity prices in general. As a result, the materials sector (-3.32%) was the weakest performer, followed by consumer discretionary stocks (-2.30%). Towards the end of the quarter all shares were given a modest boost by the European Central Bank’s announcement of further monetary stimulus. In general, investors tended to favour those shares with value and defensive qualities (versus high price-to-earnings and growth-oriented shares) such as utilities (+7.90%) and those in the energy sector (+5.41%). The performance of listed property trusts (+9.29%) was particularly impressive as they continued to attract yield-seeking investors. Outlook Shares have been undergoing a bit of a stealth correction all year – with the ongoing strength of the larger cap stocks masking falls in a lot of other segments – however, the broad trend in shares is expected to remain up. Share market fundamentals remain favourable with reasonable valuations, global earnings are improving on the back of rising economic growth and monetary conditions are set to remain easy for some time. So any dip should be seen as a buying opportunity. Our year-end target for the ASX 200 remains 5800.