AMP Check

IBISWorld Company Report
AMP Limited
This report was provided to

Macquarie University (2133705643)
by IBISWorld on 02 August 2019 in accordance with their licence agreement with IBISWorld
Premium Report
Balance Date: December 2018
Details..................................................................................................................................................... 2
Key Personnel....................................................................................................................................... 8
Other Directorships............................................................................................................................... 9
Financials............................................................................................................................................. 10
Growth & Ratios.................................................................................................................................. 13
Industry Averages............................................................................................................................... 15
Segments............................................................................................................................................. 16
Competitive Environment...................................................................................................................20
Shareholders....................................................................................................................................... 29
Subsidiaries......................................................................................................................................... 30
Service Providers................................................................................................................................ 38
www.ibisworld.com.au | 03 9655 3881 | info@ibisworld.com

December 2018 AMP Limited
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Details
Company Contact Details
Registered Name AMP Limited
Commonly Used Name AMP
Telephone Number 02 9257 5000
Fax Number 02 9257 7178
Internet Address www.amp.com.au
Street Address
Floor Level 24 AMP Building
Street 33 Alfred Street
City SYDNEY
State New South Wales
Post Code 2000
Country Australia
Postal Address
PO Box GPO Box 4134
Post Office
City SYDNEY
State New South Wales
Post Code 2001
Company Details
Major Business Line K63 - Insurance and Superannuation Funds in Australia
ACN Number 079 354 519
ABN Number 49 079 354 519
ASX Code AMP
Incorporated In New South Wales
Incorporation Date 08-Sep-1997
Company Type Public Company
Ownership Type Local
Sector Non Government
Listed on Stock Exchange? Yes
FY Balance Date 31-Dec-2018
IBISWorld Rank* 43
Introduction
AMP Limited is an Australian public listed company that derives its revenue from the
provision of wealth management, investment management, banking, superannuation and
insurance services. The company employs approximately 6,100 staff throughout its
operations in Australia and New Zealand and is headquartered in Sydney.
Provided to: Macquarie University (2133705643) | 02 August 2019

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AMP Limited is dually listed on the ASX and the NZX under the code AMP.
History/Background
2018 - October: AMP announced plans to sell its wealth protection and mature businesses
(AMP Life) in Australia and New Zealand to Resolution Life for a total consideration of $3.3
billion. The transaction is expected to be completed by 2019.
AMP also announced its intention to divest its wealth management and advice businesses in
New Zealand via an initial public offering in 2019.
2016 - During the year the company disposed of its subsidiary, Hillross Alliance Pty Ltd.
March: AMP acquired MoneyBrilliant, a personal finance platform start-up, for an undisclosed
sum, it will continue to trade under its current name. In 2014, AMP had invested $1.5 million
in the company.
2015 - During the year, the company also acquired a financial planning company, Wealth
Vision Financial Services Pty Ltd for an undisclosed sum.
November - AMP acquired the remaining 49% ownership of SuperIQ and remaining 80%
stake of SuperCorp, for approximately $30 million in total.
July - AMP announced the acquisition of Justsuper Pty Ltd, a self-managed super fund
company for an undisclosed sum. Justsuper will continue trading under its current name.
January - AMP Limited acquired a 19.9% interest in China Life Pension Company Limited for a
consideration of $240 million.
2014 - Throughout the 2014 financial year, AMP Limited acquired the following entities:
Forsythes Financial services Pty Limited, Prosperitus Holdings Pty Ltd and Total Super
Solutions Pty Ltd.
September: AMP established a funds management joint venture in China with China Life
Asset Management Company, a subsidiary of China Life Insurance Company.
2012 - June: AMP established an SMSF business unit. The company also acquired the
Cavendish Group, an Australian SMSF administrator for an undisclosed amount.
2011 - December: Mitsubishi UFJ Trust & Banking Corporation established an alliance with
AMP, to distribute the company’s products within the Japanese retail and institutional
investors. Through the agreement, Mitsubishi will also acquire a 15% share in AMP Capital
Holdings Limited at a cost of $425 million.

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April: AMP completed the sale of AXA Asia Pacific Holdings Limited's Asian businesses to AXA
SA.
March: The AMP-AXA $14 billion mergers received all necessary approvals and was
completed by the end of the month with AXA Asia Pacific becoming a wholly owned
subsidiary of AMP Limited.
2009 - November: AMP Limited announced it had signed a Memorandum of Understanding

for Strategic Cooperation with China Life Insurance (Group) company, China's largest
insurance group and the world's largest listed life insurance company. The agreement
identified areas for partnership in asset management and pensions. AMP also announced its
intention to acquire AXA Asia Pacific's Australian and New Zealand businesses for
approximately $11 billion in cash and shares.
2008 - June: A consortium of investors including AMP Capital Investors acquired Angel Trains,
a provider of railway rolling stock in the UK and Europe.
2007 - December: The company sold the closed reinsurance and general insurance
operations, Cobalt/Gordian.
2005 - September: AMP sold an equity interest in Henderson Group Plc.
August: The company sold the joint venture life insurance business in India, AMP Sanmar.
2003 - December: AMP received Federal Court approval for the demerger. AMP shares began
trading as a demerged entity and HHG shares listed on the London Stock Exchange and ASX.
September: The company sold Stanbroke Pastoral Company for an undisclosed sum.
May: The company announced a proposed demerger to split the company into regionally-
focused listed entities - AMP in Australia and HHG in the UK. HHG will operate as
`Henderson' in the UK and comprise of Henderson's northern hemisphere asset management
operations, UK Life Services, UK Contemporary Financial Services and AMP's 50% stake in
Virgin Money. The AMP group will retain the name `AMP' in Australia and New Zealand and
comprise of the Australian Financial Services, Henderson's Australian and New Zealand
operations and Gordian/Cobalt.
April: AMP sold its property finance portfolios in Australia and New Zealand.
March: The company sold its UK mortgage and deposit portfolio.
2002 - December: AMP sold its credit card portfolio in Australia and New Zealand.
June: The company acquired PricewaterhouseCoopers Financial Planning.

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May: AMP sold Cogent its investment operations business.
2001 - July: The company acquired leading online financial information services company,
Interactive Investor.
The company restructured UK-based Virgin joint venture through the sale of Virgin Direct
mortgage business and the integration of Virgin Direct and Virginmoney.com into a single
business.
AMP acquired the UK-listed independent financial advice firm Towry Law.
May: A platform for expansion into Japan's managed funds market was formed through
AMP's alliances with NEC and accounting group Miroku Jyoho Service.
The company entered the Indian market through a life insurance joint venture with India's
Sanmar Group.
April: AMP integrated its three UK financial services brands, Pearl, NPI and London Life, into
one AMP United Kingdom Financial Services business.
2000 - September: The company launched AMP Direct in Australia.
AMP Asset Management and Henderson Investors were rebranded under Henderson Global
Investors.
June: The company obtained a bank licence in the UK in an effort to sell mortgages, deposit
accounts and other banking services.
1999 - December: AMP acquired general insurance company, GIO Australia.
July: The company created a new global investment management business which will include
all AMP's investment management operations in Australia, the United Kingdom and New
Zealand.
1998 - December: AMP acquired UK mutual life insurer, National Provident Institution (NPI).
AMP obtained a bank licence in Australia and launched AMP Banking.
The company acquired British funds management group, Henderson.
September: AMP Acquired the retail banking business of Citibank in New Zealand.
June: AMP listed on the Australian and New Zealand stock market under the code AMP.
January: AMP converted to a shareholder-owned company.
1997 - AMP members vote in favour of the demutualisation of the Society.

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1995 - The company entered joint venture with the Virgin Group in the UK, to create the
retail financial services arm, Virgin Direct.
1991 - AMP Asset Management is established to manage the assets of Pearl and London Life,
in addition to the international assets of AMP Australia and AMP New Zealand.
1990 - The company acquired British financial institution, Pearl Assurance.
1989 - AMP acquired London Life, mutual company.
1958 - The AMP Fire & General Insurance Company is formed (renamed AMP General in
1990).
1908 - The company opened a branch office in the United Kingdom.
1871 - AMP opened a branch office in Wellington, New Zealand.
1863 - The company opened the first branch office in Melbourne.
1858 - AMP opened an agency in London.
1854 - The company opened an agency in Auckland, New Zealand.
1849 - The Australian Mutual Provident Society (AMP) was established in Sydney, Australia.
Brands/Businesses/Products
AMP Limited comprises of six business units:
 Australian Wealth Management - provides financial planning, investment and

retirement income products, superannuation products and self-managed
superannuation funds administration.
 AMP Capital - offers investment opportunities across a diverse range of assets

including equities, bonds, property, infrastructure, private equity, diversified and multi-
manager funds. AMP Capital has offices in Australia, New Zealand, Japan, Asia, the
United Kingdom and Europe, Africa, the Middle East and the United States.
 AMP Bank - an Australian retail bank providing a range of banking services via phone
and internet banking and through brokers and AMP advisers.
 Australian Wealth Protection - providing individual and group term life, income
protection and disability insurance products.
 Australian Mature - providing a range of life insurance products including the whole of
life, endowment, retirement savings account, investment account, eligible rollover fund,

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insurance bonds, annuity and personal superannuation products that are no longer
available to new business.
 New Zealand Wealth Management - providing a range of wealth management, wealth

protection and financial products through a network of financial advisers across New
Zealand.
Company Snapshot
AMP is a Public Company that is ranked number 43 out of the top 2000 companies in
Australia. The company generates the majority of its income from the Insurance and
Superannuation Funds in Australia industry.
In 2018 the company generated total revenue of $8,378,000,000 including sales and other
revenue. In 2018 AMP had 6100 employees in Australia including employees from all
subsidiaries under the company's control.
The Chief Executive of AMP is Mr Francesco De Ferrari whose official title is Chief Executive
Officer. The Chairman of AMP is Mr David Murray whose official title is Non-Executive
Chairman.
* IBISWorld Company information covers the Top 2000 companies that drive Australia's economy. The rankings
are based on total revenue earned by a company in the latest year for which their financial information is
available. All company types are included in our database, such as Public Listed and Public Non-Listed, Private
Companies, Foreign Owned, Partnerships, Trusts and Government Business Units. The Top 2000 ranking is
updated daily.

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Key Personnel
Salutation Initials Full Name Title Position Type
Mr DV David Murray Non-Executive Chairman * Chairman
Francesco De
Mr F Chief Executive Officer * Chief Executive
Ferrari
Mr JP John Moorhead Chief Financial Officer Financial Controller
Chief Operating
Ms J Jenny Fagg Chief Risk Officer
Officer
Chief Operating
Mr A Alex Wade Group Executive Advice
Officer
Chief Operating
Mr A Adam Tindall CEO AMP Capital
Officer
Chief Operating
Ms M Megan Beer Group Executive Insurance
Officer
Chief Operating
Ms S Sally Bruce Group Executive AMP Bank
Officer
Chief Operating
Mr B Blair Vernon Managing Director AMP New Zealand
Officer
Non-Executive
Mr TJ Trevor Matthews Independent Non-Executive Director *
Director
Non-Executive
Mr AW Andrew Harmos Independent Non-Executive Director *
Director
Non-Executive
Mr G Geoff Roberts Independent Non-Executive Director *
Director
Non-Executive
Mr M Mike Wilkins Independent Non-Executive Director *
Director
Non-Executive
Mr PJN Peter Varghese Independent Non-Executive Director *
Director
Non-Executive
Mr JK John O'Sullivan Non-Executive Director *
Director
Non-Executive
Mr J John Fraser Non-Executive Director *
Director
Non-Executive
Ms AE Andrea Slattery Non-Executive Director *
Director
Ms V Vicki Vordis Joint Company Secretary Company Secretary
Ms M Marissa Bendyk Joint Company Secretary Company Secretary

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Mr D David Cullen Group General Counsel Legal Officer
Group Executive Wealth Solutions &

Mr PJ Paul Sainsbury Sales Manager
Customer
Group Executive Public Affairs & Chief

Ms H Helen Livesey Marketing Manager
of Staff
Head of Business Services Procurement

Mr A Andrew Ordish
(Procurement) Manager
Senior Commercial Manager Procurement

Mr S Simon Tinckler
Procurement Manager
Ms F Fiona Wardlaw Group Executive People & Culture Personnel Manager
Group Executive Technology & Computing/IT

Mr C Craig Ryman
Operations Manager
* Appointed to the Board of Directors
Other Directorships
Name Company Position Title
Trevor Matthews BUPA Hi Holdings Pty Limited Non-Executive Director
Andrew Harmos Scentre Group Non-Executive Director

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Financials
31- 31- 31- 31- 31-

Balance Date
Dec-2018 Dec-2017 Dec-2016 Dec-2015 Dec-2014
Reported Currency AUD AUD AUD AUD AUD
Currency Units AUD000 AUD000 AUD000 AUD000 AUD000
PROFIT AND LOSS ACCOUNT

REVENUE ITEMS
Sales Revenue 6,223,000 6,346,000 6,064,000 5,406,000 5,217,000
Other Revenue 2,155,000 12,064,000 8,707,000 8,616,000 12,370,000
Total Revenue 8,378,000 18,410,000 14,771,000 14,022,000 17,587,000
Cost of Goods Sold N/A N/A N/A N/A N/A
Depreciation 22,000 17,000 18,000 284,000 275,000
R&D Expenditure N/A N/A N/A N/A N/A
INTEREST
Interest Received 1,854,000 11,888,000 8,567,000 8,483,000 2,468,000
Interest Expenses 611,000 585,000 551,000 658,000 674,000
PROFIT AND LOSS
Share of Profits of Associates 42,000 29,000 28,000 27,000 13,000
EBITDA -1,587,000 -9,650,000 -7,640,000 -5,548,000 295,000
Profit Before Tax -366,000 1,636,000 358,000 1,993,000 1,814,000
Income Tax Expense -417,000 763,000 166,000 280,000 843,000
Continuing Operations After Tax 51,000 873,000 192,000 1,713,000 971,000
Discontinued Operations After Tax N/A N/A N/A N/A N/A
Outside Equity Interest 23,000 25,000 536,000 741,000 87,000
NPAT 28,000 848,000 -344,000 972,000 884,000
Significant Items 0 0 0 0 0
Dividends 715,000 837,000 828,000 813,000 710,000
AUDIT
Audit Fees 14,238 14,211 13,657 12,184 12,567
Audit Other 2,402 1,904 2,089 3,421 1,386
Total Audit Fees 16,640 16,115 15,746 15,605 13,953

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BALANCE SHEET
CURRENT ASSETS
Cash at Bank N/A N/A N/A N/A N/A
Trade Debtors N/A N/A N/A N/A N/A
Inventory N/A N/A N/A N/A N/A
Other Current Assets N/A N/A N/A N/A N/A
Total Current Assets N/A N/A N/A N/A N/A
NON-CURRENT ASSETS
Receivables N/A N/A N/A N/A N/A
Investments N/A N/A N/A N/A N/A
Property & Plant Equipment N/A N/A N/A N/A N/A
Intangible Assets N/A N/A N/A N/A N/A
Other Non-Current Assets N/A N/A N/A N/A N/A
Total Non-Current Assets N/A N/A N/A N/A N/A
Total Assets 145,278,000 148,239,000 140,060,000 139,708,000 134,855,000
CURRENT LIABILITIES
Trade Creditors N/A N/A N/A N/A N/A
Interest Bearing Debt N/A N/A N/A N/A N/A
Provisions N/A N/A N/A N/A N/A
Other Current Liabilities N/A N/A N/A N/A N/A
Total Current Liabilities N/A N/A N/A N/A N/A
NON-CURRENT LIABILITIES
Interest Bearing Debt N/A N/A N/A N/A N/A
Provisions N/A N/A N/A N/A N/A
Other Non-Current Liabilities N/A N/A N/A N/A N/A
Total Non-Current Liabilities N/A N/A N/A N/A N/A
Total Liabilities 138,487,000 140,956,000 132,519,000 130,813,000 126,470,000
SHAREHOLDERS' EQUITY
Share Capital 9,610,000 9,547,000 9,747,000 9,747,000 9,747,000
Share Other Capital N/A N/A N/A N/A N/A
Reserves -1,931,000 -2,010,000 -1,972,000 -1,866,000 -1,888,000
Retained Earnings -886,000 -164,000 -185,000 819,000 566,000
Other 106,000 81,000 79,000 376,000 199,000
Total Equity 6,791,000 7,283,000 7,541,000 8,895,000 8,385,000

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OTHER
Number of Employees 6,100 5,600 5,400 5,400 5,400
Number of Shares on
2,937,428,336 2,918,469,137 2,957,737,964 2,957,737,964 2,957,737,964
Issue (end of period)
Market Capitalisation
7,196,699 15,146,855 14,906,999 17,243,612 16,267,559
(end of period) ('000)
Earnings per Share (basic) (cents) 1.0 29.3 -11.7 33.3 30.3
Earnings per Share (diluted) (cents) 1.0 29.1 -11.7 33.1 30.0
Qualified Audit Report No No No No No

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Growth & Ratios

Financial Growth
31- 31- 31- 31- Avg
Balance Date Dec-2018 Dec-2017 Dec-2016 Dec-2015 2013-18
Total Revenue Growth

-54.5 24.6 5.3 -20.3 -16.1
(% change)
Sales Revenue Growth

-1.9 4.7 12.2 3.6 5.7
(% change)
EBITDA (% change) N/A N/A N/A N/A N/A
NPAT (% change) -96.7 N/A N/A 10.0 -47.0
Shareholders' Funds
-6.8 -3.4 -15.2 6.1 -3.7
(% change)
Total Assets (% change) -2.0 5.8 0.3 3.6 1.8
Employees (% change) 8.9 3.7 0.0 0.0 1.4
Financial Ratios
31- 31- 31- 31- 31-
Balance Date Dec-2018 Dec-2017 Dec-2016 Dec-2015 Dec-2014
Return on Revenue
0.3 4.6 -2.3 6.9 5.0
(ROR) (%)
Return on Shareholders'
0.4 11.6 -4.6 10.9 10.5
Funds (ROSF) (%)
Return on Assets (ROA) (%) 0.0 0.6 -0.3 0.7 0.7
Profit Margin (%) -5.9 25.8 5.9 36.9 34.8
Revenue per Employee

1,373.4 3,287.5 2,735.4 2,596.7 3,256.9
($'000 per person)
NPAT per Employee

4.6 151.4 -63.7 180.0 163.7
($'000 per person)
Effective Tax Rate (%) 113.9 46.6 46.4 14.1 46.5
Gearing (%) 95.3 95.1 94.6 93.6 93.8
Interest Cover (X) 0.4 3.8 1.7 4.0 3.7
Current Ratio (X) N/A N/A N/A N/A N/A

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Industry Averages
AMP 31-
Financial Ratio Industry Average Dec-2018 Unit
Asset Turnover Ratio 0.09 0.04 Times
Creditors T/O 1,105.36 N/C Days
Current Ratio 1.27 N/C Times
Days Stock Held 2.98 N/C Days
Debtors T/O 3.30 N/C Days
Dividend Payout Ratio 2.07 8.53 Percent
Dividend Per Share 0.20 0.24 A$
Earnings Per Share 0.27 0.01 A$
EBITDA 34,689.64 -1,587,000.00 A$ 000
Effective Tax Rate 22.97 113.93 Percent
Gearing 27.39 95.33 Percent
Interest Cover 4.00 0.40 Times
Net Assets Per Share 51.48 2.31 A$
NPAT/Employee 120.37 4.59 A$ 000
Pre-Tax Margin 3.88 -4.37 Percent
Return on Shareholders Funds 0.53 0.41 Percent
Return on Total Assets 0.39 0.02 Percent
Revenue/Employee 4,226.61 1,373.44 A$ 000
AMP 31-
Growth Ratio Industry Average Dec-2018 Unit
Revenue Growth -1.31 -54.49 Percent
NPAT Growth -12.55 -96.69 Percent
Asset Growth 8.35 -1.99 Percent
Employees Growth -16.91 8.93 Percent
Dividend Growth Rate 1.50 -14.57 Percent
Companies included in the Industry Averages Calculations operate in the Insurance and
Superannuation Funds in Australia industry.

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Segments
Balance Date: 31 December, 2018
Operating Divisions
Revenue Profit Assets
Segment Name AUD000 AUD000 AUD000
Wealth Management 1,195,000 363,000 N/A
AMP Capital 450,000 167,000 N/A
AMP Bank 401,000 148,000 N/A
New Zealand Wealth Management 130,000 53,000 N/A
Australian & New Zealand Wealth

-3,000 -3,000 N/A
Protection & Mature
Unallocated 6,205,000 -700,000 145,278,000

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Operating Divisions - Key Ratios

Profit Profit
Segment Name as % of Revenue as % of Assets
Wealth Management 30.4% N/A
AMP Capital 37.1% N/A
AMP Bank 36.9% N/A
New Zealand Wealth Management 40.8% N/A
Australian & New Zealand Wealth Protection & Mature 100.0% N/A
Unallocated -11.3% -0.5%
Company 0.3% 0.0%
Operating Divisions - Industries by Operating Segment

Historical Forecast
Growth Rates Growth Rates
2014/15 - 2019/20 -
2018/19 2023/24
AMP Bank
K6221a - National and Regional Commercial Banks in
-0.3% 3.1%
Australia
K6411b - Mortgage Brokers in Australia 2.3% 1.7%

AMP Capital
K6240 - Financial Asset Investing in Australia 2.4% 2.9%
K6419a - Funds Management Services in Australia 2.7% 0.7%
L6712a - Office Property Operators in Australia 9.1% 1.3%
L6712b - Retail Property Operators in Australia 12.2% 4.7%
L6712c - Industrial and Other Property Operators in Australia 11.8% 1.7%

Australian & New Zealand Wealth Protection & Mature
K6310 - Life Insurance in Australia -4.8% 3.5%
K6419b - Financial Planning and Investment Advice in

-3.2% 1.0%
Australia
K6419d - Superannuation Funds Management Services in

0.2% 4.5%
Australia
K6322 - General Insurance in Australia 1.0% 3.8%

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New Zealand Wealth Management

K6330 - Superannuation Funds in Australia 1.4% 1.0%

-3.2% 1.0%
Australia

0.2% 4.5%
Australia
K6229 - Money Market Dealers in Australia 7.8% 2.5%
K6322 - General Insurance in Australia 1.0% 3.8%

Wealth Management
K6330 - Superannuation Funds in Australia 1.4% 1.0%

-3.2% 1.0%
Australia

0.2% 4.5%
Australia
Geographic Locations
Revenue Profit Assets
Segment Name AUD000 AUD000 AUD000
Australia & New Zealand 8,378,000 28,000 145,278,000
Total 8,378,000 28,000 145,278,000

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Geographic Locations - Ratios

Profit Profit
Location as % of Revenue as % of Assets
Australia & New Zealand 0.3% 0.0%
Company 0.3% 0.0%

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Competitive Environment
K6221a National and Regional Commercial Banks in Australia
Industry Statistics
Industry Size 2018-19 $ million 152,826
Industry Turnover Growth Rate 2018-19 1.4
Industry Concentration Level high
Estimated AMP Market Share (%) 0.0
Number of Enterprises in Industry 35
AMP is not a major player in this industry
Market
Major Competitors Share
Commonwealth Bank of Australia 22.4
Westpac Banking Corporation 20.0
National Australia Bank Limited 18.8
Australia and New Zealand Banking Group

14.9
Limited
K6411b Mortgage Brokers in Australia

Industry Statistics
Industry Turnover Growth Rate 2018-19 -6.7
Industry Concentration Level medium

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Market
Australian Finance Group Ltd 22.4
Mortgage Choice Limited 8.9
K6240 Financial Asset Investing in Australia

Industry Statistics
Industry Concentration Level low
K6419a Funds Management Services in Australia

Industry Statistics
Market
Macquarie Group Limited 32.6

22
L6712a Office Property Operators in Australia

Industry Statistics
L6712b Retail Property Operators in Australia

Industry Statistics
Market
Scentre Group 6.4
L6712c Industrial and Other Property Operators in Australia

Industry Statistics

23
K6310 Life Insurance in Australia

Industry Statistics
AMP Limited is a financial services organisation providing services in wealth and investment
management. As at December 2017, the company employed approximately 5,600 staff across
Australia and New Zealand. AMP is one of Australia's largest retail and corporate
superannuation providers and one of the country's most significant investment managers.
The company's business activities include financial planning and advice, corporate and retail
superannuation, retirement income, managed investments, insurance and banking.
In 2010, the ACCC approved AMP's bid to purchase rival AXA Asia Pacific. Under the deal,
AMP sold off AXA's Asian assets to AXA's France-based parent company, AXA SA. The sale of
the Asia business allowed AMP to retain AXA's Australian operations, making it the industry's
largest operator at the time. AMP operates in the industry through its Australian Wealth
Protection and Australian Mature business divisions, in addition to The National Mutual Life
Association of Australasia Limited brand acquired from AXA. The company's offerings include
life insurance and income protection. The company also offers several insurance options in
the event of death, total and permanent disablement, and trauma.
Financial performance
AMP Limited reports its financial results to APRA through AMP Life Limited and The National
Mutual Life Association of Australasia Limited. Net policy revenue from AMP's industry-
specific businesses is expected to rise at an annualised 0.5% over the five years through
December 2018, to $2.12 billion. This growth represents an underperformance of the
industry's net policy revenue growth over the period. Declining profitability in the company's
industry-specific operations has prompted AMP to make changes to its life insurance
business. AMP has announced new reinsurance arrangements to release its capital from the
division.

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Market
AMP Limited 11.6
TAL Dai-ichi Life Australia Pty Limited 11.5
MLC Limited 9.0
AIA Australia Limited 7.9

7.7
Limited
K6419b Financial Planning and Investment Advice in Australia

Industry Statistics
AMP Limited is an ASX-listed diversified financial services company that mainly focuses on
wealth management. The company was established in 1849 as the Australian Mutual
Provident Society. AMP provides financial advice and services including superannuation,
insurance, banking, savings and investment products, and funds management. The company
was demutualised before being listed on the ASX in 1998. AMP mainly services the Australian
and New Zealand markets, and conducts some investment management activities from its
international offices. The company participates in the industry through its brands AMP
Financial Planning, Charter Financial Planning, Hillross Financial Services and AMP Advice
(formerly ipac securities).
AMP has increased the standards for its network of financial planners over the past two years
due to growing consumer concerns relating to financial planner transparency. The company
has set up an independent review panel to handle customer complaints regarding financial
advice. During the Royal Commission into Misconduct in the Banking, Superannuation and
Financial Services Industry, AMP confirmed certain licensees had failed to turn off ongoing
service fees while the customers were under buy-back arrangements. These arrangements,
also known as Buyer of Last Resort, allow an adviser to sell their register or book of
customers to the licensee. According to the AMP Group Submission, Case Study 1: Fees for
no service, approximately 90% of AMP's Advice network of advisers are self-employed small

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business owners, and are authorised representatives appointed by AMP Advice licensees.
Tighter industry regulations following the Financial Services Royal Commission may affect the
size of AMP's adviser network.
AMP Limited's industry-specific revenue is expected to grow at an annualised 2.0% over the
five years through December 2019, to $953.1 million, outperforming the overall industry. A
large portion of the company's industry-related growth has been inorganic, but the company
has also grown organically through cross-selling financial services. AMP will likely continue
using its size and brand power to acquire smaller dealer groups that are struggling with
ongoing industry reforms. However, potential regulatory changes following the Financial
Services Royal Commission may hinder these activities. The company's industry-specific
profitability is anticipated to decline over the five years through December 2019 due to
significant acquisition costs and AMP's compensation payments for unwarranted fees.
Market
AMP Limited 20.0
IOOF Holdings Ltd 6.2
K6419d Superannuation Funds Management Services in Australia

Industry Statistics
AMP Limited is a leading wealth management company with over 3.5 million customers in
Australia and New Zealand. AMP is one of Australia's largest retail and corporate
superannuation companies, and manages approximately $257 billion in assets. In March
2011, AMP purchased AXA Asia Pacific Holdings' Australian and New Zealand operations,
strengthening its wealth management business. AXA Asia Pacific Holdings' Asian operations
were purchased by its French parent company AXA SA.

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AMP Limited operates in the industry through AMP Capital, an investment manager that
offers services to both retail and wholesale clients. AMP has been attempting to expand its
Asian operations through AMP Capital and to increase customers in high-value segments.
The company intends to conduct mergers and acquisitions to help attain its growth targets.
AMP is also well positioned to capitalise on growth opportunities presented by regulatory
reforms. For example, to capitalise on the shift towards SMSFs, AMP upgraded its stakes in
online SMSF administration companies SuperIQ and SuperCorp to full ownership. In January
2016, AMP rebranded its SMSF unit to SuperConcepts, which provides users with software,
and administrative and educational services regarding their super.
AMP is the industry's largest player based on funds under management (FUM). The
company's industry-specific revenue is expected to increase at an annualised 2.9% over the
five years through December 2019, to $655.5 million. This represents an outperformance of
the overall industry over the same period. AMP's strategy to move into SMSF management
has been successful, indicated by its growing FUM. However, the company's industry-related
revenue has increased at a slower rate than FUM, which demonstrates a decline in fees.
AMP's profit margins have decreased over the past five years following the Financial Services
Royal Commission's findings. The company is anticipated to compensate customers who
were charged fees for services that they did not receive over the next five years.
Market
AMP Limited 6.8
K6322 General Insurance in Australia

Industry Statistics

27
Market
Insurance Australia Group Limited 20.8
Suncorp Group Limited 12.9
Allianz Australia Limited 7.7
QBE Insurance Group Limited 7.4
K6330 Superannuation Funds in Australia

Industry Statistics
AMP Limited is a financial services organisation that provides wealth and investment
management services, with approximately 5,600 employees across its Australian and New
Zealand operations. AMP's business is split into six major units: Australian Wealth
Management, AMP Capital, AMP Bank, Australian Wealth Protection, Australian Mature and
New Zealand Financial Services. AMP's business activities include financial planning advice,
corporate and retail superannuation, retirement income, managed investments, insurance
and banking.
AMP is among Australia's largest retail and corporate superannuation providers. The
company is also one of the most significant investment managers, with more than $187.7
billion in funds under management as at 31 December 2017. AMP operates in the industry
through AMP Superannuation Limited, which is an Australian subsidiary of AMP Limited and
acts as a trustee for AMP Superannuation Savings Trust, and other brands such as MyNorth
Super and NM Super.
AMP's superannuation assets under administration are expected to grow at an annualised

4.1% over the five years through 2018-19, to $129.4 billion, underperforming the overall
industry. Given its for-profit nature and retail classification, the company has recorded weaker
demand due to the growing popularity of industry super funds. As a result, AMP's market
share in terms of assets under administration in the industry is expected to fall over the
period.

28
Market
AustralianSuper 5.4
AMP Limited 4.4
QSuper 4.0
K6229 Money Market Dealers in Australia

Industry Statistics
Market
National Australia Bank Limited 23.8

11.7
Limited

29
Shareholders
Ultimate Parent
Substantial Shareholders
Percentage Country of
Shareholder Name Held Incorporation
BlackRock Inc 5.2% USA
Lazard Asset Management Pacific Co 5.1% Australia
Harris Associates Investment Trust 5.0% USA
Vanguard Group Inc 5.0% USA
Largest Shareholders
Shareholder Name Held Incorporation
HSBC Custody Nominees (Australia) Limited 30.3% Australia
Citicorp Nominees Pty Limited 11.6% Australia
JP Morgan Nominees Australia Pty Ltd 10.9% Australia
National Nominees Limited 2.9% Australia
BNP Paribas Nominees Pty Ltd 2.7% Australia
Australian Foundation Investment Company Limited 0.4% Australia
Argo Investments Ltd 0.4% Australia
AMP Life Limited 0.3% Australia
Navigator Australia Ltd 0.3% Australia
Netwealth Investments Limited 0.2% Australia
Aigle Royal Superannuation Pty Ltd 0.2% Australia
Gwynvill Trading Pty Limited 0.1% Australia
Nulis Nominees (Australia) Limited 0.1% Australia
As at: 14 February, 2019

30
Subsidiaries
Associated companies
Name Held Incorporation
China Life AMP Asset Management Company Ltd 15.0% China
China Life Pension Company 20.0% China
PCCP LLC 25.0% USA
Holding company
AMP Limited 100.0% Australia
Subsidiaries
255 George Street Investment A Pty Ltd 100.0% Australia
255 George Street Investment B Pty Ltd 100.0% Australia
35 Ocean Keys Pty Limited 100.0% Australia
Abbey Capital Real Estate Pty Limited 100.0% Australia
ACN 154 462 344 Pty Limited 100.0% Australia
ACPP Industrial Pty Ltd 85.0% Australia
ACPP Office Pty Ltd 85.0% Australia
ACPP Retail Pty Ltd 85.0% Australia
ACRT Finance Pty Ltd 100.0% Australia
AdviceFirst Limited 62.0% New Zealand
Aged Care Investment Services No 1 Pty Limited 100.0% Australia
Aged Care Investment Services No 2 Pty Limited 100.0% Australia
Allmarg Corporation Limited 100.0% New Zealand
AMP AAPH Limited 100.0% Australia
AMP Administration (NZ) Limited 100.0% New Zealand
AMP Advice Holdings Pty Ltd 100.0% Australia
AMP Bank Limited 100.0% Australia

31
AMP Capital AA REIT Investments (Australia) Pty Limited 85.0% Australia
AMP Capital Advisors India Pvt Ltd 85.0% India
AMP Capital Asia Limited 85.0% Hong Kong
AMP Capital Bayfair Pty Limited 85.0% Australia
AMP Capital Finance (US) LLC 85.0% USA
AMP Capital Finance Limited 85.0% Australia
AMP Capital Funds Management Limited 85.0% Australia
AMP Capital Holdings Limited 85.0% Australia
AMP Capital Investments No 14 Limited 100.0% New Zealand
AMP Capital Investors (GIF GP) S a r l 85.0% Luxembourg
AMP Capital Investors (GIF II GP) S a r l 85.0% Luxembourg
AMP Capital Investors (Hong Kong) Limited 85.0% Hong Kong
AMP Capital Investors (IDF CQP GP) S a r l 85.0% Luxembourg
AMP Capital Investors (IDF II GP) S a r l 85.0% Luxembourg
AMP Capital Investors (IDF III GP) S a r l 85.0% Luxembourg
AMP Capital Investors (IDF IV GP) S a r l 85.0% Luxembourg
AMP Capital Investors (Luxembourg No 3) S a r l 85.0% Luxembourg
AMP Capital Investors (Luxembourg) S a r l 85.0% Luxembourg
AMP Capital Investors (New Zealand) Limited 85.0% New Zealand
AMP Capital Investors (Singapore) Pte Ltd 85.0% Singapore
AMP Capital Investors (UK) Limited 85.0% England
AMP Capital Investors (US) Limited 85.0% USA
AMP Capital Investors Advisory (Beijing) Limited 85.0% China
AMP Capital Investors International Holdings Limited 85.0% Australia
AMP Capital Investors KK 85.0% Japan
AMP Capital Investors Limited 85.0% Australia
AMP Capital Investors Real Estate Pty Limited 85.0% Australia
AMP Capital Investors US Real Estate LLC 85.0% USA

32
AMP Capital Office & Industrial Pty Limited 85.0% Australia
AMP Capital Palms Pty Limited 85.0% Australia
AMP Capital Property Nominees Limited 85.0% Australia
AMP Capital SA Schools No 1 Pty Limited 85.0% Australia
AMP Capital SA Schools No 2 Pty Limited 85.0% Australia
AMP Capital Shopping Centres Pty Limited 85.0% Australia
AMP Custodian Services (NZ) Limited 85.0% New Zealand
AMP Custodian Services (NZ) No. 2 Limited 85.0% New Zealand
AMP Direct Pty Ltd 100.0% Australia
AMP Finance Limited 100.0% Australia
AMP Finance Services Limited 100.0% Australia
AMP Financial Investment Group Holdings Limited 100.0% Australia
AMP Financial Planning Pty Limited 100.0% Australia
AMP Financial Services Holdings Limited 100.0% Australia
AMP Foundation Limited 100.0% Australia
AMP GBS Limited 100.0% Australia
AMP GDPF Pty Limited 85.0% Australia
AMP Global Property Investments Pty Ltd 100.0% Australia
AMP Group Finance Services Limited 100.0% Australia
AMP Group Holdings Limited 100.0% Australia
AMP Group Services Limited 100.0% Australia
AMP Holdings Limited 100.0% Australia
AMP Insurance Investment Holdings Pty Limited 100.0% Australia
AMP Investment Management (NZ) Limited 85.0% New Zealand
AMP Investment Services No 2 Pty Limited 85.0% Australia
AMP Investment Services Pty Limited 85.0% Australia
AMP Lending Services Limited 100.0% Australia
AMP Life (NZ) Investments Holdings Limited 100.0% New Zealand
AMP Life (NZ) Investments Limited 100.0% New Zealand
AMP Life Limited 100.0% Australia
AMP Macquarie Holding Pty Limited 85.0% Australia
AMP Macquarie Pty Limited 85.0% Australia

33
AMP New Ventures Holdings Pty Ltd 100.0% Australia
AMP New Zealand Holdings Limited 100.0% New Zealand
AMP Pacific Fair Pty Limited 85.0% Australia
AMP Personal Investment Services Limited 100.0% Australia
AMP Planner Register Company Pty Limited 100.0% Australia
AMP Private Capital No 2 Pty Limited 85.0% Australia
AMP Private Capital Pty Limited 85.0% Australia
AMP Property Investments (Qld) Pty Ltd 100.0% Australia
AMP Remuneration Reward Plans Nominees Pty Limited 100.0% Australia
AMP Riverside Plaza Pty Limited 100.0% Australia
AMP Royal Randwick Pty Limited 85.0% Australia
AMP Services (NZ) Limited 100.0% New Zealand
AMP Services Holdings Limited 100.0% Australia
AMP Services Limited 100.0% Australia
AMP SMSF Holding Co Limited 100.0% Australia
AMP SMSF Investments No 2 Pty Ltd 100.0% Australia
AMP Superannuation Limited 100.0% Australia
AMP Warringah Mall Pty Ltd 85.0% Australia
AMP Wealth Management New Zealand Limited 100.0% New Zealand
AMP Wholesale Office Investments Pty Limited 85.0% Australia
AMP/ERGO Mortgage & Savings Limited 100.0% New Zealand
Associated Planners Financial Services Pty Ltd 100.0% Australia
Auburn Mega Mall Pty Limited 85.0% Australia
Australian Financial Risk Management Pty Ltd 100.0% Australia
Australian Mutual Provident Society Pty Limited 100.0% Australia
Australian Securities Administration Limited 100.0% Australia
AWOF II - Angel Place Pty Limited 100.0% Australia
AWOF New Zealand Office Pty Limited 85.0% Australia
BMRI Financial Services Pty Ltd 100.0% Australia
Cavendish Administration Pty Ltd 100.0% Australia
Cavendish Pty Ltd 100.0% Australia
Cavendish Superannuation Holdings Pty Ltd 100.0% Australia

34
Charter Financial Planning Limited 100.0% Australia
Click SMSF Pty Ltd 100.0% Australia
Collins Place No 2 Pty Ltd 100.0% Australia
Collins Place Pty Ltd 100.0% Australia
Corporate Custodians Pty Limited 100.0% Australia
Eluvia Pty Ltd 100.0% Australia
Exford Pty Ltd 100.0% Australia
Flack Advisory Services Group Pty Ltd 50.0% Australia
Forsythes Financial Services Pty Limited 100.0% Australia
Foundation Wealth Advisers Pty Ltd 60.0% Australia
Genesys Group Holdings Pty Ltd 100.0% Australia
Genesys Group Pty Ltd 100.0% Australia
Genesys Holdings Limited 100.0% Australia
Genesys Kew Pty Ltd 100.0% Australia
Genesys Wealth Advisers Ltd 100.0% Australia
Glendenning Pty Limited 100.0% Australia
GWM Spicers Limited 100.0% New Zealand
Hillross Financial Services Limited 100.0% Australia
Honeysuckle 231 Pty Limited 51.0% Australia
INSSA Pty Limited 100.0% Australia
International SuperConcepts SDN BHD 100.0% Malaysia
ipac Asset Management Limited 100.0% Australia
ipac Group Services Pty Ltd 100.0% Australia
ipac Portfolio Management Limited 85.0% Australia
ipac Securities Limited 100.0% Australia
ipac Taxation Services Pty Ltd 100.0% Australia
Jigsaw Support Services Limited 100.0% Australia
Justsuper Pty Ltd 100.0% Australia
Kent Street Pty Limited 100.0% Australia
King Financial Services Pty Ltd 100.0% Australia
Knox City Shopping Centre Investments (No 2) Pty Limited 100.0% Australia
Macarthur Financial Planning Pty Limited 100.0% Australia

35
Marrickville Metro Shopping Centre Pty Limited 85.0% Australia
Money Brilliant Pty Ltd 100.0% Australia
More Superannuation Pty Ltd 100.0% Australia
Mowla Pty Ltd 100.0% Australia
Multiport Resources Pty Ltd 100.0% Australia
National Mutual Funds Management (Global) Limited 100.0% Australia
National Mutual Funds Management Ltd 100.0% Australia
National Mutual Life Association of Australasia Limited 100.0% Australia
National Mutual Life Nominees Pty Limited 100.0% Australia
NM Computer Services Pty Limited 100.0% Australia
NM Superannuation Pty Limited 100.0% Australia
NMMT Limited 100.0% Australia
Pajoda Investments Pty Ltd 55.0% Australia
Portfolio Planning Solutions Ltd 100.0% Australia
PPS Administration Solutions Pty Ltd 100.0% Australia
PPS Financial Planning Pty Ltd 100.0% Australia
PPS Lifestyle Solutions Pty Ltd 100.0% Australia
PPS UT Acquisitions Pty Ltd 100.0% Australia
PremierOne Mortgage Advice Pty Limited 100.0% Australia
Principal Healthcare Holdings Pty Limited 100.0% Australia
Priority One Agency Services Pty Ltd 100.0% Australia
Priority One Financial Services Pty Limited 100.0% Australia
Prosperitus Holdings Pty Ltd 100.0% Australia
Prosperitus Pty Ltd 100.0% Australia
QQT Investment 1 Pty Limited 100.0% Australia
QQT Investment 2 Pty Limited 100.0% Australia
Quadrant Securities Pty Ltd 100.0% Australia
Quay Mining (No 2) Limited 100.0% Bermuda
Quay Mining Pty Limited 100.0% Australia
RDSS Pty Ltd 100.0% Australia
SMA Tax & SMSF Services Pty Ltd 100.0% Australia
Smartsuper Pty Limited 100.0% Australia

36
SMSF Administration Solutions Pty Ltd 100.0% Australia
SMSF Advice Pty Ltd 100.0% Australia
SMSF Managers Pty Limited 100.0% Australia
SMSF Operations Pty Ltd 100.0% Australia
SMSF Outsourcing Services Pty Ltd 100.0% Australia
Solar Risk Pty Ltd 100.0% Australia
Spark Operating System Pty Ltd 100.0% Australia
SPP No 1 (Mornington) Pty Limited 86.0% Australia
SPP No 1 (Mt Waverley Financing) Pty Limited 86.0% Australia
SPP No 1 (Mt Waverley) Pty Limited 86.0% Australia
SPP No 1 (Newcastle) Pty Limited 86.0% Australia
SPP No 1 (Pakenham) Pty Limited 86.0% Australia
SPP No 1 (Rosebery) Pty Limited 86.0% Australia
SPP No 1 Holdings Pty Limited 86.0% Australia
SPP No 3A Investments Pty Limited 86.0% Australia
Strategic Planning Partners Pty Ltd 100.0% Australia
Sunshine West Development Pty Limited 75.0% Australia
Super Concepts Pty Limited 100.0% Australia
SuperannuationOps Private Limited 100.0% India
SuperConcepts Administration Pty Ltd 100.0% Australia
SuperConcepts Software Services Pty Ltd 100.0% Australia
Supercorp Pty Limited 100.0% Australia
SuperIQ Pty Ltd 100.0% Australia
TFS Financial Planning Pty Ltd 100.0% Australia
TM Securities Pty Ltd 100.0% Australia
TOA Pty Ltd 100.0% Australia
Total Super Solutions Pty Ltd 100.0% Australia
Trenthills Financial Services Pty Limited 100.0% Australia
Tynan Mackenzie Pty Ltd 100.0% Australia
Waterfront Place (No 2) Pty Ltd 100.0% Australia
Waterfront Place (No 3) Pty Ltd 100.0% Australia
Wealth Vision Financial Services Pty Ltd 100.0% Australia

37
Wealth Vision Home Loans Pty Ltd 100.0% Australia
yourSMSF Administration Pty Ltd 100.0% Australia
Trust
AIMS AMP Capital Industrial REIT 10.0% Singapore
Global Infrastructure Fund 5.0% Cayman Islands
Global Infrastructure Fund II 5.0% Cayman Islands

38
Service Providers
Service Provider Type Service Provider
Banker Not available
External Auditor Ernst & Young
Insurance Broker Not available
Internal Auditor Not available
Solicitor Not available
Telecommunication Not available

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IBISWorld Company Report

This report was provided to

Balance Date: December 2018

www.ibisworld.com.au | 03 9655 3881 | info@ibisworld.com

Provided to: Macquarie University (2133705643) | 02 August 2019

Provided to: Macquarie University (2133705643) | 02 August 2019

2009 - November: AMP Limited announced it had signed a Memorandum of Understanding

2005 - September: AMP sold an equity interest in Henderson Group Plc.

March: The company sold its UK mortgage and deposit portfolio.

June: The company acquired PricewaterhouseCoopers Financial Planning.

Provided to: Macquarie University (2133705643) | 02 August 2019

May: AMP sold Cogent its investment operations business.

2000 - September: The company launched AMP Direct in Australia.

1999 - December: AMP acquired general insurance company, GIO Australia.

AMP obtained a bank licence in Australia and launched AMP Banking.

The company acquired British funds management group, Henderson.

January: AMP converted to a shareholder-owned company.

1997 - AMP members vote in favour of the demutualisation of the Society.

Provided to: Macquarie University (2133705643) | 02 August 2019

1990 - The company acquired British financial institution, Pearl Assurance.

1989 - AMP acquired London Life, mutual company.

1908 - The company opened a branch office in the United Kingdom.

1871 - AMP opened a branch office in Wellington, New Zealand.

1863 - The company opened the first branch office in Melbourne.

1858 - AMP opened an agency in London.

1854 - The company opened an agency in Auckland, New Zealand.

AMP Limited comprises of six business units:

 Australian Wealth Management - provides financial planning, investment and

 AMP Capital - offers investment opportunities across a diverse range of assets

Provided to: Macquarie University (2133705643) | 02 August 2019

 New Zealand Wealth Management - providing a range of wealth management, wealth

Provided to: Macquarie University (2133705643) | 02 August 2019

Mr DV David Murray Non-Executive Chairman * Chairman

Mr JP John Moorhead Chief Financial Officer Financial Controller

Ms V Vicki Vordis Joint Company Secretary Company Secretary

Ms M Marissa Bendyk Joint Company Secretary Company Secretary

Provided to: Macquarie University (2133705643) | 02 August 2019

Mr D David Cullen Group General Counsel Legal Officer

Group Executive Wealth Solutions &

Group Executive Public Affairs & Chief

Head of Business Services Procurement

Senior Commercial Manager Procurement

Ms F Fiona Wardlaw Group Executive People & Culture Personnel Manager

Group Executive Technology & Computing/IT

* Appointed to the Board of Directors

Trevor Matthews BUPA Hi Holdings Pty Limited Non-Executive Director

Andrew Harmos Scentre Group Non-Executive Director

Provided to: Macquarie University (2133705643) | 02 August 2019

31- 31- 31- 31- 31-

Reported Currency AUD AUD AUD AUD AUD

Currency Units AUD000 AUD000 AUD000 AUD000 AUD000

PROFIT AND LOSS ACCOUNT

Sales Revenue 6,223,000 6,346,000 6,064,000 5,406,000 5,217,000

Other Revenue 2,155,000 12,064,000 8,707,000 8,616,000 12,370,000

Total Revenue 8,378,000 18,410,000 14,771,000 14,022,000 17,587,000

Cost of Goods Sold N/A N/A N/A N/A N/A

Depreciation 22,000 17,000 18,000 284,000 275,000

R&D Expenditure N/A N/A N/A N/A N/A

Interest Received 1,854,000 11,888,000 8,567,000 8,483,000 2,468,000

Interest Expenses 611,000 585,000 551,000 658,000 674,000

PROFIT AND LOSS

Share of Profits of Associates 42,000 29,000 28,000 27,000 13,000

EBITDA -1,587,000 -9,650,000 -7,640,000 -5,548,000 295,000

Profit Before Tax -366,000 1,636,000 358,000 1,993,000 1,814,000