Thursday 10th of July 2003

Per my phonecall to you this morning I am writing to correct the factual inaccuracies in your lead story "AMP advisers unhappy with offer" (www.goodreturns.co.nz 10 July 2003). 1. You state that the Adviser support package is designed to "help [Advisers] through the demerger process". This is not the case. The package was designed primarily to assist our Advisers through a period of investment market downturn. The aim is to help our Advisers maintain strong customer relationships throughout this period. 2. The figure you quote for the size of the Australian package is incorrect. Its value is just over A$4 million. As such it reflects the much higher Adviser numbers in Australia. It also includes a component of performance-based payments which we in New Zealand have chosen not to include. 3. You imply in par. 4 that there is no unit trust business in New Zealand. This is not the case. 4. In par. 5 you refer to risk sales. Again, I would emphasise that the Adviser support package was designed to help our Advisers to strengthen their customer relationships and, as such, it includes a significant marketing component with which Advisers have expressed satisfaction. The package was not designed simply to pump more money into product sales.