> October 2017

LISTED PROPERTY TRUSTS FUND - ON-PLATFORM CLASS A

Seeks to provide income and capital growth on a rolling 12 month basis by investing in property and property related securities listed on the Australian Stock Exchange.

Performance summary > The Australian listed real estate market strengthened in

October. > The Fund achieved a positive return though was slightly

under the benchmark. > Strong economic data and the expectation that the Reserve

Bank of Australia will not raise interest rates until late 2018 continue to support investor sentiment.

Investment approach The Fund invests in Real Estate Investment Trusts (REITs) and listed real estate, whose dominant business is property ownership, property funds management or property development, and infrastructure securities with property related assets. Diversification is achieved primarily through investment across three key property industry sub-sectors, namely: Retail, Office, and Industrial. In selecting securities for inclusion in the Fund, the team performs extensive quantitative and qualitative research in order to estimate the future income of each security. This approach is combined with active management which gives the team the flexibility to take active positions against the index, providing more opportunities to generate enhanced returns.

Performance – as at 31 October 2017 Inception Date: 17 Dec 1997 Performance benchmark: S&P/ASX 200 A-REIT Accumulation Index AUD Management costs**: 0.98% **The Fund PDS outlines management costs components, as well as other fees and costs that may apply to your investment. You can review the PDS at www.ampcapital.com.au.

% 1 mth 3 mth 1 yr 3 yr 5 yr Incept Total return - after fees 2.00 3.33 6.63 9.29 11.36 6.62 Distribution 0.00 0.00 2.59 3.79 3.96 6.68 Growth 2.00 3.33 4.04 5.49 7.39 -0.06 Benchmark 2.25 4.08 7.91 10.60 12.34 7.07

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 and are annualised for periods greater than one year.

For more information visit ampcapital.com.au

Asset allocation

$500,000 invested since inception

Top 10 holdings Security Details % Portf % Bench SCENTRE GROUP 19.77 18.83 GOODMAN GROUP 12.99 11.71 WESTFIELD CORP 11.68 13.07 GPT GROUP/THE 9.39 8.04 MIRVAC GROUP 8.71 7.85 STOCKLAND 7.59 9.56 VICINITY CENTRES 6.90 7.62 DEXUS 6.49 8.67 INVESTA OFFICE FUND 3.93 1.96 CHARTER HALL GROUP 3.55 2.36

Top / bottom 5 active positions

$0

$500,000

$1,000,000

$1,500,000

$2,000,000

$2,500,000

Fund Benchmark

-3% -2% -2% -1% -1% 0% 1% 1% 2% 2% 3%

DEXUS

STOCKLAND

SHOPPING CENTRES AUSTRALALIA

WESTFIELD CORP

IRON MOUNTAIN INC

CHARTER HALL GROUP

GOODMAN GROUP

GPT GROUP/THE

VIVA ENERGY REIT

INVESTA OFFICE FUND

41%

30%

13%

11% 3% 1% 1% Retail REITs

Diversified REITs

Industrial REITs

Office REITs

Health Care REITs

Cash

Specialised REITs

.

Investment objective To provide total returns (income and capital growth) after costs and before tax, above the Fund’s benchmark on a rolling 12 month basis.

Facts Fund size $165.38 million Distribution frequency Quarterly

Minimum suggested time frame 5 years Date of last distribution Sep 2017

Minimum initial investment $500,000 Distribution cents per unit 0.00

Buy/sell spread +0.25/-0.25 Investors should consider the Product Disclosure Statement (PDS) available from AMP Capital Investors Limited (ABN 59 001 777 591) (AFSL 232497) (AMP Capital) for the LISTED PROPERTY TRUSTS FUND - ON-PLATFORM CLASS A (Fund) before making any decision regarding the Fund. AMP Capital Funds Management Limited (ABN 15 159 557 721, AFSL 426 455) is the responsible entity of the Fund and the issuer of units in the Fund. The PDS contains important information about investing in the Fund and it is 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 any product or any particular rate of return referred to in this document. Past performance is not a reliable indicator of future performance. While every care has been taken in the preparation of this document, AMP Capital makes no representation or warranty as to the accuracy or completeness of any statement in it including without limitation, 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. Investors should, before making any investment decisions, consider the appropriateness of the information in this fact sheet, and seek professional advice, having regard to their objectives, financial situation and needs.

For more information T: 1800 658 404 F: 1800 630 066 W: www.ampcapital.com.au

Or your state account manager APIR Code AMP0255AU

AMP Capital Investors Limited

ABN 59 001 777 591, AFSL 232497

> LISTED PROPERTY TRUSTS FUND - ON-PLATFORM CLASS A

Performance and activity The Fund achieved a positive return though was slightly under the benchmark in October, mostly due to asset allocation.

At the sector level, stock selection within specialised REITs provided a significant contribution to the month’s return. Health care REITs underperformed the broader market in October and this in turn detracted from the Fund’s performance, given it holds a small overweight to the sector.

At the security level, significant positive contributions to relative returns came from overweight holdings in NEXTDC Ltd and Charter Gall Group and an underweight holding in Vicinity Centres.

The largest detractors from relative returns came from nil-holdings in Iron Mountain and Abacus Property Group, which both were up very strongly in October, as well as a modestly overweight holding in Investa Office Fund, which fell slightly during the month.

Market commentary The Australian listed real estate market strengthened in October as the economic data continued to support positive investor sentiment. Employment rose by 20,000 and the unemployment rate dropped slightly to 5.5% in September, the lowest since early 2013; meanwhile the SEEK New Jobs Ad Index rose by 12.1% seasonally adjusted compared to a year earlier. Nonetheless 10-year Australian Government bond yields fell back from 2.84% to close at 2.67% upon central bank commentary that suggested that it was in no hurry to raise interest rates.

The Housing Affordability Index for Australia rose by 0.5% in the September quarter, although it remains 4.4% below the level recorded 12 months ago. It nonetheless suggested that an income of twice the average Sydney salary was required to service a mortgage on the median Sydney home while avoiding mortgage stress. However weekly auction rates remain strong at 70.4% in Sydney and 76.0% in Melbourne; although these data points may be seen as somewhat negative, as transactions do not appear to be increasing as the market enters the peak spring selling period. Nonetheless Mirvac Group reported residential

defaults of less than 2% during the first quarter of the 2018 financial year, settling 308 residential lots and claiming to be on track to settle 3,400 over the year. In its earnings guidance for this period, Stockland reported strong residential earnings and overall 2018 funds from operations growth of 5.0% - 6.5%.

However Stockland recorded moving annual turnover growth, or total consumer spending in its retail centres, of just 0.3%, which was up from 0.0% in the June quarter. The pessimistic retail environment was also highlighted in the first quarter 2018 earnings update by Vicinity Centres which recorded moving annual turnover growth of just 0.2%, down from 0.4% in the June quarter and advised investors that: “the retail sales environment continues to be challenged”. This reflects the ongoing difficulties faced by retail from the long-term growth of e-commerce.

Dexus announced an increase in its office occupancy by income rate to 97.5% as it released details of four lettings in the recently acquired MLC Centre in Sydney that are in-line with its expectations. It also announced a decrease in financial year 2018 office lease expiries from 7.2% at 30 June 2017 to 5.9% at 30 September. This reflects the ongoing strength of the Sydney office market.

Outlook Continuing strong economic data and the expectation that the Reserve Bank of Australia will not begin to raise interest rates until late 2018 continue to support investor sentiment in the Australian listed real estate market. The Sydney and Melbourne office markets are expected to continue to see low vacancy rates and rental growth due to constrained supply, while transaction price levels continue to receive support from overseas investors. However companies exposed to the retail market are likely to continue to disappoint investors as they struggle to adjust to changing consumer habits and the imminent market entry of Amazon. Whereas extremely stretched levels of housing affordability and scant wage inflation are expected to cool the east coast capitals’ housing markets, company reports are still to indicate that these are impacting earnings expectations.