AMP Capital today announced the appointment of Salt Funds Management as investment manager for
active New Zealand equities. The appointment followed a comprehensive investment manager search
and evaluation process.

Salt Funds Management is a boutique investment management firm that specialises solely in managing
New Zealand and Australian listed equity and property mandates. The firm is wholly owned by its
investment personnel.

A number of expressions of interest were received from active equity managers from which a shortlist of
managers was formed. After onsite visits, a preferred manager was selected and, following extensive due
diligence, the AMP Investment Management N.Z. Board formally appointed Salt Funds Management.

AMP Capital Head of Distribution George Carter said: “We were impressed by the calibre and number of
investment managers that expressed an interest in managing the portfolios. This shows significant depth
and expertise in the New Zealand equity market, which is great for investor choice.”

Mr Carter said Salt was selected because of its ability to align with AMP Capital’s existing New Zealand
equities investment philosophy and process, which was important to ensure a smooth transition for

“Being a core manager, Salt is an extremely good fit for AMP Capital and our clients. Salt has a proven
investment team with extensive experience in managing the types of portfolios we offered for tender as
well as having a truly integrated approach to responsible investing. We look forward to working with Salt
to deliver on our portfolios’ investment objectives and continuing to provide our clients with an excellent
New Zealand equity investment capability,” Mr Carter said.

From 1 April 2015, Salt Funds Management will be the investment manager for the following portfolios:
the AMP Capital NZ Shares Fund, AMP Capital Strategic NZ Shares Fund, AMP Capital Responsible
Investment Leaders NZ Shares Fund and the New Zealand equity component of the AMP Capital Income
Generator Fund. As at 28 February, funds under management in these portfolios totalled approximately
$690 million.