Update regarding quarterly withdrawal windows for the 
 AMP Capital Structured High Yield Fund
 

Dear Adviser

We recently wrote to all investors in the AMP Capital Structured High Yield Fund (‘the Fund’) informing of our expectation was that there would be no funds available to meet withdrawal requests for the window ending 31 July 2009.

We are writing to confirm that we will not be paying withdrawal requests this quarter as there was no cash available to meet withdrawal requests in the Fund at the time of payment.

At this time, we are unable to determine with any certainty the Fund’s ability to meet future withdrawal requests. Future withdrawals will take into account, but are not limited to, the amount of liquidity available in the Fund and the number of the withdrawal requests received by the Fund.

At the end of the last quarter we were notified of the full pre-payment of MGN Gas Network (UK) Limited (MGN), a £20 million investment of the Fund. This amount was received in our Sydney office in August, after the cut-off time for the July gate.

The Fund has begun to renegotiate its debt facility, which is due to expire in May 2010. The priority for the Fund was to pay down debt to facilitate debt negotiations. Accordingly, all of the funds have been applied to debt reduction and the proceeds of the MGN pre-payment will therefore not be available for the next withdrawal window.

Going forward, the Fund will continue to process withdrawal payments in quarterly windows on a pro rata basis. Investors need to submit a new withdrawal request for each window. The current window opened on 1 August 2009 and closes on 2 November 2009. The next window after that closes on 1 February 2010.

AMP Capital understands how challenging the current environment is for investors and is committed to acting in the best interests of investors in the Fund. We thank you for your ongoing support in this tough investment market environment. If you have any questions, please contact your Business Development Manager, call us on 1300 139 267 or talk to your platform provider.

Yours sincerely

Ben Harrop

Ben Harrop
Head of Retail Distribution

1300 139 267
 
Important note: 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 AMP Capital Structured High Yield Fund (Fund) before making any decision regarding the Fund. The PDS contains important information about investing in the Fund and it is important that investors read the PDS before making any decision whether to acquire, or continue to hold, or dispose of any units in the Fund. Neither AMP Capital Investors Limited 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 Investors makes no representation or warranty as to the accuracy or completeness of any statement in it. This document 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 document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. AMP Capital, the responsible entity of the Fund, is the issuer of the PDS for the Fund and reserves the right to change the terms and conditions in accordance with the PDS.