The joint venture AMP Capital Meridien, established in 2007, comprised 25 retirement villages in
Australia.

AMP Capital has undertaken a strategic review of its retirement assets over the last 18 months. Following
a difference in strategic direction, both parties agreed to end the joint venture.

At the same time Meridien has recapitalised the business with JP Morgan providing $100 million of
funding. The terms of this transaction are confidential.

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