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STATEMENT OF ADVICE SAMPLE WORDING ONEANSWER 20 FEBRUARY 2017 The attached sample Statement of Advice wording can be used to cover OneAnswer Frontier’s features and investment options when preparing Statement of Advices for clients.

Note: you are responsible for the entire content of any Statement of Advice (SOA) you prepare for a client. Accordingly, before using the attached wording in any SOA, you must consider and determine that the wording is appropriate for inclusion in an SOA for that individual client. The attached wording has been prepared by OnePath without taking into account any individual client's financial situation, objectives or needs. In recommending this product you are responsible for meeting your duty to act in the best interest of your client. OnePath accepts no responsibility for its inclusion in any SOA.

OnePath Custodians Pty Limited ABN 12 008 508 496 AFSL 238346 RSE L0000673 and OnePath Funds Management Limited ABN 21 003 002 800 AFSL 238342 are the issuers of this document. The information is current as of February 2017 and is subject to change. The information provided is intended for the use of advisers only, is of a general nature and does not take into account an investor's personal needs, financial circumstances or objectives. Before acting on this information, an investor should consider the appropriateness of the information, having regard to their needs, financial circumstances and objectives. An investor should read the relevant Product Disclosure Statement (PDS) available at onepath.com.au and consider whether that particular product is right for them before making a decision to acquire or continue to hold the product. The taxation information in this document is based on our views of the current interpretations of the tax law, which may change over time, and may affect the taxation considerations of an investor. The issuers are not registered tax advisers or agents. We recommend investors and/or advisers seek independent tax advice from a registered tax adviser or agent before using or relying on the information.

About OnePath and ANZ OnePath is ANZ’s specialist brand for wealth, insurance and advice solutions. The OnePath name has helped Australians grow and protect their wealth for over 130 years, previously as Mercantile Mutual and more recently as ING Australia. ANZ is committed to building lasting partnerships with our customers, shareholders and communities in 34 markets – including Australia, New Zealand, Asia Pacific, Europe, America and the Middle East. We provide a range of banking and financial products and services to more than ten million customers and employ 50,000 people worldwide. There is a comprehensive range of OnePath wealth and insurance products available through financial advisers or direct to customers, making it easier for you to find the solution that best suits your needs. At ANZ we value and appreciate our customers, our staff and the communities we operate in. We are committed to acting with the highest standards and to meeting our corporate responsibilities. We also encourage and support staff involvement in volunteering and charitable activities supporting the wider community. ANZ actively participates in forums looking at regulatory and industry change. We also regularly review and conduct research to ensure we are attuned to changing customer and market needs.

OneAnswer Frontier Features and Benefits OneAnswer Frontier gives you access to a quality and diversified menu of investment funds, competitive and affordable pricing, convenient and reliable online services and practical product features to make it easier to meet your needs. General  OneAnswer Frontier offers you an extensive range of innovative features and member services, including:  A wide choice of over 90 investment funds  Ongoing Fee rebates for larger account balances  Interactive online financial education, calculators and seminars  Hassle-free rollover assistance for superannuation accounts you may have elsewhere  A straightforward transfer to OneAnswer Frontier Pension when you retire  Ongoing administration, consolidated reporting and online account management across all investment funds  Convenient online transacting and contribution options, such as BPAY®  Helpful and efficient telephone and online customer service  Continually awarded and highly rated superannuation; and  Retirement services. Superannuation  The option for you or your employer to make contributions via BPAY, EFT, cheque or direct debit. 

Superannuation accounts like OneAnswer Frontier Personal Super can be tax effective long-term savings plans that enable you to save money for your retirement. OneAnswer Frontier Personal Super allows you to make concessional contributions to your superannuation that are generally made before tax is taken out of your wage such as Superannuation Guarantee contributions made by employers or additional salary sacrifice contributions made by your employer on your behalf. Concessional contributions are generally taxed at a lower ‘concessional’ rate of 15% (may be higher depending on income levels), which is often referred to as ‘contributions tax’. Depending on your personal situation this may be a lower rate than your marginal income tax rate.

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Access to a comprehensive range of insurance cover offered through OneCare Super with the insurance premiums tax-effectively paid from your Personal Super account.

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Pension  Seamlessly transfer like-for-like investment funds from Super to Pension without incurring transaction costs (buy/sell spreads). These may also be eligible for a super to pension transfer bonus.  If you choose to seamlessly transfer your OneAnswer Personal Super account balance to a OneAnswer Frontier Pension and remain invested in the same underlying funds, you will not incur transaction costs and may be entitled to a ‘Super to Pension transfer bonus’. The bonus represents a portion of any unrealised capital gains tax (CGT) held by the super fund in the investment funds transferred to you. If you are eligible, the bonus will be added to the amount transferred out of your OneAnswer Personal Super account and will form part of the opening balance in your OneAnswer Frontier Pension account.  At-Call Access to retirement savings via the ANZ Prime Cash Management Account.  Flexible pension payments – choice of Monthly, Quarterly, Half-Yearly or Annually.  Transition to retirement strategies available. Investment Portfolio  Regular investment and draw-down plans.  A managed investment platform appropriate for self-managed super funds as investment returns are taxable in the hands of the investor.  View your quarterly statements online via onepath.com.au  Distributions can be reinvested or distributed to your bank account. 

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Certain investment funds in OneAnswer Frontier Investment Portfolio provide a significant portion of ‘franked’ distributions to investors. Franking credits are a tax offset for Australian residents who receive tax paid dividend income from an Australian resident company and in certain cases some New Zealand resident companies. Your OneAnswer Frontier Investment Portfolio options may invest in Australian shares via managed funds. The franking credits received from the shares in a managed fund may be included in the distributions made to you. Franking credits attached to your distributions may be used to offset your tax liability. You will be subject to certain integrity rules in order to claim your franking credits. The application of these rules are specific to your individual circumstances so we advise you seek professional taxation advice. If your franking credits exceed your tax liability, you may be entitled to a refund of the excess franking credits.

Competitive Fee Structure OneAnswer Frontier OneAnswer Frontier is a Fee for Service product that has a simple fee structure and does not pay commissions. You will be charged an Ongoing Fee and can also negotiate a fee for advice with your financial adviser. Ongoing Fee rebate for OneAnswer Frontier Ongoing Fee rebates apply to account balances over $300,000, thereby reducing the Ongoing Fees payable. This rebate is based on your total account balance (excluding non-standard funds detailed below). Account Balance First $300,000 Amounts over $300,000

Table heading Nil 0.10% p.a.

*Ongoing Fee rebates for Personal Super is 0.118% (0.10% p.a. after tax)

Rebates are calculated monthly and credited as additional units to your OneAnswer portfolio on or about the monthly anniversary of your account start date or on full withdrawal. This is a quarterly process for Investment Portfolio investors. Non-standard funds that are not eligible for the Fee rebate are ANZ Term Deposits, ANZ Prime CMA, ANZ Cash Advantage and OnePath Cash (OneAnswer Frontier Investment Portfolio and OneAnswer Frontier Personal Super only). Note: currently a $115 Member/Investor Fee ($135.29 before tax in Personal Super) applies to balances below $50,000 (excluding OnePath Cash, ANZ Term Deposit and ANZ Cash Advantage balances for Personal Super and Investment Portfolio products, and ANZ Term Deposit, ANZ Cash Advantage and ANZ Prime CMA balances for Pension product). Nil Entry Fee The Nil Entry Fee (NEF) option is only available for existing NEF members transferring between Personal Super and Pension NEF options where an exit fee is outstanding. The Nil Entry Fee option allowed you to pay no Contribution Fees upfront at the time you made each investment but pay a higher Ongoing Fee for the first four years of your investment. In addition, a withdrawal fee will apply when/if funds are withdrawn within the first three years. Nil Entry Fee Rebate

For the Nil Entry Fee option, a rebate of 0.75% p.a. (0.85% p.a. for OneAnswer Investment Portfolio) will be credited as additional units to your account on an ongoing basis after four years of each investment. This rebate is in addition to any other rebates that may apply to your investment.

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WHY HAVE I RECOMMENDED THE ONEANSWER PRODUCT? Having reviewed your investment strategy, I recommend OneAnswer as it offers:  an appropriate range of investment funds to build your portfolio in line with your individual objectives and needs;  is competitively priced and;  has a range of flexible features that are simple and easy to use. OneAnswer offers over 90 investment funds from a range of leading fund managers. Investing in these funds through OneAnswer provides a simple and cost effective way to diversify your investment across different fund managers, asset classes and risk profiles, in line with your investment strategy. This includes a range of cash solutions providing a competitive return. You can also choose to invest in OptiMix Manager the Manager (MTM) funds. The OptiMix process carefully selects a number of complementary investment managers to manage your investments within each asset class. OneAnswer has a simple switching facility between investment funds, so your investment can be adjusted if your goals and objectives change over time. OneAnswer also has a simple auto-rebalance facility that allows you to maintain your nominated investment profile, if your portfolio moves outside the nominated tolerance limit. I believe that investing in a product platform, such as OneAnswer, is likely to be the most effective solution for your needs. OneAnswer is competitively priced with easy to understand pricing. Investing in OneAnswer ensures it is easy to keep track of your investment. You will receive regular comprehensive reports and a summary of your holdings, as well as being able to view your transaction history online. Other features include convenient access to competitive Margin Lending (in Investment Portfolio), Life Insurance (in Personal Super), flexible regular or at-call pension payment options (in Pension), regular investment plan and regular draw-down plan options. OneAnswer is issued by OnePath, one of Australia's leading investment, superannuation and insurance companies with over 130 years’ experience.

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For funds within OneAnswer Altrinsic Global Equities Fund manager details

[Listed in alphabetical order]

Altrinsic Global Advisors, LLC (Altrinsic) is an employee-controlled and majority-owned investment boutique focused on global equity investing and is based in Greenwich, Connecticut, USA. A subsidiary of NAB holds a minority interest in the firm. As owners of the business, Altrinsic’s interests are strongly aligned with those of its clients. Investment objective The fund aims to deliver long-term capital growth and to outperform the MSCI All Country World Index (ex Australia) Net Dividends Reinvested (A$) over rolling five-year periods before fees and taxes. Description The fund aims to provide long term growth of capital by investing predominantly in publicly traded global equity securities (unhedged to the Australian dollar). Investment strategy Altrinsic is a high conviction fundamental value orientated global equity manager. Altrinsic specialises in company research and identifies investment opportunities across the full market-cap spectrum in both developed and emerging markets. Altrinsic’s investment philosophy is based on the belief that a company’s valuation is a function of its future financial productivity (i.e. a return on capital relative to the cost of capital) adjusted for associated risk. The firm implements this philosophy by capitalising on mispriced securities in the world’s equity markets and by taking a long-term view and leveraging Altrinsic’s:  individual company analysis  global industry knowledge; and  a distinctive cross-border frame of reference. AMP Capital Responsible Investment Leaders Australian Shares Fund manager details AMP Capital is one of the largest investment managers in the Asia Pacific region. AMP Capital is 85% owned (indirectly) by AMP Limited. As part of the AMP Group, we share a heritage that spans over 160 Years. Our home strength in Australia and New Zealand has enabled us to grow internationally, and today we have operations established in the Middle East, China, Hong Kong, India, Ireland, Japan, Luxembourg, the United Kingdom and the United States. We also collaborate with a network of global investment partners, leveraging our shared capabilities to provide greater access to new investment opportunities. Our asset class specialists, investment strategists and economists work together with the aim of delivering strong investment outcomes for clients. That is why our clients trust us to invest over A$160.4 billion (as at 30 June 2016) on their behalf, across a range of single sector and diversified funds. More information about AMP Capital is available online at www.ampcapital.com.au/about-us Investment objective To provide a total return, income and capital growth, (after manager costs but before OneAnswer Ongoing Fees) above the fund's performance benchmark on a rolling 5 year basis. The fund's performance benchmark is the S&P/ASX 200 Accumulation Index. Description The fund is suitable for investors seeking exposure to the Australian equity market within a responsible investment framework. Investment strategy The fund is managed by AMP Capital and invests primarily in a portfolio of shares listed on the Australian Securities Exchange. The fund provides a multi-manager Australian shares portfolio that combines managers with different investment styles and aims to provide investors with competitive returns. It has a process that combines a stringent investment approach and a responsible investment philosophy, and access to specialist managers, and responsible investing consultants. AMP Capital Responsible Investment Leaders International Shares

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Fund manager details AMP Capital is one of the largest investment managers in the Asia Pacific region. AMP Capital is 85% owned (indirectly) by AMP Limited. As part of the AMP Group, we share a heritage that spans over 160 Years. Our home strength in Australia and New Zealand has enabled us to grow internationally, and today we have operations established in the Middle East, China, Hong Kong, India, Ireland, Japan, Luxembourg, the United Kingdom and the United States. We also collaborate with a network of global investment partners, leveraging our shared capabilities to provide greater access to new investment opportunities. Our asset class specialists, investment strategists and economists work together with the aim of delivering strong investment outcomes for clients. That is why our clients trust us to invest over A$160.4 billion (as at 30 June 2016) on their behalf, across a range of single sector and diversified funds. More information about AMP Capital is available online at www.ampcapital.com.au/about-us Investment objective To provide a total return, income and capital growth, (after management costs but before taxes and OneAnswer Ongoing Fees), above the fund's performance benchmark on a rolling five year basis. The fund's performance benchmark is the MSCI All Country World Index (Net Dividends Reinvested).

Description The fund is suitable for investors seeking exposure to the Australian equity market within a responsible investment framework. Investment strategy The fund is managed by AMP Capital and invests primarily in a portfolio of international shares diversified by region, industry and company type. The fund provides a multi-manager international shares portfolio that combines managers with different investment styles and aims to provide investors with competitive returns. It has a process that combines a stringent investment approach and a responsible investment philosophy, and access to specialist managers and responsible investing consultants. ANZ Cash Advantage Fund manager details ANZ is a major Australian financial institution and provider of loans, insurance and deposit products. Established in 1835, ANZ is one of the largest companies in Australia and New Zealand and among the top 50 international banking and financial service providers. ANZ has more than six million personal, private banking, small business, corporate, institutional, and asset finance customers worldwide. ANZ is one of the four major Australian banks with an extensive network including over 2,500 ATMs and 700 branches in Australia. Investment objective The fund aims to provide investors with a high level of capital security while achieving returns generally in line with cash management accounts by investing in ANZ bank deposits. Description The fund is suitable for investors seeking a steady and reliable income stream with a high level of capital security. Investment strategy ANZ Cash Advantage aims to meet its objective by investing in a portfolio of cash held by ANZ. ANZ Prime Cash Management Account (OneAnswer Frontier Pension Only) Fund manager details ANZ is a major Australian financial institution and provider of loans, insurance and deposit products. Established in 1835, ANZ is one of the largest companies in Australia and New Zealand and among the top 50 international banking and financial service providers. ANZ has more than six million personal, private banking, small business, corporate, institutional, and asset finance customers worldwide. ANZ is one of the four major Australian banks with an extensive network including over 2,500 ATMs and 700 branches in Australia. Investment objective The ANZ Prime Cash Management Account aims to protect the value of your investment while achieving returns generally consistent with cash management account interest rates with the added security of a bank account.

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The ANZ Prime Cash Management Account has the added convenience of at-call access to your investment via ANZ branches, ATMs, EFTPOS, ANZ Phone Banking, ANZ Internet Banking and BPAY® (conditions apply). Description The option is suitable for investors seeking a steady and reliable income stream with a high level of capital security. Investment strategy Your investment is held in an ANZ account. ANZ Term Deposits Fund manager details ANZ is a major Australian financial institution and...