Fund SummaryVanguard Balanced IndexOneAnswer Frontier Investment Portfolio

30 April 2018

Fund detailsInvestment manager VanguardFund code MMF1567AUAsset type Multi-Asset / Moderate GrowthRegion AustraliaFund size $216.64 million as at 30 Apr 2018Commencement date 28 Sep 2010Distributions Quarterly

Investment objectiveSeeks to track the weighted average return of the various indicesof the underlying funds, in proportion to the strategic assetallocation, before taking into account fees, expenses & tax.

Investment strategyThe fund holds units in a range of underlying funds and/or directassets to achieve the mix of assets shown in the Asset Allocationtable below. The portfolio targets a 50% allocation to incomeasset classes (cash and fixed interest securities) and a 50%allocation to growth asset classes (property securities andshares).

Minimum time horizon5 years

Standard Risk Measure*The Standard Risk Measure (SRM) is based on industry guidanceto allow investors to compare funds that are expected to deliver asimilar number of negative annual returns over any 20 yearperiod. The SRM for this fund is shown below:

Asset allocationn International Fixed Interest (34.80%)

n International Equities (30.20%)

n Australian Shares (20.20%)

n Australian Fixed Interest (14.80%)

* For further information on Standard Risk Measures and the calculation methodology used, go to onepath.com.au/personal/performance/product-updates.aspx† Returns quoted use the unit price which is calculated using the net asset values for the relevant month end. The prices shown may differ from the actual unit price if aninvestor is applying for or redeeming an investment. Actual unit prices will be confirmed following any transaction on an investor's investment. Please note that all returnsare after the deduction of management fees and expenses and assumes all distributions are re-invested. Where applicable, management fees have been deducted at thehighest entry fee option rate. No allowance has been made for entry fees, exit fees, or //Select fund fee rebates.‡ Benchmark returns should be used for indicative purposes only. These returns may not be a true indication of this Fund's performance against its investment objective.

Fund performanceAs at 30 Apr 2018

1 mth%

3 mth%

1 yr%

3 yr% pa

5 yr% pa

7 yr% pa

10 yr% pa

Total Return † 1.20 0.14 4.68 4.69 7.23 7.46 -Benchmark ‡ 1.48 0.00 4.39 3.59 5.78 6.18 -Excess Return -0.28 0.14 0.29 1.10 1.45 1.28 -Distribution 0.00 0.61 3.88 7.96 6.11 5.54 -Growth 1.20 -0.47 0.80 -3.29 1.10 1.91 -Risk (1 Std Dev) - - 3.13 4.93 4.63 4.59 -Tracking Error - - 0.76 0.81 0.90 0.88 -Info. Ratio - - 0.4 1.3 1.6 1.4 -

Calendar yearreturns YTD 2017 2016 2015 2014Total Return † 0.48 7.37 6.89 4.39 10.30Benchmark ‡ 0.30 7.35 4.58 3.00 8.27Excess Return 0.18 0.02 2.31 1.39 2.03

Growth of $50,000 invested sincefund inception

n OnePath OA Frontier INV-Vanguard Balanced Index

n Mercer Retail Moderate Growth Average

Fund SummaryVanguard Balanced IndexOneAnswer Frontier Investment Portfolio

30 April 2018

Market and portfolio review

March quarterEquity markets recorded losses in the first quarter of 2018. Aftera benign January, volatility resurfaced in early February, as themarket evaluated the likelihood of protectionist trade policy in theUnited States. Australian markets were sensitive toannouncements regarding trade, property prices, and retail sales.The primary risk we identified at the end of 2017 in our Economicand Market Outlook was that markets might over-react toeconomic data, expecting central banks to raise interest ratesfaster than previously thought. This view materialised in the firstquarter of 2018.Global fixed interest investments delivered muted returns giventhe low level of interest rates – but still buffered against equityvolatility. The RBA continued to hold the cash rate steady at1.5%. In our view, this decision reflects the dilemma faced by theBank: tighten policy to address issues such as elevated householdleverage, or remain easy to allow inflation and wages to increase.In any case, we expect that the RBA is using the first half of theyear to assess the Australian economy before possibly raising thecash rate late in 2018.

Future investment strategy

This Fund will continue to operate to capture the return of theindex before fees and expenses.

OnePath Funds Management Limited (ABN 21 003 002 800 AFSL 238342) and OnePath Custodians Pty Limited (ABN 12 008 508 496 AFSL 238346 RSE L0000673) is theissuer of this material. Each issuer is a wholly owned subsidiary of Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ). ANZ is an authoriseddeposit taking institution Bank) under the Banking Act 1959 (Cth). Although each issuer is owned by ANZ it is not a Bank. Except as described in the relevant ProductDisclosure Statement (PDS), an investment with the issuer is not a deposit or other liability of ANZ or its related group companies and none of them stands behind orguarantees the issuer or the capital or performance of your investment. Your investment is subject to investment risk, including possible repayment delays and loss ofincome and principal invested.

This information is current as at 30 Apr 2018 but may be subject to change. Updated information will be available free of charge by contact Client Services on 133 665. Theinformation is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you shouldconsider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. Past performance is not indicative of futureperformance. The future value of investments may rise and fall with changes in the market. You should read the relevant PDS available at onepath.com.au and considerwhether that particular product is right for you before making a decision to acquire or continue to hold the product.