Fund Summary OnePath OA Frontier PS-OptiMix High Growth OneAnswer Frontier Personal Super

31 July 2021

Fund details Fund performance Investment manager OptiMix As at 31 Jul 2021 Fund code MMF1790AU 1 mth 3 mth 1 yr 3 yr 5 yr 7 yr 10 yr % % % % pa % pa % pa % pa Asset type Multi-Asset / All Growth Total Return † 1.50 5.41 25.82 8.05 8.92 8.16 8.95 Region Australia Benchmark ‡ 0.00 1.72 9.39 7.52 7.71 7.58 7.77 Fund size $22.69 million as at 30 Jul 2021 Excess Return 1.50 3.69 16.43 0.53 1.20 0.57 1.19 Commencement date 15 Nov 2010 Risk (1 Std Dev) - - 7.95 13.03 10.46 9.86 9.36 Distributions Retained Tracking Error - - 8.74 13.33 10.69 10.11 9.59 Investment objective Info. Ratio - - 1.9 0.0 0.1 0.1 0.1 The fund aims to achieve returns (before fees, charges and taxes) Calendar year that on average exceed inflation by at least 6.0% p.a., over returns YTD 2020 2019 2018 2017 periods of ten years or more. Total Return † 13.90 -0.15 21.02 -4.63 12.68 Benchmark ‡ 4.37 6.86 7.84 7.78 7.91 Investment strategy Excess Return 9.54 -7.01 13.18 -12.42 4.78 The fund invests in an actively managed, diversified portfolio of Australian and international shares through a mix of managers. Growth of $50,000 invested since The fund is actively managed in accordance with the OptiMix Multi-manager investment process. fund inception

Minimum time horizon 10 years

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

n OnePath OA Frontier PS-OptiMix High Growth n Australian Consumer Price Index + 6%

Top 10 holdings Asset allocation Security % of fund n International Equities (43.24%) BANKING CORP 4.72% n Australian Shares (37.19%) CBA 4.48% n Real Estate Investment Trusts (10.85%) ANZ BANKING GROUP 3.73% n Other (5.63%) 3.37% n Cash (3.09%) NAB 3.17% CSL 1.75% 1.67% BHP BILLITON GROUP 1.60% OIL SEARCH 1.41% 1.20% Total Top 10 27.10%

* 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 an investor 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 returns are after the deduction of management fees and expenses and assumes all distributions are re-invested. Where applicable, management fees have been deducted at the highest entry fee option rate. No allowance has been made for entry or exit fees. ‡ 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 Summary OnePath OA Frontier PS-OptiMix High Growth OneAnswer Frontier Personal Super

31 July 2021

Market and portfolio review Future investment strategy

The recovery in the stock markets over the past year has been Inflation fears subside quite dramatic, and we are now seeing some signs of extremes in • International share markets were strong in June as vaccination certain areas, notably the valuation gap between the high-growth campaigns continued to ramp up in most developed economies, and value segments, as well as extremes in the momentum particularly Europe, and worries about higher interest rates and factor. The high levels of market concentration, particularly in inflation risks eased. International shares returned 4.7% for the mega-cap technology stocks, are a cause for concern. At times of month and hedged international shares returned 2.4%. heightened volatility, we believe it is valuation discipline that • While the latest coronavirus outbreak and resulting lockdowns matters most, with the price you pay the key determinant of slowed the Australian market at the end of the month, it still future returns. Our investment philosophy remains unchanged. delivered a solid 2.3% return. Our focus remains on identifying skilled investment managers • While the spread of the coronavirus delta variant was of with a long-term horizon, rather than trying to maximise concern, having the potential to slow full reopening of economies, exposure to a particular sector or benchmark risk. In our opinion, the increasing number of cases in the UK has not led to this is what leads to long-term outperformance and why we significantly higher hospital admissions so far, suggesting believe our active approach will continue to benefit our clients vaccines work well against the variant. The spread of the delta over time. The Fund outperformed its benchmark for the year, as variant amplified the risks for countries, such as Australia and well as delivered a solid absolute return. Manager selection added Japan, where vaccination rollout has been slow. value over the year. The main contibutors to manager selection Strong economic data outperformance was within global smaller companies, • Economic data from the US was again robust with consumer international equities and the Alternative Growth Trust. The main confidence strong, house prices lifting and improving jobs data. contributors to manager alpha were, Anchorage, Alphinity and The data illustrated that the economic recovery is progressing Arrowstreet . TAA was a detractor coming from an overweight to well, supporting the US Federal Reserve (the Fed) in bringing a marginal overweight to cash for liquidity purposes and forward gradual rate rises to 2023. This strengthened the US undewrweight to Australian equities. dollar, although the US 10-year treasury yield fell despite stronger growth and inflation numbers. The Biden administration also moved the planned infrastructure programme forward. • Euro area business activity accelerated at its fastest pace in 15 years in June as broadening vaccinations drove economic reopening. • Australia’s manufacturing sector also continued to expand and employment remained robust. AUD falls • The AUD fell sharply over the month due to the strength of the US dollar and expectations that the RBA would maintain monetary support somewhat longer than the Fed.

OnePath Funds Management Limited (ABN 21 003 002 800 AFSL 23 8342) and OnePath Custodians Pty Limited (ABN 12 008 508 496 AFSL 238346 RSE L0000673) are the issuers of this material. Except as described in the relevant Product Disclosure Statement (PDS), the issuers do not stand behind or guarantee the capital or performance of your investment. Your investment is subject to investment risk, including possible repayment delays and loss of income and principal invested.

This information is current as at 31 Jul 2021 but may be subject to change. Updated information will be available free of charge by contact Client Services on 133 665. The information is of a general nature and does not take into account your personal needs, financial circumstances or objectives. Before acting on this information, you should consider the appropriateness of the information, having regard to your needs, financial circumstances and objectives. Past performance is not indicative of future performance. 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 consider whether that particular product is right for you before making a decision to acquire or continue to hold the product.