1. 2016-17 Federal Budget Update

2. Super, super and more super Concessional cap reduction Lifetime limit on non-concessional contribution Transfer limit of $1.6 million on retirement Threshold for paying additional contributions tax falls to $250k Taxation Reduction in corporate tax rate Modest personal tax cuts Small enterprises are big winners in this year’s budget 1

3. Proposed changes Please note, the proposed changes in this presentation require passage of legislation through Parliament before becoming effective The final form of these proposals may differ significantly 2

4. For everyone Many of the proposed measures announced in last night’s federal budget were largely anticipated: a modest income tax cut for workers earning over $80,000 broad changes to superannuation tax relief for small and medium enterprises. The big winners from the budget stand to be small and medium-sized businesses; middle-income earners; and women returning to paid work. The government’s top priority is to see the proposed company tax cuts and personal income tax cuts start on July 1, 2016, which will put pressure on Parliament to pass legislation quickly. 3

5. Small business Federal Budget 2016-17

6. Small business Small enterprises are big winners in this year’s budget, under the government’s proposed “10-year enterprise tax plan” designed to boost growth, create jobs and drive Australia’s future economic prosperity. The measures proposed are to encourage start-ups and innovation. Tax relief for small and medium-sized businesses with the company tax rate falling to 27.5 per cent. Immediate tax deductions given to small businesses in last year’s budget expanded to include entities with annual turnover of less than $10 million. Further tax relief for unincorporated small businesses. 5

7. Small business Businesses with an annual turnover of less than $10 million will have access to simplified depreciation rules. Other concessions available to small business entities include simplified trading stock rules and simplified GST reporting requirements. Unincorporated small businesses Tax offset will increase over the next 10 years from 5 per cent to 16 per cent. Turnover threshold for small unincorporated entities will also increase from $2 million to $5 million. 6

8. Women and lower income earners Federal Budget 2016-17

9. Women and lower income earners “Catch-up” super contributions scheme targeted at workers with relatively low account balances. Individuals with under $500,000 in super will be able to make additional concessional contributions where they have not used up their caps in previous years. Unused amounts accrued from July 1, 2017 can be carried forward on a rolling basis for a period of five consecutive years. A Youth Jobs Path program to help young job seekers. 8

10. Retirees & Pensioners Federal Budget 2016-17

11. Retirees & Pensioners Changes to transition-to-retirement (TTR) income streams. Removing the current tax exemption on earnings from 1 July 201. Workers who have attained age 60 will still be able to draw a tax-free retirement-income stream while continuing to work and contribute to super. Those already in retirement phase with balances above $1.6m will be required to reduce their balance to $1.6m by July 1, 2017. 10

12. Important information This information is issued by and is a summary of understanding of the proposed Federal Budget 2015/16 changes announced on 12 May 2015. The proposed Budget changes outlined in this presentation are subject to the passing of legislation and, accordingly, may not become law or may change. Please note that the information is based on interpretation of the proposed changes as at the date of presentation. Accordingly, you must not do or refrain from doing anything in reliance on this information without obtaining suitable professional advice. This document may not be reproduced, distributed or published by any recipient for any purpose. It has been prepared without taking into account the objectives, financial situation or needs of any person. Whilst every effort has been taken to ensure the information is accurate and reliable, no warranty is given as to the accuracy of the information and no liability is accepted for your reliance on the information. Statements made during the presentation do not and are not intended to represent financial advice or a recommendation to hold, acquire or dispose of any investment. Before acting on this information you should consider whether the information is appropriate having regard to your personal needs, financial circumstances and objectives. Investors should always read the Product Disclosure Statement for the relevant product and seek financial and tax advice before making an investment decision. Any investment is subject to investment risk, including possible repayment delays and loss of income and principal invested. Before making any investment decision you need to consider whether there are any adverse consequences for you, including exit fees, other loss of benefits or increase in investment risks. 11

13. Disclaimer RI Advice Group Pty Ltd, ABN 23 001 774 125, holds Australian Financial Services Licence Number 238429. The information in this presentation has been developed by OnePath Life Limited (OnePath) ABN 33 009 657 176 AFSL 238341 without taking into account a potential client’s objectives, financial situation or needs. OnePath is a wholly owned but non-guaranteed subsidiary of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Before making a decision based on the information in this presentation, a potential client should consider the appropriateness of the information, having regard to their objectives, financial situation and needs. Certain of the statements contained herein are statements of future expectations and other forward-looking statements. These expectations are based on management's current views and assumptions and involve known and unknown risks and uncertainties. A potential client should consider the PDS available at wealth.anz.com when considering if a product is suitable for them. Actual results, performance or events may differ materially from those in such statements due to, among other things, (i) general economic conditions, in particular economic conditions in OnePath’s core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels and trends, (v) persistency levels, (vi) interest rate levels, (vii) currency exchange rates (viii) general competitive factors, (ix) changes in laws and regulations, (x) changes in the policies of governments and/or regulatory authorities. OnePath and ANZ assume no obligation to update any forward-looking information contained in this document. OneCare is issued by OnePath. No part of this presentation may be reproduced or distributed without prior written permission of ANZ or OnePath. 12

14. 2016-17 Federal Budget Update Thank you for attending