Notice of Intention to make an application to the Federal Court of Australia for confirmation of a

Scheme for the transfer of the life insurance business of OnePath Life Limited to Zurich Australia

Limited under Part 9 of the Life Insurance Act 1995.

Notice is given that OnePath Life Limited ABN 33 009 657 176 (OnePath Life) and Zurich Australia

Limited ABN 92 000 010 195 (Zurich) propose to make a joint application to the Federal Court of

Australia seeking confirmation of a scheme under Part 9 of the Life Insurance Act 1995 (Cth) to transfer

the life insurance business of OnePath Life to Zurich (Scheme). On 31 May 2019, OnePath Life was

acquired by the Zurich group from the Australia and New Zealand Banking group and the Scheme is

being undertaken as part of an internal reorganisation of the Zurich group.

Should the Scheme be confirmed by the Federal Court of Australia:

• all of the life insurance business of OnePath Life will be transferred to Zurich; and

• Zurich will be substituted for OnePath Life under policies underwritten by OnePath Life,

  on or about 1 August 2022.

The date fixed for the hearing of the application is 6 July 2022 at 10.15am AEST or on such other date

and time as the Federal Court appoints. The hearing will be held at the New South Wales Registry of the

Federal Court of Australia, which is located at the Law Courts Building, Queens Square, Sydney NSW

2000.

Any person who may be affected by the Scheme (Affected Policy Owners) can attend the Federal

Court hearing and request to be heard by the Federal Court on the application.

If you'd like to be heard at the hearing, it would assist if you could please contact our lawyers,

MinterEllison (Attention: James Beaton), Governor Macquarie Tower, 1 Farrer Place, Sydney NSW 2000

(telephone 02 9921 8888) between 9am and 5pm Monday to Friday, at least three business days before

the hearing date.

Affected Policy Owners aren’t required to take any action if they have no objection to the Scheme.

A copy of this notice, the Scheme, a summary of the Scheme approved by the Australian Prudential

Regulation Authority (Scheme Summary), the actuarial report prepared jointly by the appointed actuary

of OnePath Life (Mr Ian Wong) and Zurich (Mr Stuart Turner) on which the Scheme is based and an

independent actuarial report prepared by Mr Martin Paino of KPMG on the Scheme (Actuarial Reports)

will be available free of charge to view or download at www.zurich.com.au/scheme and

www.onepath.com.au/scheme from 28 April 2022.

Any person may also obtain a copy of these documents free of charge by calling or emailing the OnePath

Life and Zurich contact centre teams during the hours 8.30am to 5pm AEST Monday to Friday during the

period 27 April 2022 to 6 July 2022 (except public holidays in New South Wales) using the details

below:

Copies of these documents will also be available for inspection during the hours of 9am to 5pm (local

time) Monday to Friday during the period 23 May 2022 to 24 June 2022 (except public holidays in the

relevant State or Territory) at the following locations. You can also request a free copy of the scheme

documents at these locations during these times.

A Scheme Summary will be sent to policy owners who hold a OnePath Life policy, including any owner of

a OnePath Life policy that is a group policy.

If you are a Zurich policy owner, or an insured under either a OnePath Life policy or a Zurich policy but

are not the owner of that policy, you may also obtain a copy of the Scheme and associated documents in

the manner described above. To assist you in assessing whether you are an insured person, but not a

policy owner, of a OnePath Life or Zurich group policy, please note that OnePath Life and Zurich issue

policies with life insurance cover, investment benefits and/or annuities to:

• trustees of superannuation funds, who are the policy owners, for the benefit of fund members,

who are the insureds; and

• group policies to entities such as employers, who are the policy owners, for the benefit of their

employees, who are the insureds.

If you are a member of a superannuation fund or an insured under a group policy, we recommend you

check whether the insurer is either of OnePath Life or Zurich.

There are currently two class actions commenced against OnePath Life. While the outcome of these

actions is currently unknown, after the Scheme takes effect the class action proceedings (if still on foot)

will be continued against Zurich rather than OnePath Life. No costs and expenses associated with the

class actions will be charged to OnePath Life or Zurich policy owners. Any such costs and expenses will be met by Zurich and will be borne by the Zurich Shareholder Fund.

Should you require further information or have any concerns about the proposed Scheme, please contact

OnePath Life’s Scheme Contact Centre on 1800 161 163 or Zurich’s Scheme Contact Centre on 1800

161 164.

We recommend that each Affected Policy Owner obtain a copy of and review the Scheme, the

Scheme Summary and the Actuarial Reports, which contain a discussion of the impact of the

Scheme on policy owners.

Signed by the Company Secretaries, OnePath Life and Zurich.

Cathy Manolios   Joong Harrison