Approval to hold a stake in a financial sector company of more than 20% No. 10 of 2026 – Boral Insurance Pty Limited

Financial Sector (Shareholdings) Act 1998

To: the Applicants listed in Schedule 1 (the Applicants) Since:

1.             On 19 September 2025 the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Boral Insurance Pty Limited ACN 000 736 318 (Boral) and each of the financial sector companies listed in Schedule 2;
2.             I am satisfied it is in the national interest for the Applicants to hold a 100% stake in Boral and each of the financial sector companies listed in Schedule 2,

I, John Huijsen, a delegate of the Treasurer, under subsection 14(1) of the Act, approve each of the Applicants to hold a 100% stake in Boral and each of the financial sector companies listed in Schedule 2.

This approval commences on 10 March 2026 and remains in force indefinitely. Dated: 5 March 2026

John Huijsen General Manager

General Insurance and Banking Division APRA

Interpretation

Act means the Financial Sector (Shareholdings) Act 1998.

APRA means the Australian Prudential Regulation Authority.

financial sector company has the meaning given in section 3 of the Act.

stake in relation to a company, has the meaning given in clause 10 of Schedule 1 to the Act.

Notes

Note 1 Under section 14 of the Act, the Treasurer must give written notice of the approval to the applicant and financial sector company concerned and this instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

Note 2 Section 19 of the Act provides for flow-on approvals. If an approval has been granted for the holding of a stake in a financial sector company and the financial sector company is a holding company for an authorised deposit-taking institution or an authorised insurance company, then an approval is taken to exist for the holding of a stake of equal value in each financial sector company that is a 100% subsidiary of the holding company.

Schedule 1 – the Applicants

1.       RiverStone Holdings Limited Reg No. 02709527 UK;
2.       RiverStone International Limited Reg No. 56234 Bermuda;
3.       Gatland Bidco Limited Reg 132662 Jersey;
4.       Gatland Midco Limited Reg 132661 Jersey;
5.       Gatland Topco Limited Reg 132660 Jersey;
6.       Gatland Holdco Limited Reg 133093 Jersey;
7.       RiverStone International Holdings Limited Reg 133094 Jersey;
8.       CVC Capital Partners Strategic Opportunities II L.P. Reg 2570 Jersey;
9.       CVC Investment Strategic Opportunities II L.P. Reg 2745 Jersey;
10.   CVC Strategic Opportunities II Associates L.P Reg 2746 Jersey.

Schedule 2 – the Financial Sector Companies

1.       RiverStone Holdings Limited Reg No. 02709527 UK;
2.       RiverStone International Limited Reg No. 56234 Bermuda;
3.       Gatland Bidco Limited Reg 132662 Jersey;
4.       Gatland Midco Limited Reg 132661 Jersey;
5.       Gatland Topco Limited Reg 132660 Jersey;
6.       Gatland Holdco Limited Reg 133093 Jersey.