Notice of Intention to make an Application to the Federal Court of Australia for confirmation of a Scheme for the transfer of part of the life insurance business of Macquarie Life Limited ABN 56 003 963 773 to Zurich Australia Limited ABN 92 000 010 195 under Part 9 of the Life Insurance Act 1995

TAKE NOTICE that Macquarie Life Limited (Macquarie Life) and Zurich Australia Limited (Zurich) intend to apply at 10.15 am on Thursday 22 September in the Federal Court of Australia at Law Courts Building, Queens Square, Sydney for orders confirming a scheme for the transfer of part of the life insurance business of Macquarie Life to Zurich (Scheme).

If the Scheme is confirmed, a policy that is referable to Macquarie Life’s Statutory Fund No.4 and that is in force (including an expired policy under which benefits remain payable) or that has a guaranteed renewal right at the proposed transfer date will become referable to Zurich’s Statutory Fund No.2. At the same time, Zurich will be substituted for Macquarie Life as the insurer under these policies.

Any person who, in the Court’s opinion, may be affected by the Scheme (Affected Policyholders) can ask the Court, at the hearing, to be heard on the application. It is important that Affected Policyholders take notice of the Scheme and consider whether they wish to attend the hearing. If you wish to be heard at the hearing you may contact Macquarie Life’s lawyers, King & Wood Mallesons (Attention: Jim Boynton), Level 61, Governor Phillip Tower, 1 Farrer Place, Sydney NSW 2000 (telephone 02 9296 2000 and fax 02 9296 3999) or Zurich’s lawyers, MinterEllison (Attention: Pamela Madafiglio), Governor Macquarie Tower, 1 Farrer Place, Sydney NSW 2000 (telephone 02 9921 8888 and fax  02 9921 8123) before the hearing date.

Each transferring policy owner of Macquarie Life and any owner of a Zurich policy referable to the Zurich Statutory Fund No.2 may obtain a copy of the Scheme, a summary of the Scheme approved by the Australian Prudential Regulation Authority (Scheme Summary), this Notice of Intention, the actuarial reports on which the Scheme is based and an independent actuarial report on the Scheme (actuarial reports) free of charge by contacting Macquarie Life’s Insurance Contact Centre on 1800 005 057 (if you are an owner of a Macquarie Life policy described in this notice) or Zurich’s Customer Care Centre on 131 551 (if you are an owner of a Zurich policy described in this notice), during the hours 9.00 am to 5.00 pm AEST Monday to Friday during the period Friday 19 August to Thursday 22 September (except public holidays in New South Wales) or at the below times and places. You will be asked to confirm that you are an owner of a policy described in this notice.

If you wish to inspect the Scheme, the Scheme Summary, this Notice of Intention or the actuarial reports, you may do so at the places set out below during the hours of 9.00 am to 5.00 pm Monday to Friday during the period Friday 26 August to Thursday 15 September (except public holidays in the relevant State or Territory).

A Scheme Summary will be sent to policy owners who hold a Macquarie Life policy described in this notice and, where that Macquarie Life policy is held within a superannuation fund (other than a self managed superannuation fund), to the members of the superannuation fund who are insured under that policy. Such superannuation fund members as well as members of a self managed superannuation fund that hold a Macquarie Life policy described in this notice may also obtain a copy of the Scheme and associated documents in the manner described above.

A Scheme Summary will also be sent to policy owners whose policies are referable to Zurich’s Statutory Fund No.2 as described in this notice.

If you are insured under a Zurich policy described in this notice 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 but not a policy owner of a Zurich policy described in this notice, please note that Zurich issues policies with life insurance cover, investment benefits and/or annuities to:

(a) trustees of superannuation funds, who are the policy owners, for the benefit of fund members, who are the insureds, and

(b) 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 Zurich is the insurer.

The Scheme, the Scheme Summary, this Notice of Intention and the actuarial reports will also be available for inspection at  www.macquarielife.com.au and  www.zurich.com.au from Sunday 21 August.

Affected policy owners, superannuation fund members and insured under policies as described in this notice are not required to take any action if they have no objection to the proposed Scheme.

Should you require further information or have any concerns about the proposed Scheme, please contact Macquarie Life’s Insurance Contact Centre on 1800 005 057 if you are a Macquarie Life policy owner or a member of a superannuation fund who is insured under such a policy or Zurich’s Customer Care Centre on 131 551 if you are a Zurich policy owner or an insured under such a policy during the dates and at the times listed in this notice.

Company Secretaries
Macquarie Life Limited and
Zurich Australia Limited