Revocation of existing approval and granting of new approval to hold a stake in a financial sector company of more than 20%

Financial Sector (Shareholdings) Act 1998

To: The persons named in Schedule 1 (the Existing Approval Holders), the persons named in Schedule 2 (the Applicants), Maitland Administration (Guernsey) Limited (Guernsey), Maitland International Holdings plc (Malta), MTC Holdings Limited (Guernsey), and Theseus (Monaco) SARL (Monaco) ATF the Family ‘tHooft Trust

SINCE

1. On 8 January 2019, the Existing Approval Holders were granted approval under subsection 14(1) of the Financial Sector (Shareholdings) Act 1998 (the Act) to hold a 100% stake in Auto & General Insurance Company Limited ABN 42 111 586 353 (AGIC), a financial sector company under the Act (the Existing Approval);

B.     On 17 December 2019, the Existing Approval Holders requested that the Existing Approval be revoked;

C.     On 17 December 2019, the Applicants applied to the Treasurer under section 13 of the Act to hold a 100% stake in AGIC;

D.     On 28 February 2020:

1. Maitland Administration (Guernsey) Limited (Guernsey) and Maitland International Holdings plc (Malta) applied to the Treasurer under section 13 of the Act to hold 100% stake in AGIC;

b.      Theseus (Monaco) SARL (Monaco) ATF the Family ‘tHooft Trust applied to the Treasurer to hold a 100% stake in AGIC until the completion date of the Restructure;

E.     On 20 April 2020, MTC Holdings Limited (Guernsey) applied to the Treasurer under section 13 of the Act to hold 100% stake in AGIC; and

F.      I am satisfied it is in the national interest for the Applicants, Maitland Administration (Guernsey) Limited (Guernsey), Maitland International Holdings plc (Malta), MTC Holdings Limited (Guernsey) and Theseus (Monaco) SARL (Monaco) ATF the Family ‘tHooft Trust to hold a 100% stake in AGIC.

I, Aaron Liang, a delegate of the Treasurer:

a)      Under subsection 18(3) of the Act, REVOKE the Existing Approval; and

b)      Under paragraph 14(1)(a) of the Act, APPROVE:

i)                    the Applicants, Maitland Administration (Guernsey) Limited (Guernsey), Maitland International Holdings plc (Malta) and MTC Holdings Limited (Guernsey) to hold a 100% stake in AGIC indefinitely.

ii)                   Theseus (Monaco) SARL (Monaco) ATF the Family ‘tHooft Trust to hold a 100% stake in AGIC until the completion date of the Restructure.

This instrument commences on the day it is made. Dated: 8 July 2020

[Signed]

Aaron Liang

Acting General Manager Insurance Division

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.  Restructure means the change of trustee of the Family ‘tHooft Trust as detailed in the application made by the Applicants dated 17 December 2019.

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

Schedule 1 – the Existing Approval Holders

The Reef Foundation (Guernsey) ATF the Copper Trust (Guernsey) The Reef Foundation (Guernsey) ATF the Glass Trust (Guernsey) The Reef Foundation (Guernsey) ATF the Oak Trust (Guernsey) Copper Holdings Limited (Guernsey)

Glass Holdings Limited (Guernsey) Oak Tree Holdings Limited (Guernsey) Reef Holdings Limited (Guernsey)

Theseus (Monaco) SARL (Monaco) ATF the Family ’tHooft Trust (Guernsey) Klinkert Investments Pty Ltd ACN 086 314 285 ATF the Klinkert Investment Trust Klinkert Capital Pty Ltd ACN 629 479 170 ATF the Klinkert Capital Trust B Klinkert Capital Pty Ltd ACN 629 479 170 ATF the Klinkert Capital Trust C Klinkert Capital Pty Ltd ACN 629 479 170 ATF the Klinkert Capital Trust L

SK BHL Limited (Guernsey) SF Capital Limited (Guernsey)

BHL Minorities Limited (Guernsey) Stephen Klinkert

Ram Kangatharan

Schedule 2 – the Applicants

The Reef Foundation (Guernsey) ATF the Copper Trust (Guernsey) The Reef Foundation (Guernsey) ATF the Glass Trust (Guernsey) The Reef Foundation (Guernsey) ATF the Oak Trust (Guernsey) Reef Holdings Limited (Guernsey)

Theseus (Guernsey) Limited (Guernsey) ATF the Family ‘tHooft Trust (Guernsey) Klinkert Investments Pty Ltd ACN 086 314 285 ATF the Klinkert Investment Trust Klinkert Capital Pty Ltd ACN 629 479 170 ATF the Klinkert Capital Trust B Klinkert Capital Pty Ltd ACN 629 479 170 ATF the Klinkert Capital Trust C Klinkert Capital Pty Ltd ACN 629 479 170 ATF the Klinkert Capital Trust L

SK BHL Limited (Guernsey) SF Capital Limited (Guernsey)

BHL Minorities Limited (Guernsey) Stephen Klinkert

Ram Kangatharan