Revocation of existing approval and granting

of new approval to hold a stake in a financial sector company of more than 20% No. 6 of 2022

Financial Sector (Shareholdings) Act 1998

To: The Existing Approval Holders listed in Schedule 1 and the Applicants listed in Schedule 2.

SINCE

1. On 6 September 2021 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 Domestic & General Insurance Plc ABN 11 124 040 768 ('Domestic & General Insurance'), an authorised insurance company, and the then financial sector companies of Domestic & General Insurance (‘the Existing Approval’);

B.                  On 21 January 2022 the Existing Approval Holders requested that the Existing Approval be revoked;

C.                 On 21 January 2022 the Applicants applied to the Treasurer under section 13 of the Act, to hold a 100% stake in Domestic & General Insurance and each of the financial sector companies as set out in Schedule 3; and

D.                 I am satisfied that it is in the national interest for each Applicant to hold a stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3 of more than 20%.

I, Sharyn Reichstein, a delegate of the Treasurer:

(a)               under subsection 18(3) of the Act, revoke the Existing Approval on and from 31 October 2022; and

(b)               under paragraph 14(1)(a) of the Act, approve each of the Applicants to hold a 100% stake in Domestic & General Insurance and each of the financial sector companies set out in Schedule 3.

This approval commences on the day it is made and remains in force indefinitely.

Date: 10 June 2022

Sharyn Reichstein General Manager Insurance Division

Interpretation

In this instrument:

authorised insurance company has the meaning given in section 3 of the Act.

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. This instrument will be registered on the Federal Register of Legislation as a notifiable instrument.

Note 2. The Treasurer or the Treasurer’s delegate is required to give a copy of this instrument to the financial sector company.

Note 3. Section 19 of the Act provides for flow-on approvals for an approval under paragraph 14(1)(a) of the Act. If the approval relates to a financial sector company that is a holding company of an authorised deposit-taking institution or authorised insurance company, subsection 19(1) provides for flow-on approvals that relate to each financial sector company that is a 100% subsidiary of the holding company. If the approval is held by a company, subsection 19(3) provides for flow-on approvals to be held by each officer of the company.

Schedule 1 – the Existing Approval Holders

1. CVC Nominees Limited (Registered no. 98888);
2. CVC Capital Partners SICAV-FIS S.A. (Registered no. B138220);
3. CVC Capital Partners 2013 PCC (Registered no. 108317);
4. CVC MMXII Limited (Registered no. 108722, Jersey);
5. CVC Portfolio Holdings Limited (Registered no. RC110154);
6. CVC Management Holdings Limited (Registered no. RC121677);
7. CVC Group Holdings L.P. (Registered no. 1395, Jersey);
8. CVC Capital Partners Fund Holdings Limited (Registered no. 132086);
9. CVC Capital Partners VII Limited (Registered no. RC122497);
10. CVC Capital Partners Investment Europe VII L.P. (Registered no. LP2334);
11. CVC Capital Partners VII (A) L.P. (Registered no. LP2333);
12. CVC Capital Partners VII Associates L.P. (Registered no. LP2440);
13. Opal Galaxy Holdings Limited. (Registered no. RC129317, Jersey);
14. Opal Galaxy Topco Limited (Registered no. RC129472, Jersey);
15. Opal Galaxy Holdco Limited (Registered no. RC129473, Jersey);
16. Opal Galaxy Finco Limited (Registered no. RC129318, Jersey);
17. Opal Galaxy Bidco Limited (Registered no. RC129319, Jersey);
18. Domestic & General Limited (Registered no. 113707, Jersey);
19. Galaxy Midco 2 Limited (Registered no. 113708, Jersey);
20. Galaxy Finco Limited (Registered no. 113706, Jersey);
21. Galaxy Bidco Limited (Registered no. 113705, Jersey);
22. Domestic & General Group Holdings Limited (Registered no. 98460, Jersey);
23. Domestic & General Finance 1 Limited (Registered no. 98462, Jersey);
24. Domestic & General Finance 2 Limited (Registered no. 98463, Jersey);
25. Domestic & General Acquisitions Holdings Limited (Registered no. 98464, Jersey);
26. Domestic & General Acquisitions Limited (Registered no. 98513, Jersey);
27. Domestic & General Group Limited (Registered no. 1156896, UK);
28. Domestic & General Insurance Plc (Registered no. 00485850, UK);
29. Abu Dhabi Investment Authority (LEI no. J1Y4PL5OEWM2K0OMTW95);
30. Silver Holdings S.A. (LEI no. 222100D1GIMIQH763G11); and
31. Luxinva S.A. (LEI no. 222100M3SSS7X8LR6168).

Note: Where indicated the place of incorporation of each of the companies in Schedule 1 appears in the brackets after the name of the company.

Schedule 2 – the Applicants

1. CVC Nominees Limited (Registered no. 98888);
2. CVC Capital Partners SICAV-FIS S.A. (Registered no. B138220);
3. CVC Capital Partners 2013 PCC (Registered no. 108317);
4. CVC Holdings Limited (Registered no. 140080);
5. CVC Management Holdings II Limited (Registered no. 135003);
6. CVC Capital Partners Fund Holdings II Limited (Registered no. 136889);
7. CVC Capital Partners VII Limited (Registered no. RC122497);
8. CVC Capital Partners Investment Europe VII L.P. (Registered no. LP2334);
9. CVC Capital Partners VII (A) L.P. (Registered no. LP2333);
10. CVC Capital Partners VII Associates L.P. (Registered no. LP2440);
11. Opal Galaxy Holdings Limited. (Registered no. RC129317, Jersey);
12. Opal Galaxy Topco Limited (Registered no. RC129472, Jersey);
13. Opal Galaxy Holdco Limited (Registered no. RC129473, Jersey);
14. Opal Galaxy Finco Limited (Registered no. RC129318, Jersey);

15.  Opal Galaxy Bidco Limited (Registered no. RC129319, Jersey);

16.  Domestic & General Limited (Registered no. 113707, Jersey);

17.  Galaxy Midco 2 Limited (Registered no. 113708, Jersey);

18.  Galaxy Finco Limited (Registered no. 113706, Jersey);

19.  Galaxy Bidco Limited (Registered no. 113705, Jersey);

20.  Domestic & General Group Holdings Limited (Registered no. 98460, Jersey);

21.  Domestic & General Finance 1 Limited (Registered no. 98462, Jersey);

22.  Domestic & General Finance 2 Limited (Registered no. 98463, Jersey);

23.  Domestic & General Acquisitions Holdings Limited (Registered no. 98464, Jersey);

24.  Domestic & General Acquisitions Limited (Registered no. 98513, Jersey);

25.  Domestic & General Group Limited (Registered no. 1156896, UK);

26.  Abu Dhabi Investment Authority (LEI no. J1Y4PL5OEWM2K0OMTW95);

27.  Silver Holdings S.A. (LEI no. 222100D1GIMIQH763G11); and

28.  Luxinva S.A. (LEI no. 222100M3SSS7X8LR6168).

Note: Where indicated the place of incorporation of each of the companies in Schedule 2 appears in the brackets after the name of the company.

Schedule 3 – the financial sector companies in addition to Domestic & General Insurance

1. Opal Galaxy Topco Limited (Registered no. RC129472, Jersey);
2. Opal Galaxy Holdco Limited (Registered no. RC129473, Jersey);
3. Opal Galaxy Finco Limited (Registered no. RC129318, Jersey);
4. Opal Galaxy Bidco Limited (Registered no. RC129319, Jersey);
5. Domestic & General Limited ((Registered no. 113707, Jersey);
6. Galaxy Midco 2 Limited (Registered no. 113708, Jersey);
7. Galaxy Finco Limited (Registered no. 113706, Jersey);
8. Galaxy Bidco Limited (Registered no. 113705, Jersey);
9. Domestic & General Group Holdings Limited (Registered no. 98460, Jersey);
10. Domestic & General Finance 1 Limited (Registered no. 98462, Jersey);
11. Domestic & General Finance 2 Limited (Registered no. 98463, Jersey);
12. Domestic & General Acquisitions Holdings Limited (Registered no. 98464, Jersey);
13. Domestic & General Acquisitions Limited (Registered no. 98513, Jersey); and
14. Domestic & General Group Limited (Registered no. 1156896, UK).

Note: Where indicated the place of incorporation of each of the companies in Schedule 3 appears in the brackets after the name of the company.