Approval to hold a stake in a financial sector company of more than 20% No. 12 of 2022

To:    Mr. Warren E. Buffet and Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSEBRK.B)

(the Applicants) Since:

A.        On 19 May 2022, the Applicants applied to the Treasurer under section 13 of the Act for approval to hold a 100% stake in Transatlantic Reinsurance Company ABN 96 096 053 226 (Trans Re) and each of the financial sector companies set out in the Schedule (the financial sector companies); and

B.        I am satisfied it is in the national interest for the Applicants to hold a 100% stake in Trans Re and each of the financial sector companies,

I, Sharyn Reichstein, a delegate of the Treasurer, under subsection 14(1) of the Act, approve the Applicants to hold a 100% stake in Trans Re and each of the financial sector companies.

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

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 – financial sector companies other than Trans Re

1.         Transatlantic Holdings, Inc. (Delaware)

2.         Alleghany Corporation (Delaware)

3.         Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSEBRK.B) (Delaware)