Head: Blog Post #2: Date TBC

Media Release

Acquisition by Trustee Partners to Fuel Growth of

Fiduciary Services Group Complectus

Leading New Zealand fiduciary services group Complectus confirms that Overseas Investment Office approval has been granted for an acquisition of Complectus by Australian firm Trustee Partners (the Australian division of Sargon). The deal is expected to be finalised in the coming weeks.

Complectus, which is owned by BSC Ltd, is the dominant and most innovative fiduciary services group in the New Zealand market, with companies including Perpetual Guardian, Guardian Trust, Covenant Trustee Services and New Zealand Trustee Services.

Trustee Partners Managing Director Phillip Kingston says, “This strategic acquisition represents Trustee Partner’s first overseas investment and provides an entry into the New Zealand trustee market. We’re attracted to New Zealand because of favourable industry and demographic trends, including increasing household wealth and growing demand for intergenerational wealth transfer solutions.

“Complectus is a high-quality business with a talented management team that possesses vast experience in the fiduciary services sector. It’s the strongest in the industry and we look forward to working together to promote innovative, affordable and accessible services to New Zealanders.

“Through the acquisition Complectus gains access to global investment and deal flow. We also bring a deep understanding of how technology is affecting financial services and citizens. The combination of investment and technology will help to fuel the next stage of growth for Complectus.”

Complectus CEO Grant Kemble will remain with the business following the transaction. He says, “The support we enjoy from Trustee Partners means Complectus will continue to operatewith our current staff and management team. This acquisition is a natural progression for a thriving 21st century, profitable business that needs to step into a new phase of growth, and the company’s success over recent years will continue with investment from Trustee Partners on an expanded Australasian footing.

“We look forward to expanding a programme of tech innovation to benefit our current and future customers, while maintaining the same high level of service and customer care for which we are known.”

Andrew Barnes a long-time entrepreneur, innovator and philanthropist established the group when he brought together New Zealand’s oldest trustee companies, Perpetual Trust and Guardian Trust, then expanded it through natural growth and a series of acquisitions.

Mr Barnes says, “We commenced an IPO process last year, which resulted in a significant number of approaches from both trade participants and private equity organisations. Ultimately the offer fromTrustee Partners was too strong to ignore.

“This is the best outcome for Complectus, and of those who expressed interest in the business, Trustee Partners was most aligned with our vision of accessible and affordable fiduciary services for all New Zealanders. Their desire to leave the existing management and staff in place was also a deciding factor for me, and theircapacity for future investment will take the group to the next level.

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For further information:

About Trustee Partners

Trustee Partners (the Australian division of Sargon) provides a range of corporate trust and superannuation trustee services to the financial services industry. Itis a new model for trusteeship in Australia that gives its partners an edge in the market through proactive risk management, responsiveness, technology and relationships. It was formed by technology entrepreneurs, in partnership with veterans of the Australian financial services industry, and is backed by significant global investors.

About Complectus Ltd

Complectus, which is owned by BSC Ltd, was established in 2014 by Andrew Barnes. It is the dominant and most innovative fiduciary services group in the New Zealand market, with companies including Perpetual Guardian, Guardian Trust, Covenant Trustee Services and New Zealand Trustee Services.

About Andrew Barnes

Andrew Barnes is an entrepreneur, business leader, philanthropist and innovator who lives on Waiheke Island.

With a track record ofmarket-changing innovations and the digitising of various industries, AndrewBarnes identified the opportunity for the evolution of real estate in Australia, and was chairman of realestate.com.au at the time of its IPO on the ASX.

More recently, in New Zealand, Andrew triggered a revolution of the entire fiduciary services and legal services industries, and the transformation he led as the founder of Perpetual Guardian has positive implications both locally and globally. Perpetual Guardian was formed under Andrew’s leadership through the coming together of Perpetual Trust and Guardian Trust, two trustee companies with more than 130 years’ history between them.In the past two years Perpetual Guardian has returned to a pure fiduciary services model that engages with Kiwis and provides services through a variety of platforms.

Andrew is a director of Complectus Limited, the company which encompassed Perpetual Guardian and several other trustee businesses.

Andrew was previously a director and founder of Just Wills Holdings Limited, a UK-based will writing and estate planning business. Before that he was CEO of Bestinvest, a US$5.7billion, UK-based investment management and advisory company, leading the sale to private capital in 2007, and was managing director of Australian Wealth Management Limited, a major Australian wealth management and trustee business that he led to IPO in 2005.

Andrew holds an MA from Selwyn College, Cambridge and an ACIB (UK), and has attended the Program for Management Development at Harvard Business School.