IRD approval received for proposed share buyback

Level 5, 136 Fanshawe Street
Auckland 1142, New Zealand
ARBN 645 941 028
Incorporated in New Zealand
Classification: Highly Sensitive




21 October 2024

IRD approval received for proposed share buyback

Kiwi insurer Tower (NZX/ASX: TWR) has received notice that the Commissioner of Inland Revenue
is satisfied that no part of Tower’s proposed NZ$45m mandatory capital return by way of share
buyback is in lieu of the payment of a dividend.

The capital return remains conditional on shareholder approval at Tower’s Annual Shareholder
Meeting in early 2025; the receipt of High Court approval of the arrangement; Tower continuing to
satisfy solvency and prudential capital requirements and the Tower Board remaining satisfied that
the capital return is prudent to undertake.

Subject to the above conditions being fulfilled, the capital return is likely to occur in March 2025.
Exact dates will be confirmed closer to the time of payment.

ENDS

This announcement has been authorised by Tower Limited Chairman, Michael Stiassny.

For media enquiries, please contact:
Emily Davies
Head of Corporate Affairs and Sustainability
+64 21 815 149
emily.davies@tower.co.nz

For investor enquiries, please contact:
James Silcock
Head of Strategy, Planning and Investor Relations
+64 22 395 9327
James.silcock@tower.co.nz