Resignation of CEO

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


1 November 2024

Resignation of CEO

Tower (NZX/ASX: TWR) today announced that Chief Executive Officer, Blair Turnbull has resigned
and will step down on 12 February 2025, following the Annual Shareholder Meeting (ASM) on 11
February 2025.

Mr Turnbull joined Tower in 2020 and has overseen considerable transformations at the Kiwi and
Pacific Island insurer.

Chair Michael Stiassny thanked Mr Turnbull, acknowledging that under his leadership, Tower has
made significant progress towards becoming the leading direct insurer in New Zealand and its
targeted Pacific markets.

“Blair’s energy and focus has been on building a better, sustainable Tower powered by digital
technology and data. He has championed a culture that is diverse, talent-led and synonymous with
innovation, while improving Tower’s business performance and delivering profitable growth in FY24.

“Blair leaves the business well positioned to enter its next growth phase. The Board wishes him well
in his future endeavours.”

Mr Turnbull said that it had been a privilege to lead such a storied and iconic Kiwi and Pacific
business.

“In my view, Tower is a really unique business, and I am very proud to have played a part in its long
history. This year alone we have celebrated our 150-year anniversary in Fiji; opened a new
operational centre in Suva; recognised 25 years being listed on the NZX; and most recently, entered
the NZX top 50. These are all salient reminders of the strength, longevity and resilience of this
Company.

“It’s been a truly exciting chapter for me and a rewarding time leading such a great team of people.
Together, we have significantly transformed Tower’s customer experience by leveraging digitisation
and realised marked operational efficiencies through our cloud-based platform. Our business is now
sharply focused and streamlined in our chosen markets, and we continue to innovate with risk-
based pricing and new offerings like parametric insurance.

“I believe the platform is solid and as such it’s an ideal juncture to pass the baton. My current focus
is on sustaining our positive business momentum and ensuring a smooth transition,” Mr Turnbull
said.

Mr Turnbull has plans to compete in an ultra-running race around Mt Kilimanjaro and spend time
with family and friends before deciding his next career move.

The Board will be commencing a recruitment process and will update the market in due course.

Information regarding the ASM will be released later this month and Tower will provide full details
of its FY24 performance in its financial results announcement on 28 November.

ENDS

This announcement has been authorised by:

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

For media enquiries, please contact in the first instance:
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