Appointment of interim CEO and CFO

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


23 January 2024

Appointment of interim CEO and CFO

Kiwi insurer Tower (NZX/ASX: TWR) is pleased to announce that current Chief Financial Officer
(CFO), Paul Johnston, will take over as interim Chief Executive Officer (CEO) on 13 February 2025.
This follows the resignation of Blair Turnbull who will step down on 12 February.

Mr Johnston, who joined Tower as CFO in January 2022, has considerable international experience
in insurance and financial services, and an extensive background in strategy and operational
leadership. This expertise equips him to effectively guide the organisation during this transitional
period.

Subject to satisfactory completion of regulatory requirements, Tower’s current Deputy CFO Angus
Shelton will assume the role of interim CFO. Mr Shelton has held senior finance positions at Tower
since 2017 and has substantial finance experience within the insurance and banking sectors.

The Board’s recruitment process for a permanent CEO is ongoing. The market will be updated when
an appointment is made.

ENDS

This announcement has been authorised by:

Michael Stiassny
Chair
Tower Limited

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