Tower commits to refunding COVID-19 claims savings

21 April 2020 Market Information NZX Limited Level 2, NZX Centre 11 Cable Street Wellington New Zealand Company Announcements Office Australian Securities Exchange Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 Australia Tower commits to refunding COVID-19 claims savings at end of May Tower Insurance confirms it will pass on any savings it makes due to COVID-19 with refunds for car insurance customers to be made by the end of May 2020. CEO of Tower Insurance, Richard Harding, says that the company will not profit from COVID-19 and will make further refunds if needed. "We know that people are driving less, and this is resulting in lower claims, so any savings we make will be passed back to our customers. "There is still a whole lot of uncertainty at the moment and we have not processed refunds on this scale before, which is why we need some time to calculate and arrange them. But customers can be assured that refunds will be paid, and we will let them know all the details beforehand. "In the meantime, any customers experiencing financial hardship should call us. We have a specialist team on hand and a range of options to support customers and help reduce any financial pressure. "We also encourage any customers who may be waiting until after the lockdown to make a claim to call us now so we can help set things right quickly when repair shops open," said Harding. ENDS This announcement is authorised by the Board. Richard Harding Chief Executive Tower Limited ARBN 088 481 234 Incorporated in New Zealand For media queries, please contact: Nicholas Meseldzija Head of Corporate Affairs and Reputation Tower Limited Mobile: +64 21 531 869 Email: nicholas.meseldzija@tower.co.nz End CA:00351953 For:TWR Type:GENERAL Time:2020-04-21 10:59:56