IAG Subordinated Unsecured Notes Interest Rate Set

IAG Subordinated Unsecured Notes Interest Rate Fixed

Insurance Australia Group Limited (IAG) has fixed the interest rate on its NZ$400 million subordinated unsecured note (bond) issue until the first optional redemption date (June 15, 2028) at 5 .32% per year. This equals the margin plus the swap rate.

The interest rate, from the First Optional Redemption Date until the Maturity Date (June 15, 2038), will be a variable rate equal to the Margin plus the applicable rate of 3-month bank bills on the first business day of each period of interest. The Interest Rate for each Interest Period during the Floating Rate Period will be announced on or about the first day of the Interest Period via NZX.

The Notes are expected to list on the NZX Debt Market under the symbol IAGFC on April 6, 2022. The issue date is April 5, 2022.

A copy of the final offer terms sheet, when available, will be available at www.nzx.com/companies/IAG/announcements.

Details of the offer and notes are contained in the Product Disclosure Statement (PDS), which is available on the online Disclosure Register maintained by the Companies Office (www.disclose-register.companiesoffice.govt. nz, offer number OFR13283).

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Stephen V. Lee