Insurance Australia Group Limited (IAG) has given an “Exchange Notice” for its $404,126,500 IAG Capital Notes. These Capital Notes (ASX code: IAGPD) were issued on December 22, 2016, and $220,248,100 Capital Notes are still available for redemption. IAG elected to exchange all Capital Notes on June 15, 2023, the Optional Exchange Date, via redemption. The Exchange Notice is irrevocable, subject to the Terms. Each Capital Note will be redeemed for $100 per Capital Note, and all Capital Notes will be canceled after payment. A final Distribution of $1.8667 per Capital Note is scheduled to be paid by IAG in respect of all Capital Notes on June 15, 2023, subject to satisfy the distribution payment conditions in the Terms. Capital Note Holders do not need to do anything in response to this notice. The last date for trading in Capital Notes is June 5, 2023. All payments in respect of the Capital Notes will be subjected to clause 16 of the Terms. Capital Note Holders are advised to ensure they have updated their Australia bank account details with the Registrar to facilitate payment of the Final Distribution and Redemption Price.