Vendor Loan Note restructuring

The information contained in this announcement is deemed by the Company to constitute Inside Information as stipulated under the Market Abuse Regulations (Regulation 596/2014/EU) as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018

Ondo InsurTech Plc

("Ondo" or the "Company")

Vendor Loan Note restructuring

Ondo Insurtech (LSE: ONDO), a leading company in claims prevention technology for home insurers, is pleased to announce the rescheduling of vendor loan notes issued by Ondo ("Loan Notes") to its largest shareholder, HomeServe Assistance Limited ("HomeServe").

The Loan Notes form part of the consideration for the acquisition of the LeakBot business from HomeServe as set out in the prospectus dated 21 March 2022.

The Loan Notes remain redeemable by Ondo at any time with 10 days' notice and are rescheduled as follows:

• Loan Note term extended: New maturity date one year later on 31 March 2030
• Principal repayments deferred: Commencing one year later on 31 March 2027 and then annually to 31 March 2030
• Interest roll-up extended: Accruing an additional year to 31 March 2026
• Interest rate maintained: At 12% until 31 March 2027 increasing to 14% thereafter.

Ondo has committed to a minimum of 40% of the proceeds from any warrant exercises being used to repay the Loan Notes.

As of 30 September 2024, and as at the current date, a total of 26.94m warrants remain outstanding, with a subscription value of up to approx. £6 million, as set out in the table below.

Mark Wood CBE. Chairman of Ondo InsurTech Plc says: "Across the UK, Scandinavia and the USA some 5.7m households now have policies with insurers implementing LeakBot. Our accelerating rollout now across eighteen states in the United States is funded by advance pre-payments of the first twelve months fees. Projecting the revenues from our current contracts reaffirm our expectation in achieving EBITDA positive trading in the second half of next year without the need for further working capital funding.

The rescheduling of our Vendor Loan Notes has been structured to enable us to meet our obligations to the Loan Note holders from future trading revenues. We appreciate HomeServe's continued support in enabling these revised terms, which position Ondo for continued success."