Summary of key terms – Scheme Implementation Agreement

13 February 2017 Market Information NZX Limited Level 1, NZX Centre 11 Cable Street Wellington New Zealand Company Announcements Office ASX Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 Australia Tower releases summary of Key Terms of Scheme Implementation Agreement Tower attaches a summary of the Scheme Implementation Agreement dated 9 February 2017 between Fairfax Financial Holdings Limited (Fairfax) and Tower Limited (Tower). Further information about the Fairfax Proposal, including the Scheme Implementation Agreement, is available from www.tower.co.nz/update. Tower shareholders do not yet need to take any action in response to Fairfax's offer to acquire 100% of Tower shares. In due course, shareholders will receive detailed documentation from Tower outlining the proposed transaction and instructions for voting. ENDS TOWER Michael Stiassny Chairman Tower Limited ARBN 088 481 234 Incorporated in New Zealand To arrange media interviews, please contact in the first instance: Nicholas Meseldzija Tower Limited Head of Corporate Communications Mobile: +64 21 581 869 Email: nicholas.meseldzija@tower.co.nz End CA:00296677 For:TWR Type:TAKEOVER Time:2017-02-13 15:51:21