SSH Notice – Vero Insurance New Zealand Limited

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both Sections 277 and 278, Financial Markets Conduct Act 2013 To NZX Limited and To Tower Limited Relevant event being disclosed: Movement of 1% or more in a substantial holding Date of relevant event: 14 March 2017 Date this disclosure made: 14 March 2017 Date last disclosure made: 1 March 2017 Substantial product holder(s) giving disclosure Full name(s): Vero Insurance New Zealand Limited (a wholly-owned subsidiary of Suncorp Group Limited) ("Vero") Summary of substantial holding Class of quoted voting products: Ordinary shares in Tower Limited (NZX: TWR) Summary for Vero For this disclosure,-- (a) total number held in class: 33,732,429 (b) total in class: 168,662,150 (c) total percentage held in class: 19.999% For last disclosure,-- (a) total number held in class: 22,416,709 (b) total in class: 168,662,150 (c) total percentage held in class: 13.291% Details of transactions and events giving rise to relevant event Details of the transactions or other events requiring disclosure: On 14 March 2017, Vero agreed to purchase 11,315,720 ordinary shares in Tower Limited from Perpetual Limited and its subsidiaries ("Seller") at a sale price of $1.40 per Share (total consideration of $15,842,008) ("Transaction"). Settlement of the Transaction is to occur on 16 March 2017. Details after relevant event Details for Vero Nature of relevant interest(s): Power to acquire 11,315,720 ordinary shares in Tower Limited. There is no relevant agreement to be attached For that relevant interest,-- (a) number held in class: 11,315,720 (b) percentage held in class: 6.709% (c) current registered holder(s): Perpetual Limited and subsidiaries (d) registered holder(s) once transfers are registered: Vero Additional information Address of substantial product holder: Level 14, 48 Shortland Street, Auckland, 1010, New Zealand Contact details: Vero Insurance New Zealand Limited Attn: Pamela Bonney Level 14, 48 Shortland Street, Auckland Email: pamela_bonney@vero.co.nz Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: Perpetual Limited and subsidiaries. Certification I, Tim Buckett, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00298241 For:TWR Type:SSH Time:2017-03-14 12:45:23