Pro rata renounceable rights offer – Offer Document

Attached is the offer document prepared in connection with the Tower Limited renounceable rights offer announced on 14 November 2017. Eligible shareholders will have the opportunity to participate in this renounceable rights issue to raise approximately NZ$70.8 million to provide further capital for Tower's subsidiary Tower Insurance Limited and for general corporate purposes. The capital raising is in the form of an underwritten pro rata renounceable rights offer to Eligible Shareholders. Under the Offer, Eligible Shareholders may subscribe for 1 New Share for every 1 existing Share held as at 7.00 pm on 22 November 2017, at a price of NZ$0.42 per New Share (or A$0.39 per New Share for Eligible Australian Shareholders). Further details of the rights offer are contained in the offer document which is available at https://www.shareoffer.co.nz/tower. Applications can be made online through that website from 23 November 2017. Eligible Shareholders will have until 7.00pm on 13 December 2017 to take up their rights and make payment. Key dates: Announcement of the Offer: 14 November 2017 Rights trading commences on the NZX Main Board: 21 November 2017 Record Date for determining Entitlements: 7.00 pm, 22 November 2017 Offer Document, Acceptance Forms sent to Eligible Shareholders: By 27 November 2017 Rights trading ends on the NZX Main Board: 5.00 pm, 7 December 2017 Closing Date for the Offer (last day for online applications, or for receipt of the Acceptance Form, with payment): 7.00pm, 13 December 2017 Allotment of New Shares under the Offer (Issue Date): 20 December 2017 Expected date for quotation of New Shares issued under the Offer: 20 December 2017 Mailing of holding statements: By 23 December 2017 ENDS David Callanan Company Secretary Tower Limited ARBN 088 481 234 Incorporated in New Zealand End CA:00310431 For:TWR Type:OFFER Time:2017-11-16 10:49:50