Tower Financial Strength Rating Affirmed as A- (Excellent)

11 March 2019 Market Information NZX Limited Level 2, NZX Centre 11 Cable Street Wellington New Zealand Company Announcements Office Australian Securities Exchange Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 Australia Tower rating reaffirmed as A- (Excellent) Global insurance company ratings specialist A.M. Best Company has reaffirmed Tower Insurance Limited's (TIL) financial strength rating as A- (Excellent), with a stable outlook, reflecting Tower's strong balance sheet, continued adequate performance and solid reinsurance approach. The company's issuer credit rating was also affirmed as "a-". In its announcement, A.M. Best Company noted that the rating reflects TIL's balance sheet being very strong along with the company's adequate operating performance, neutral business profile and appropriate enterprise risk management. Tower Chairman Michael Stiassny welcomed the confirmation from A.M. Best. "A.M. Best's announcement confirms our view that the transformation of Kiwi insurer Tower is delivering results and that the business is strong and performing well." A copy of the A.M. Best Company's news release is attached. ENDS Richard Harding Chief Executive Tower Limited ARBN 088 481 234 Incorporated in New Zealand For media queries, please contact: Nicholas Meseldzija Head of Corporate Communications Tower Limited Mobile: +64 21 531 869 Email: nicholas.meseldzija@tower.co.nz End CA:00331731 For:TWR Type:ADMIN Time:2019-03-11 09:47:01