Tower Limited Renounceable Rights Offer

Attached is the offer document prepared in connection with the Tower Limited renounceable rights offer announced on 24 September 2019. Eligible shareholders will have the opportunity to participate in this renounceable rights issue to raise approximately NZ$47.2 million to fund the purchase of the Youi NZ portfolio and associated capital requirements for new policies, and strengthen Tower Insurance Limited's capital position. 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 4 existing Shares held as at 7.00 p.m. (NZ time) on 2 October 2019, at a price of NZ$0.56 per New Share (or A$0.54 per New Share for Eligible Australian Shareholders). Key dates: Announcement of the Offer 24 September 2019 Rights trading commences on the NZX Main Board 1 October 2019 Record Date for determining Entitlements 7.00 p.m., 2 October 2019 Offer Document, Acceptance Forms sent to Eligible Shareholders and Offer opens for acceptance 12.00 p.m., 3 October 2019 Rights trading ends on the NZX Main Board 7.00 p.m., 9 October 2019 Closing Date of the Offer (last day for online applications, or for receipt of the Acceptance Form, with payment) 7.00 p.m., 15 October 2019 Allotment of New Shares under the Offer (Issue Date) 23 October 2019 Expected date for quotation of New Shares issued under the Offer and commencement of trading of New Shares 23 October 2019 Mailing of holding statements 29 October 2019 ENDS Hannah Snelling Company Secretary Tower Limited ARBN 088 481 234 Incorporated in New Zealand For further information, please contact in the first instance: Nicholas Meseldzija Head of Corporate Communications Phone: +64 21 531 869 Email: nicholas.meseldzija@tower.co.nz End CA:00341787 For:TWR Type:OFFER Time:2019-09-27 16:42:05