22 February 2017

Market Information Company Announcements Office

NZX Limited ASX Limited

Level 1, NZX Centre Exchange Centre

11 Cable Street Level 6, 20 Bridge Street

Wellington Sydney NSW 2000

New Zealand Australia

Tower receives non-binding proposal from Vero for 100%

Further to its earlier announcement, Tower Limited (NZX/ASX: TWR) confirms that it has now received a non-binding indicative proposal from Suncorp Group Limited (ASX: SUN). Through its wholly-owned subsidiary Vero Insurance New Zealand Limited, Suncorp is seeking to acquire all Tower shares at an indicative cash price of NZ$1.30 per share.

Tower and its advisers are considering the Suncorp proposal, and working through obligations with respect to the Scheme Implementation Agreement with Fairfax Financial Holdings Limited (FFHL).

The Tower Board of Directors will update the market on any material developments as they occur. In the meantime, the Board advises shareholders not to take any action without carefully assessing all available information and seeking their own professional advice.

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

Head of Corporate Communications Tower Limited

Mobile: +64 21 531 869

Email: nicholas.meseldzija@tower.co.nz

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Suncorp Group Ltd. published this content on 22 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 21 February 2017 21:59:23 UTC.

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