TOWER LIMITED — Board/Management Information 2010

Dec 16, 2010

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17 December 2010

Market Information Company Announcements Office NZX Limited Australian Stock Exchange Limited Level 2, NZX Centre Exchange Centre 11 Cable Street Level 6, 20 Bridge Street Wellington Sydney NSW 2000 New Zealand Australia

TOWER - Group Executive appointments

Following the decision to move to a functional operating model, TOWER has confirmed the following roles and appointments to its Group Executive team. The changes take effect on 1 February 2011:

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Group Managing Director
Rob Flannagan
General Manager General General Operating Chief Information Chief Secretary & Company CEO
Distribution Manager Product & Customer Manager Officer Officer Compliance Investments
& Marketing Pricing Services (COO) (CIO) Manager
TBA Antony Vriens Debbie Eyre Michael Boggs Tony Dixon Bronwyn Walsh Sam Stubbs
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Tony Dixon, Sam Stubbs and Bronwyn Walsh continue in their existing roles. Debbie Eyre, who is currently the Acting CEO TOWER Health & Life, will become the General Manager Customer Services. Michael Boggs will be joining TOWER as Chief Operating Officer in March 2011. Antony Vriens starts with TOWER on 20 December 2010 and will become the General Manager Product and Pricing. The appointment process for the General Manager Distribution and Marketing is expected to be completed shortly.

Due to the nature of the roles available in the new structure, some current Group Executive members have decided to leave TOWER. Although fully supportive of the change in operating model, the new opportunities are not in line with their own personal career paths.

James Douglas, CEO TOWER Insurance will be leaving TOWER at the end of March 2011. James has been with TOWER for just under 4 years and has been responsible for managing the growth of the general insurance business. He will be staying on to assist the transition to the new model until March.

Eric O’Sullivan, Group Chief Financial Officer will complete his current role at the beginning of March 2011. Eric joined TOWER almost 4 years ago, initially as Company Secretary, and for the past two years has been the Group Chief Financial Officer. Eric will be continuing with TOWER in a contract capacity to assist the transition to the new functional model.

Steve Boomert, CEO TOWER Health and Life, left TOWER on 10 December 2010. Steve was with TOWER for just over 5 years and led a significant turnaround in the performance of the Health & Life business.

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Bronwyn Walsh Company Secretary & Compliance Manager TOWER Limited ARBN 088 481 234 Incorporated in New Zealand

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