TOWER LIMITED — Board/Management Information 2018

Sep 9, 2018

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10 Septe m ber 2018

Market Inf o rmation Company A nnounce m ents Office NZX Limit e d ASX Limit e d Level 1, N Z X Centre Exchange Centre 11 Cable S t reet Level 6, 2 0 Bridge Str e et Wellingto n Sydney N S W 2000 New Zeal a nd Australia

New executives announced to drive digital transformation

Tower In s urance to d ay annou n ced the a p pointmen t of two ne w executiv e team members, signalling a major st e p forward in the transformatio n of this ico n ic New Z e aland bra n d.

Tower C E O, Richard Harding s a id that tra n sforming T ower into a compan y that chal l enges insurance industry norms requires finding the best l e aders you can, and a fter a glob a l search, t he company found the best right h ere in Ne w Zealand.

“I’m pleased to ann o unce that P eter Mug g leston ha s been appointed as o ur Chief Information Officer, st a rting with us on 1 December a n d Michell e McBride h as been a p pointed a s General Manager, People an d Culture, s tarting 29 Novembe r .

“Peter is o ne of Ne w Zealand’s most resp e cted IT le a ders and it’s a real c o up for us t o have hi m join our team, ” said Harding

“Peter ha s extensive experienc e leading s ignificant d igital and t echnolog y transfor m ation program m es at some of New Z ealand’s m ost well- k nown companies. Hi s stewards h ip as we replace o u r core sy s tem will h e lp drive i m proveme n t across al l areas of o ur business.

“Peter bri n gs over 2 5 years’ ex p erience in technology, financial services and strateg y . He is currently CIO at Fo o dstuffs N o rth Island, has previ o usly work e d at ASB, S overeign A ssurance, Peace Software a nd Fletcher Challen g e, and w o n the CIO o f the Year award in 2 015.

“The Boa r d and I were impress e d with Pe t er’s track r ecord in d i gital trans f ormation a nd we loo k forward t o seeing hi m help lea d our busi n ess throu g h the repl a cement o f our legac y system t h at will enable our transformation, ” said Hard i ng.

Harding s a ys that a k ey part of transformi n g the bus i ness is to k eep building and cr e ating a div e rse culture that champi o ns a chall e nger appr o ach and d rives high performance. “We’ve a c hieved so m e great c u ltural shif t s in our b u siness and have big a mbitions t o be an employer of choice, recognise d for our di v ersity an d as great p lace to w o rk. Michell e comes in to Tower wi t h a large a genda to k eep drivin g this cultural change”.

“Michelle brings sig n ificant Int e rnational e xperience leading cultural chan g e across a range of financial s ervices, in s urance and telecom m unicatio n s organisa t ions, inclu d ing Voda f one, BNZ, Southern Cross Hea l th Insuran c e and mo s t recently, Westpac. Michelle h a s deliver e d a numb e r of high-profile transfor m ation programmes a nd led cu l tural chan g e that ha s enabled companies t o deliver o n their strat e gy through improve d perform a nce,” said H arding.

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“The Boa r d and I are pleased t o welcome someone of Michell e ’s calibre t o our executive team and look forw a rd to seei n g her lea d our peop l e strategy, transforming the wa y we work.

“Peter an d Michelle a dd signifi c ant stren g th to our e x ecutive t e am and will drive val u e through our business a s we tran s form one o f New Ze a land’s old e st brands into one t h at challen g es a tradi t ional insurance industry,” s aid Hardi n g

ENDS

Richard H a rding Chief Executive Office r Tower Limited ARBN 088 481 234 In c orporated i n New Zeal a nd

For media queries, please contact: Nicholas M eseldzija Head of C o rporate Co m munications Mobile: +6 4 21 531 869 Email: Nic h olas.mesel d zija@towe r .co.nz