TOWER LIMITED — Board/Management Information 2019

Jan 15, 2019

Market Information Company Announcements Office NZX Limited Australian Securities Exchange Limited Level 1, NZX Centre Exchange Centre 11 Cable Street Level 6, 20 Bridge Street Wellington Sydney NSW New Zealand 2000 Australia

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16 January 2019

New director appointed to Tower Board

Tower Limited (NZX/ASX: TWR) today announced the appointment of Marcus Nagel as a non-executive director, effective 14 January 2019.

Mr Nagel was nominated by Bain Capital Credit LP (Bain Capital) to represent Bain Capital’s stake in Tower (Bain Capital hold 19.99% of Tower’s ordinary shares). His appointment is supported by the Tower Board, noting his position with Bain Capital as a Special Advisor, Mr Nagel will not be considered an independent director and Tower’s Board and Bain Capital have agreed and implemented necessary governance and confidentiality protocols to protect the interests of all shareholders.

Mr Nagel has significant insurance industry experience having performed senior leadership roles for Zurich in Europe both in life insurance and general insurance. For more information on Mr Nagel’s experience, please refer to Tower’s website.

Tower’s Board welcome Mr Nagel’s appointment and believe that his depth of knowledge and experience will contribute to Tower’s success as a digital challenger brand.

As Mr Nagel has been appointed to the Tower board to fill a casual vacancy, he will retire and be available for re-election at the upcoming Annual Shareholder Meeting scheduled for 19 February 2019, in accordance with the Company’s constitution.

ENDS

David Callanan Company Secretary Tower Limited ARBN 088 481 234 Incorporated in New Zealand

For further information, please contact: Nicholas Meseldzija Head of Corporate Communications Phone: +64 21 531 869 Email: nicholas.meseldzija@tower.co.nz