TOWER LIMITED — Capital/Financing Update 2012

Nov 29, 2012

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30 November 2012

Media Release

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 confirms health insurance sale

TOWER Limited has confirmed the sale of its health insurance business to Australian private health insurer nib holdings limited for approximately NZ$103.1 million.

The sale of TOWER Medical Insurance Limited was announced on 2 November, following a strategic review of TOWER Group’s business.

TOWER Group Managing Director Rob Flannagan said today that all conditions of the sale had now been satisfied.

“TOWER and nib look forward to building a long-term distribution relationship that will deliver benefits to health customers through the insights, expertise and strong track record in medical insurance that nib will bring to the New Zealand market,” he said.

nib’s Managing Director, Mark Fitzgibbon, said: “Based on the purchase price the acquisition will be earnings per share accretive from year one.”

“We’re excited about our prospects in New Zealand. We’ve acquired a very good business and we’re confident it will provide us with a solid platform for growing private health insurance participation in New Zealand and our market share,” Mr Fitzgibbon said.

ENDS

For further information, please contact: Rob Flannagan Group Managing Director TOWER Limited Tel: +64 9 369 2279 ARBN 088 481 234 Incorporated in New Zealand

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