TOWER LIMITED — Capital/Financing Update 2013

Sep 16, 2013

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17 September 2013

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 intention to return capital

TOWER Limited advises that it intends to return to shareholders as soon as practical an initial $70 million of capital realised from the sale of the majority of its life insurance business.

Chief Executive Officer David Hancock said TOWER remained committed to returning a total of $114.5 million to shareholders as and when was appropriate.

Mr Hancock said TOWER had always ensured that it was strongly capitalised, above minimum solvency requirements, and would continue to take this prudent approach to its capital management programme.

“We continue to review our capital management plan following the issue of full insurance licences for our general insurance and retained life insurance businesses,” he said.

With minimum solvency margin requirements now confirmed, it was appropriate that some capital realised from the execution of TOWER’s strategic review, and which was surplus to capital and business requirements, was returned to shareholders, Mr Hancock said.

TOWER will confirm the process and timing for the initial return of $70 million of capital to shareholders shortly.

ENDS

David Hancock Chief Executive Officer TOWER Limited ARBN 088 481 234 Incorporated in New Zealand

For further information, contact Tracey Palmer Head of Corporate Communications DDI +64 9 369 2017