TOWER LIMITED — Capital/Financing Update 2014

Aug 24, 2014

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25 August 2014

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

TOWER Limited reaches 85% settlement of earthquake claims

TOWER Limited (NZE/ASX: TWR) advises that it has now closed and settled 85% by number of all claims relating to the Canterbury earthquakes, up from 82% as at 30 May 2014.

Chief Financial Officer Michael Boggs, who leads TOWER’s earthquake recovery programme, said “TOWER was pleased with the progress it was making in resolving claims, and this important milestone demonstrates that we remain on track to substantially complete claims settlement by the end of 2015.”

TOWER had completed its review of the provisions for the Canterbury earthquake events for the quarter ended 30 June 2014, with provisions for the February event remaining unchanged.

TOWER’s programme of work has gained pace this year, with a significant number of over-cap repairs and rebuilds either completed or in progress. TOWER’s out of scope claims, or minor repairs, are expected to be substantially completed this year.

TOWER advised the market on 22 August 2014 of a $30 million reduction in the funds required by the Reserve Bank of New Zealand to be held as part of its additional Minimum Solvency Margin requirement, acknowledging its solid progress in settling Canterbury claims.

Information on TOWER’s progress on Canterbury earthquake claims is updated regularly and can be found on its website at http://www.tower.co.nz/about-us/canterbury-earthquake.

ENDS

Michael Boggs Chief Financial Officer TOWER Limited ARBN 088 481 234 Incorporated in New Zealand

For further information, please contact: Tracey Palmer Head of Corporate Communications Mobile: +64 21 837 860 Email: tracey.palmer@tower.co.nz