TOWER LIMITED — Financial Supplement Data 2007

Jul 8, 2007

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9 July 2007

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

Dear Sir/Madam

TOWER Limited – Company Announcement

In accordance with Listing Rules, please find below a press release

Value and Capital Analysis

Based upon providing information in response to queries from investors TOWER is publishing the attached supplementary information containing unaudited data in respect of the period ended 31 March 2007.

The information will also be available on TOWER website. www.towerlimited.com.

For further information please contact:

Eric O’Sullivan Company Secretary TOWER Limited +64 9 369 2082

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TOWER Limited Value and Capital Analysis Period ended 31 March 2007

Based upon providing information in response to queries from Investors TOWER is publishing this set of supplementary information containing un-audited data in respect of the period ended 31 March 2007.

6 July 2007

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Appendix
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Shareholders Funds	Page 3
Enterprise Value/Fair Value	Page 4
Carrying Value/Appraisal Value	Page 5
Financial Summary – Health & Life	Page 6
Change in Embedded Value	Page 7
Change in Value of One Year’s New Business	Page 8
Embedded Value and Value of One Year’s New Business	Page 9

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Capital Analysis
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Shareholder Funds

Shareholder Funds
Assets Backing Shareholder Capital 31-Mar-07	Health and Life	General Ins	Investment Business	Holding Companies	Total
Fixed Interest Equity Property Eliminate TOWER Life (NZ) Investment in TOWER Insurance	55.3 2.8 11.9	167.2 39.3 10.5 (29.4)	0.2 0.1	58.4	281.1 42.2 22.4 (29.4)
Shareholder Investment Assets in Excess of Policyholder Liabilities Deferred Acquisition Costs Net Operational Assets/(Liabilities)	70.0 28.7 24.5	187.6 12.3 (125.1)	0.3 11.1 5.0	58.4 25.5	316.3 52.1 (70.1)
Net Tangible Assets Backing Shareholders Capital Excess of Market Value over Net Tangile Assets - Goodwill External Debt	123.3 13.1	74.8 17.7	16.4	83.9 (87.0)	298.4 30.8 (87.0)
Total Equity Attributable to Shareholders	136.3	92.6	16.4	(3.1)	242.2

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Capital Analysis
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Enterprise Value/Fair Value

31-Mar-07 NZ$millions	Health and Life	General Ins	Investment Business	Holding Companies	Total
Net Worth Value of Inforce	23.6 142.9				23.6 142.9
Embedded Value Value of 1 Year's New Business Value of Future New Business	166.5 8.9 35.6	0.0	0.0	0.0	166.5 8.9 35.6
Appraisal Value (Enterprise Value) Fair Value Eliminate TOWER Life (NZ) Investment in TOWER Investments External Debt	202.1 69.4	0.0 164.5 (29.4)	0.0 16.4	0.0 83.9 (87.0)	202.1 334.2 (29.4) (87.0)
Enterprise Value/Fair Value	271.5	135.1	16.4	(3.1)	419.9

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Carrying Value / Appraisal Value
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As at 31 March 2007 NZ$million	As at 31 March 2007	As at 31 March 2007	As at 30 September 2006	As at 30 September 2006
	Carrying Value	Appraisal Value	Carrying Value	Appraisal Value
Health & Life TOWER Health & Life TOWER Medical TOWER Life (NZ) General Insurance TOWER Insurance Eliminate TOWER Life (NZ) investment in TOWER Insurance Investment Business TOWER Asset Management TOWER Managed Funds Other TOWER Group Head Office, Holding companies Debt	76.3 30.0 29.9	138.1 69.4 64.0	66.0 26.9 33.2	123.3 63.0 68.0
	136.2 122.0 (29.4)	271.5 164.5 (29.4)	126.1 122.4 (33.8)	254.3 161.1 (33.8)
	92.6 4.2 12.2	135.1 4.2 12.2	88.6 2.5 10.2	127.3 2.5 10.2
	16.4 83.9 (87.0)	16.4 83.9 (87.0)	12.7 120.5 (197.8)	12.7 120.5 (197.8)
Total capital employed	242.1	419.9	150.1	317.0

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Financial Summary – Health & Life
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	Six months ended	Six months ended
NZ$million	31-Mar-07	31-Mar-06
Life Insurance Operating Earnings
Planned Profits	0.0 1.1 7.3	0.0 0.0 7.6
Experience Profit (Loss)
Capitalised Loss (Recognition) Reversal
Operating Earnings from Life	8.5	7.6
Insurance (net of tax)	3.1 0.0	2.4 0.0
Health and Other Operating Earnings
Total Operating Earnings (Net of Tax)	11.6	10.0
Net Investment Return on Shareholders Funds	-0.7 1.3	-0.6 1.7
Discount Rate Changes
Net Profit After Taxation	12.2	11.1

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Value Analysis
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Change in Embedded Value
NZ$million TOWER Life TOWER
(NZ) Health & Life
Embedded Value as at 30 September 2006 64.2 92.9
Expected Increase in Value of In-Force 2.7 4.8
Earnings on Net Worth 0.4 0.1
Experience:
- Investment earnings (0.3) 0.5
- Other 0.3 (0.3)
Changes in Assumptions:
- Discount rate - -
- Investment earnings (0.6) 1.0
- Other - (0.2)
Value from New Business 0.5 0.8
Miscellaneous:
- Transfers/Distributions (6.8) -
-
Other (0.5) 0.3
Embedded Value as at 31 March 2007 59.9 99.9
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Value Analysis
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Change in Value of One Year's New Business	Change in Value of One Year's New Business	Change in Value of One Year's New Business
NZ$million	TOWER Life (NZ)	TOWER Health & Life
Value of One Year's New Business as at 30 September 2006 Change in one year's volumes and mix of business Changes in Assumptions: - Discount rate - Investment earnings/inflation - New Products -Other	0.9 - - - 0.1	7.6 0.3 - - - -
Value of One Year's New Business as at 31 March 2007	1.0	7.9

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Value Analysis
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Embedded Value and Value of One Year's New Business

	31-Mar-07	31-Mar-07	30-Sep-06	30-Sep-06
NZ$ million	TOWER Life (NZ) NZ$million	TOWER Health & Life NZ$million	TOWER Life (NZ) NZ$million	TOWER Health & Life NZ$million
Net worth Value of In-force Business	16.5 43.4	7.2 99.4	20.3 43.9	6.8 86.1
Embedded Value Value of One Year’s New Business	59.9 1.0	106.6 7.9	64.2 0.9	92.9 7.6

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