TOWER LIMITED — M&A Activity 2010

Oct 27, 2010

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28 October 2010

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 PO Box 2959 Sydney NSW 2000 Wellington AUSTRALIA New Zealand

TOWER LIMITED ANNOUNCES LAPSE OF CURRENT TAKEOVER NOTICE FOR FIDELITY LIFE

TOWER announced today that it will let its current Takeover Notice in respect of Fidelity Life, which is due to expire on 31 October 2010, lapse.

TOWER Chairman, Tony Gibbs, said that “As noted in TOWER’s announcement on 1 October 2010, the terms contained in the Takeover Notice were based on the limited publicly available information in respect of Fidelity. TOWER was hopeful that the directors of Fidelity would provide to TOWER certain additional information in relation to the company. That information was no more than the information TOWER, as a listed company, provides to its own shareholders and the market. This has not been the case.

Further, since the Takeover Notice was given, Fidelity has published its audited accounts for the year ended 30 June 2010. There are matters raised in those accounts that need to be thoroughly analysed, and their implications evaluated, before TOWER decides any future course of action.”

For further information please contact: Rob Flannagan Tony Gibbs Managing Director Chairman 09 369 2057 09 985 6169 021 925 491 021 991 327

TOWER Limited

ARBN 088 481 234 Incorporated in New Zealand

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