TOWER LIMITED — Major Shareholding Notification 2017

Feb 8, 2017

Disclosure of beginning to have substantial holding

Section 276, Financial Markets Conduct Act 2013

To NZX Limited and To Tower Limited

Date this disclosure made: 9 February 2017

Date on which substantial holding began: 9 February 2017

Substantial product holder(s) giving disclosure

Full name(s): Fairfax Financial Holdings Limited ( Fairfax )

Summary of substantial holding

Class of quoted voting products: Tower Limited ( Tower ) ordinary shares

Summary for Fairfax:

For this disclosure,—

• (a) total number held in class: 30,569,302

• (b) total in class: 168,662,150

• (c) total percentage held in class: 18.125%

Details of relevant interests

Details for Fairfax:

Nature of relevant interest(s): power to enforce the exercise of voting rights attached to ordinary shares. The relevant agreement document is attached (Document A, 4 pages).

For that relevant interest,—

• (a) number held in class: 16,965,182

• (b) percentage held in class: 10.059%

• (c) current registered holder(s): Salt Funds Management Limited

• (d) registered holder(s) once transfers are registered: Fairfax Financial Holdings Limited

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Details for Fairfax:

Nature of relevant interest(s): power to enforce the exercise of voting rights attached to ordinary shares. The relevant agreement document is attached (Document B, 4 pages).

For that relevant interest,—

• (a) number held in class: 13,604,120

• (b) percentage held in class: 8.066%

• (c) current registered holder(s): Accident Compensation Corporation

• (d) registered holder(s) once transfers are registered: Fairfax Financial Holdings Limited

Details of transactions and events giving rise to substantial holding

Details of the transactions or other events requiring disclosure:

On 9 February 2017, Fairfax entered into voting support deeds with:

• (a) Salt Funds Management Limited ( Salt ) in relation to 16,965,182 ordinary shares in Tower; and

• (b) Accident Compensation Corporation ( ACC ) in relation to 13,604,120 ordinary shares in Tower,

regarding the proposed acquisition by Fairfax of 100% of the shares in Tower by way of a scheme of arrangement for $1.17 per share (the Scheme ). Under the voting support deeds, Salt and ACC, respectively, have agreed to vote all the shares they each hold or control in Tower as at 9 February 2017 in favour of any resolution put to the shareholders of Tower to approve the Scheme.

Additional information

Address(es) of substantial product holder(s): 95 Wellington Street West, Suite 800, Toronto, Ontario M5J 2N7, Canada

Contact details: Christos Gazeas, Senior Legal Counsel, Fairfax Financial Holdings Limited, Phone: +001 416 367 4941, Email: cgazeas@fairfax.ca

Certification

I, Christos Gazeas, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.

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