Tower receives non-binding proposal from Vero for 100%

1

22 February 2017


Market Information Company Announcements Office
NZX Limited ASX Limited
Level 1, NZX Centre Exchange Centre
11 Cable Street Level 6, 20 Bridge Street
Wellington Sydney NSW 2000
New Zealand Australia


Tower receives non-binding proposal from Vero for 100%

Further to its earlier announcement, Tower Limited (NZX/ASX: TWR) confirms that it has now
received a non-binding indicative proposal from Suncorp Group Limited (ASX: SUN). Through its
wholly-owned subsidiary Vero Insurance New Zealand Limited, Suncorp is seeking to acquire all
Tower shares at an indicative cash price of NZ$1.30 per share.

Tower and its advisers are considering the Suncorp proposal, and working through obligations
with respect to the Scheme Implementation Agreement with Fairfax Financial Holdings Limited
(FFHL).

The Tower Board of Directors will update the market on any material developments as they
occur. In the meantime, the Board advises shareholders not to take any action without carefully
assessing all available information and seeking their own professional advice.


ENDS


TOWER
Michael Stiassny
Chairman
Tower Limited
ARBN 088 481 234 Incorporated in New Zealand

To arrange media interviews, please contact in the first instance:
Nicholas Meseldzija
Head of Corporate Communications
Tower Limited
Mobile: +64 21 531 869
Email: nicholas.meseldzija@tower.co.nz