SSH Notice – Vero Insurance New Zealand Limited

100080615/3821103.1
Disclosure of movement of 1% or more in substantial holding
or change in nature of relevant interest, or both
Sections 277 and 278, Financial Markets Conduct Act 2013
To NZX Limited
and
To Tower Limited
Relevant event being disclosed: Movement of 1% or more in a substantial holding
Date of relevant event: 14 March 2017
Date this disclosure made: 14 March 2017
Date last disclosure made: 1 March 2017
Substantial product holder(s) giving disclosure
Full name(s): Vero Insurance New Zealand Limited (a wholly-owned subsidiary of Suncorp
Group Limited) ("Vero")
Summary of substantial holding
Class of quoted voting products: Ordinary shares in Tower Limited (NZX: TWR)
Summary for Vero
For this disclosure,—
(a) total number held in class: 33,732,429
(b) total in class: 168,662,150
(c) total percentage held in class: 19.999%
For last disclosure,—
(a) total number held in class: 22,416,709
(b) total in class: 168,662,150
(c) total percentage held in class: 13.291%
Details of transactions and events giving rise to relevant event
Details of the transactions or other events requiring disclosure:
On 14 March 2017, Vero agreed to purchase 11,315,720 ordinary shares in Tower Limited
from Perpetual Limited and its subsidiaries ("Seller") at a sale price of $1.40 per Share
(total consideration of $15,842,008) ("Transaction"). Settlement of the Transaction is to
occur on 16 March 2017.

100080615/3821103.1
Details after relevant event
Details for Vero
Nature of relevant interest(s): Power to acquire 11,315,720 ordinary shares in Tower
Limited. There is no relevant agreement to be attached

For that relevant interest,—
(a) number held in class: 11,315,720
(b) percentage held in class: 6.709%
(c) current registered holder(s): Perpetual Limited and subsidiaries
(d) registered holder(s) once transfers are registered: Vero
Additional information
Address of substantial product holder: Level 14, 48 Shortland Street, Auckland, 1010, New
Zealand
Contact details: Vero Insurance New Zealand Limited
Attn: Pamela Bonney
Level 14, 48 Shortland Street, Auckland
Email: pamela_bonney@vero.co.nz

Name of any other person believed to have given, or believed to be required to give, a
disclosure under the Financial Markets Conduct Act 2013 in relation to the financial
products to which this disclosure relates: Perpetual Limited and subsidiaries.
Certification
I, Tim Buckett, 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.