Rights Offer – Reminder Letter

6 December 2017

PRO-RATA RENOUNCEABLE RIGHTS OFFER
REMINDER NOTICE

Dear Shareholder
You should have by now received a copy of the Tower Limited (Tower) offer
document dated 14 November 2017 together with your acceptance form, detailing
your right to subscribe for new shares under a $70.8m pro-rata renounceable rights
offer (the Offer). The Offer is to provide further capital for Tower’s subsidiary Tower
Insurance Limited and for general corporate purposes.
Rights have been allocated on the basis of 1 new share for every 1 existing share held
on the record date of 22 November 2017, at a price of NZ$0.42 per new share (or
A$0.39 per new share for eligible Australian shareholders). Rights are tradeable on the
NZX under the ticker code TWRRC. If you wish to sell some or all of your rights you
should do so before rights cease trading at 5.00pm on 7 December 2017. Rights are
not quoted on the ASX and cannot be traded on the ASX.
If you wish to take up some or all of your rights under the Offer, you should do so
before the Offer closes at 7.00pm on 13 December 2017. If you do nothing with
respect to your rights, they will lapse and you will not be able to subscribe for shares
under the Offer or realise any other value for your rights.
The Rights attributable to those shareholders who are not eligible shareholders
(Ineligible Shareholders) were transferred to a nominee appointed by Tower and
were sold on the behalf of Ineligible Shareholders on 23 November 2017. The net
proceeds of that process were paid to Ineligible Shareholders on a pro-rata basis.
Entitlements which are not taken up by eligible shareholders will be taken up by the
Offer’s underwriter, Goldman Sachs New Zealand Limited (or its affiliates), who has
agreed to subscribe for the shares attributable to those entitlements.
You do not need to take any further action if you have already applied for and paid for
your new shares.
You should read the offer document in full before making an investment decision. The
offer document is available at https://www.shareoffer.co.nz/Tower/. Shareholders are
encouraged to take their own professional advice before they invest. Any enquiries
about the rights offer should be directed to an NZX Broker, your lawyer, accountant or
other professional advisor.

If you have not received details of your rights or a copy of the offer document, or you
have misplaced your copy, please telephone Computershare on 0800 222 065 in New
Zealand or 1800 501 366 in Australia or email tower@computershare.co.nz.
Yours sincerely

Michael Stiassny
Chairman
Tower Limited