Rights Offer – Reminder Letter

11 October 2019
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 24
September 2019 detailing your right to subscribe for new shares under a $47.2m pro-rata
renounceable rights offer (the Offer). The Offer is to fund the purchase of the Youi NZ portfolio and
associated capital requirements for new policies, and strengthen Tower Insurance Limited’s capital
position.

Rights have been allocated on the basis of 1 new fully paid ordinary share in Tower (New Share) for
every 4 existing fully paid ordinary shares in Tower held as at 7.00pm (NZ time) on the record date of
2 October 2019, at a price of NZ$0.56 per new share (or A$0.54 per new share for eligible Australian
shareholders). Rights are tradeable on the NZX under the ticker code “TWRRD”. If you wish to sell
some or all of your rights you should do so before rights cease trading at 5.00pm (NZ time) on 9
October 2019. 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 (NZ time) on 15 October 2019. 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 3 October 2019. The net proceeds of that process are being 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