Scheme Implementation Agreement Ends

6 November 2017 Market Information NZX Limited Level 1, NZX Centre 11 Cable Street Wellington New Zealand Company Announcements Office ASX Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 Australia SCHEME IMPLEMENTATION AGREEMENT ENDS Tower Limited (NZX/ASX: TWR) advises that the Scheme Implementation Agreement it signed with Vero Insurance New Zealand Limited has passed its end date and has now been terminated by Tower. Tower has advised Vero that it is willing to negotiate a new SIA, which may result in changes to key terms, following completion of its plans to raise further capital. As previously advised, Vero and Tower have appealed against the Commerce Commission's decision to decline Vero's application to acquire 100% of Tower. Vero and Tower's Commerce Commission appeal is currently continuing and is scheduled to be heard in late January 2018. The Tower Board of Directors is continuing to develop plans to raise further capital and will update the market with its full year results on 14 November 2017. ENDS TOWER Michael Stiassny Chairman Tower Limited ARBN 088 481 234 Incorporated in New Zealand For media queries, please contact: Nicholas Meseldzija Head of Corporate Communications Mobile: +64 21 531 869 Email: Nicholas.meseldzija@tower.co.nz End CA:00309901 For:TWR Type:TRANSACT Time:2017-11-07 08:31:02