Tower Financial Strength Rating Affirmed as A- (Excellent)

12 March 2018 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 TOWER RATING AFFIRMED AS A- (EXCELLENT) Global insurance company ratings specialist A.M. Best Company has affirmed Tower Insurance Limited (TIL) and Tower Limited's (TL) financial strength rating as A- (Excellent), reflecting Tower's very strong balance sheet and solid business performance. The company's issuer credit rating was also affirmed as a-. In its announcement, A.M. Best Company noted that TIL's balance sheet is very strong and that the positive operating profits generated by the business over a five-year period show that Tower's strong focus on delivering profitable growth will help it maintain positive underwriting and operating results over time. Tower Chairman Michael Stiassny welcomed the affirmation from A.M. Best. "A.M. Best's announcement confirms the Board and management's view that Tower's underlying business is strong and that significant potential exists in its transformation." A copy of the A.M. Best Company's news release is attached. 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 Tower Limited Head of Corporate Communications Mobile: +64 21 531 869 Email: nicholas.meseldzija@tower.co.nz End CA:00315355 For:TWR Type:ADMIN Time:2018-03-12 08:30:15