26 July 2017

Market Information Company Announcements Office

NZX Limited ASX Limited

Level 1, NZX Centre Exchange Centre

11 Cable Street Level 6, 20 Bridge Street

Wellington Sydney NSW 2000

New Zealand Australia

COMMERCE COMMISSION DECLINES VERO SCHEME

Tower Limited (NZX/ASX:TWR) advises that the Commerce Commission has declined to clear Vero Insurance New Zealand Limited's agreement to purchase all shares in Tower it does not already own.

Tower is awaiting the release of the Commerce Commission's decision to fully understand the reasoning. Tower will work with Vero to assess the implications for the Vero Scheme, but it will mean a shareholder vote will now no longer occur in early September.

As previously indicated, the Tower Board will look to consider the impact on its business plans, including whether it needs to conduct a capital raise in the coming months to ensure the long term sustainability and accelerate the transformation of the underlying Tower business.

The Tower Board of Directors will update the market on any material developments as they occur.

ENDS

TOWER

Michael Stiassny Chairman

Tower Limited

ARBN 088 481 234 Incorporated in New Zealand

For media enquiries, please contact:

Nicholas Meseldzija Tower Limited

Head of Corporate Communications Mobile: +64 21 531 869

Email: nicholas.meseldzija@tower.co.nz

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Tower Limited published this content on 26 July 2017 and is solely responsible for the information contained herein.
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