25 August 2014

Market Information
NZX Limited
Level 2, NZX Centre
11 Cable Street
Wellington
New Zealand
Company Announcements Office Australian Securities Exchange Limited Exchange Centre
Level 6, 20 Bridge Street
Sydney NSW 2000
Australia

TOWER Limited reaches 85% settlement of earthquake claims

TOWER Limited (NZE/ASX: TWR) advises that it has now closed and settled 85% by number of all claims relating to the Canterbury earthquakes, up from 82% as at 30 May 2014.
Chief Financial Officer Michael Boggs, who leads TOWER's earthquake recovery programme, said "TOWER was pleased with the progress it was making in resolving claims, and this important milestone demonstrates that we remain on track to substantially complete claims settlement by the end of 2015."
TOWER had completed its review of the provisions for the Canterbury earthquake events for the quarter ended 30 June 2014, with provisions for the February event remaining unchanged.
TOWER's programme of work has gained pace this year, with a significant number of over-cap repairs and rebuilds either completed or in progress. TOWER's out of scope claims, or minor repairs, are expected to be substantially completed this year.
TOWER advised the market on 22 August 2014 of a $30 million reduction in the funds required by the Reserve Bank of New Zealand to be held as part of its additional Minimum Solvency Margin requirement, acknowledging its solid progress in settling Canterbury claims.
Information on TOWER's progress on Canterbury earthquake claims is updated regularly and can be found on its website at http://www.tower.co.nz/about-us/canterbury-earthquake.

ENDS

Michael Boggs
Chief Financial Officer
TOWER Limited
ARBN 088 481 234 Incorporated in New Zealand
For further information, please contact: Tracey Palmer
Head of Corporate Communications
Mobile: +64 21 837 860
Email: tracey.palmer@tower.co.nz

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