OFFICE: TWR: Appointment of Officer

16 Aug 2010 3:57 pm

TWR 16/08/2010 OFFICE

REL: 1557 HRS Tower Limited

OFFICE: TWR: Appointment of Officer

Chief Actuary

Over the last few months we have been discussing with Herwig Raubal a relocation of the TOWER Chief Actuary role to Auckland in order to bring the leadership of all TOWER's key functions together in one place.

After much deliberation however, Herwig Raubal has decided that he does not wish to leave Wellington and will instead stand aside from the Chief Actuary position. Following from this decision Herwig Raubal will leave the company on 31 December this year.

TOWER is very sorry to be losing Herwig Raubal. After 13 years with the company, including the last 7 years as Chief Actuary, he is a key member of the senior team, a source of common-sense and wisdom and a respected leader of his team.

TOWER has appointed Eric Judd to replace Herwig Raubal as TOWER's Chief Actuary for the Group based in Auckland. Eric Judd is an experienced senior actuary, who has joined TOWER from a life insurance company. He will be responsible for all of the Group Actuarial services covering Health, Life and General Insurance. The existing actuarial teams in both Auckland and Wellington will report to Eric Judd. Herwig Raubal will be assisting in the transitionthrough to the end of the year.

Rob Flannagan Group Managing Director TOWER Limited ARBN 088 481 234 Incorporated in New Zealand End CA:00198407 For:TWR Type:OFFICE Time:2010-08-16:15:57:41

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