Hello everyone,

I am pleased to advise that today, TOWER as a group reported a 66% increase in profit for the six months to 31 March, this year. The TOWER net operating profit after tax for the period was NZ$20.1 million compared to NZ$12.1 million in the previous period.

TOWER in Australia was a major contributor to that result contributing NZ$9.6 million in net operating profit after tax.

I have attached a copy of the TOWER Limited media release for your information.

TOWER in Australia is performing very strongly with its continued focus on being the leading provider of risk insurance with complementary investment offerings. David Callander is, as you know, the CEO for Risk in Australia while Grahame Evans will soon be taking up the role of CEO Investments.

TOWER in Australia is well positioned for the future. We are growing market share for risk sales at more than double the market rate and have been able to do that while keeping a tight control on costs. TOWER is financially sound with capital solvency levels well above statutory levels.

TOWER in Australia is performing because of its partnership with you, its advisers, and through delivering the right products and service to meet your needs and those of your customers.

The performance of TOWER Limited, and that of TOWER in Australia is being recognised. Standard & Poors recently put a positive outlook on the company with the expectation that continued improvement may see it upgraded in the future.

This is all good news, but it doesn’t mean sitting back and relaxing. There is more hard work to do and that is what you expect of us. We must continue to deliver to your expectations.

I want to thank you for your support of TOWER. We look forward to working with you going forward.

Best wishes

Jim Minto
Group CEO

Disclaimer
This document has been prepared to be used by financial planners and advisers only. It is not to be provided to individual clients. The information contained in this document is general information only and cannot be considered to be financial advice. The information does not take account of the investment objectives, financial situation or particular needs of any particular client. To the extent permissible by law, TOWER Australia Limited (ABN 70 050 109 450, AFSL 237848) and its related companies (TOWER) specifically disclaims any liability that may arise for any direct, indirect, incidental, consequential or special damages that may arise from the access to or use of this document. No liability is accepted by TOWER for errors and omissions or for loss or damage suffered as a result of reliance on this document.

Important
If you no longer wish to receive the TOWER Executive Address please e-mail us at TowerTalk@au.towerlimited.com providing your full name and the email address these are being sent to.

Login to the TOWER adviser website to obtain other information on TOWER products, investments, or technical news. All current PDS's are on the site and can be printed off for sales use.

TOWER Australia Ltd
A.B.N. 70 050 109 450
AFSL Number 237848