Message to TOWER Advisers

Hello everyone,

We hope you have all enjoyed a good start to 2006. We are pleased to advise that today TOWER Limited announced that it has entered into an agreement to purchase PrefSure.

The intention is to merge the two businesses positioning the combined company as a leader in Life Insurance in Australia. The merged company will have 11.2% market share and be heavily focussed on the strategy of partnering with advisers and dealer groups. We hold partnership and business relationships dearly and see them as the core to success. The scale of the merged business will provide more resource to even better service the needs of advisers and their clients.

This is about bringing two like-minded businesses together with the common aims of delivering quality products and services to advisers and their clients. An integration program will now be put in place to ensure that the process occurs quickly, smoothly and without interruption to current business. Some regulatory approvals are required and we expect completion to be around 31 March 2006. For some time, it will be business as usual for both organisations with no changes to policies or procedures and no alteration to products and services. In the longer-term the best of both businesses will emerge in new products and improved service.

We see this as a merger of two similar companies and we are determined to make it bigger than the sum of its parts. We think these businesses are a really good fit and are excited about creating a new larger business that is heavily focussed on adviser relationships and partnerships. A copy of the market announcement is attached for your information.

Best wishes to you all for a very successful 2006.

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.

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