27 April 2011

Company Announcements Office Australian Securities Exchange Exchange Centre Level 6, 20 Bridge Street NSW 2000

TOWER Australia Scheme of Arrangement Effective

TOWER Australia Group Limited (TOWER Australia) is pleased to advise that the scheme of arrangement between TOWER Australia and its shareholders (other than The Dai-ichi Life Insurance Company, Limited (Dai-ichi Life) and its associates) (Non-Dai-ichi Life Shareholders) which will result in Dai-ichi Life or its nominee holding all of the ordinary shares in TOWER Australia (Scheme) is effective from today.

TOWER Australia has lodged a copy of the Court order approving the Scheme with Securities & Investments Commission, and, accordingly, the Scheme has become effective. TOWER Australia shares will be suspended from trading on the ASX from close of trading today.

Non-Dai-ichi Life Shareholders who hold shares on the record date for determining entitlements to receive the Scheme Consideration (Wednesday, 4 May 2011) will be entitled to receive $4.00 in cash per share. The Scheme Consideration is expected to be paid to Non-Dai-ichi Life Shareholders within 5 business days after the implementation date.

The Scheme will be implemented on Wednesday, 11 May 2011.

For further information, please contact:

Ms Philippa Ellis Mr Simon Mordant GM Investor Relations & Listed Company Secretary Co-Chief Executive TOWER Australia Greenhill Caliburn +61 2 9448 9135 +61 2 9229 1408

Mr Ian Smith Mr Jamie Garis Partner Managing Director Bespoke Approach Greenhill Caliburn +61 418 814 611 +61 412 581 917

TOWER Australia Group Limited ABN 79 003 401 698, PO Box 142, Milsons Point NSW 1565, 80 Alfred Street South, Milsons Point NSW 2061 P +61 (0)2 9448 9000, F +61 (0)2 9929 5792, www.toweraustralia.com.au