Fairfax Scheme Implementation Agreement

Below is information relevant to Fairfax shareholders involved in the merger agreement of Nine Entertainment Co. Holdings Limited (NEC) and Fairfax Media Limited (FXJ). Vero SIA is subject to approval by the NZ Commerce Commission. Tower expects the approval date for the decision to be extended from June 30, 2017 to July 2017. Other customary conditions apply, including authorizations from Reserve Bank New Zealand (RBNZ), Pacific Island regulators and Tower shareholders. The Commission notes that shareholders are not currently required to take action in response to La Vero SIA. When the time comes, Tower shareholders will receive detailed documents on the proposed regulatory transaction and voting instructions. That`s when the tower managers will make a recommendation. To be approved by shareholders, the Vero system requires that at least 75% of the votes be cast and that these votes represent more than 50% of the company`s total voting rights. For media inquiries, please contact: Nicholas Meseldzija Head of Corporate Communications Mobile: `64 21 531 869 Email: Nicholas.meseldzija@tower.co.nz TOWER SIGNS SCHEME IMPLEMENTATION AGREEMENT WITH SUNCORP The Commission also confirms that Vero SIA has no impact on the tower`s insurance policies and the rights of policyholders.

All policies are owned by Tower Insurance Limited (or Pacific Island subsidiaries) in the event of a change of ownership of Tower Limited. 10,000 Fairfax shares were held by SMSF on record day of the company`s stock. Fairfax shares did not request the CGT 2017 transitional discharge. Vero SIA is demanding that Tower seek the agreement of its shareholders at a special shareholder meeting, which is scheduled to take place in September 2017. Company Announcements Office ASX Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 Australia The cost base of Fairfax shares attributable to the nine shares is calculated as follows: the market value of a new common share is determined as at the time of the CGT A1 event, which is on the implementation date, December 7, 2018. The class uses $1.658, which is the closing price of the stock at nine on December 7, 2018. 10,000 units of Fairfax shares were purchased by a WSSF on November 15, 2018 for $10,000. On July 26, 2018, Fairfax Media Ltd (FXJ) announced that it had entered into an agreement for the implementation of schemes with Nine Entertainment Co Holdings Ltd (NEC) in which Nine acquired all shares issued by Fairfax through an arrangement. The plan was approved and came into effect on October 12, 2018. Tower recommended the Fairfax program on February 9, 2017, in the absence of a general proposal.

On February 22, 2017, Suncorp Tower announced its first conditional proposal for $1.30 per share $US. Suncorp then made available to Tower on June 24, 2017 an updated offer at a price of 1.40 $US per share. Michael Stiassny Chairman Tower Limited ARBN 088 481 234 Incorporated in New Zealand The price of $1.40 per share corresponds to a 77.2% increase on the Tower closing price on 8 Before accepting an AIS and a 19.7% increase on Fairfax Scheme`s offer of $1.17 with Fairfax Financial Holdings Limited (Fairfax).