Tower appoints new director

Tower has appointed Denis Wood as a director to the boards of Tower and Tower Finance. Wood replaces Maurice Loomes who resigned as a Tower director in March 2005. Wood, M.A. (Hons) in Economics, is an Auckland-based company executive. He has a wide ranging skill set and extensive experience across a broad range of investment areas from investment management to investment banking.

Wood is currently an executive director at Ernst & Young Corporate Finance Limited and prior to that he was an executive director at UBS Warburg.

He is also the current chairman of two related healthcare companies, St Josephs Mercy Hospice Limited and Mercy Healthcare Auckland Limited. Wood will be subject to re-election at the 2006 Tower annual meeting.