BOARD OF DIRECTORS

JIM MINTO

Managing Director

Jim Minto was appointed as the Managing Director of TOWER Australia in November 2006 and is a member of the Company's Investment Committee and a Director of TOWER Australia Limited. He was previously Group Managing Director of TOWER Limited, overseeing the trans-Tasman TOWER businesses and reporting to the TOWER Limited Board.

A Chartered Accountant, Mr Minto has held a number of other directorships and appointments and has been active in industry bodies throughout his career.

Mr Minto joined TOWER Limited in 1988 in New Zealand, as head of the Group's Trust business and led several other TOWER businesses in New Zealand (including Managed Funds and Health & Life) before taking on the role of Chief Executive Officer of TOWER New Zealand in early 2002. He left the New Zealand business in November 2002 to take up the role of Chief Executive Officer of TOWER Australia and then in March 2005, he was appointed Chief Executive Officer and Group Managing Director of the trans-Tasman TOWER Limited Group.

Jim Minto has been a public advocate for the life insurance industry in Australia on a range of issues. In particular, he has called for change to the regulatory framework to help more Australians gain access to life insurance.

JOHN DE ZWART

Chief Financial Officer

John de Zwart became Chief Financial Officer of TOWER Australia Group Limited in November 2006 following its separation from TOWER Limited.

He joined TOWER Australia Limited in July 2003 as Chief Financial Officer and was appointed Group Chief Financial Officer of TOWER Limited in March 2005.

Prior to joining TOWER Australia, John de Zwart had spent four years in senior roles with AMP UK Financial Services and four years with AMP in Australia in the positions of CFO for AMP Corporate Superannuation and Group Finance Executive responsible for financial reporting for the executive team, AMP Limited Board and investors. He has also worked for Westpac, Price Waterhouse and CS First Boston, UK.

John de Zwart is a Bachelor of Economics from the University of Sydney. He is a chartered accountant with more than 20 years experience in the finance services sector in Australia and the United Kingdom.

PETER NOBLE

Head of Corporate Governance

Peter Noble joined TOWER Australia as Head of Corporate Governance in January 2007.

Before joining TOWER Australia, Peter Noble was Managing Partner at a Sydney law firm. He has also served as General Counsel at AMP and has practised with international law firms in Australia, Asia and the United States.

Peter Noble is a Bachelor of Commerce and Law. He has more than 30 years experience in the financial services sector.

SIMON HIGGINS

Head of Human Resources

Simon Higgins joined TOWER Australia as Head of Human Resources in January 2006.

Immediately prior to joining TOWER Australia, Simon Higgins worked as Director, Human Resources for Hudson ANZ and immediately prior to that as Human Resource Director (Asia Pacific) for Lexmark International. He has also held executive Human Resource roles in the US, Asia, Australia and New Zealand.

Simon Higgins is a Bachelor in Psychology & Education and holds additional qualifications in Business and Strategic Human Resource management. He has 18 years experience in Human Resources Management across the Health, Information Technology, Professional and Financial Services industries.

BRETT CLARK

Chief Executive Officer, Retail Life

Brett Clark was appointed Chief Executive Office of Retail Life in August 2008. He has a wide range of experience in the life insurance market and has held a number of management and senior actuarial roles with firms working around the globe.

Before joining TOWER Australia Brett was most recently Deputy Managing Director of AIG Life in Australia and prior to that held positions in the company as General Manager Products and Distribution and as Chief Actuary.

Brett Clark is a Fellow of the Institute of Actuaries of Australia and holds a Bachelor of Commerce from the University of Melbourne with majors in Economics and Actuarial Studies.

GEOFF BLACK

CEO Group Life and Alliances

Geoff Black was appointed Chief Executive Officer, Group Life and Alliances business in March 2006 following the acquisition of PrefSure.

Geoff Black joined the Lumley Insurance Group in 1988 as Financial Controller and was appointed Managing Director of Lumley Life Limited in 1994. Following the merger of Lumley Life Limited and PrefSure Life Limited he was appointed Managing Director of PrefSure Life in 2004, a position he held until PrefSure's acquisition by TOWER Australia.

Geoff Black is a Bachelor of Commerce and holds a Graduate Diploma in Management and Financial Planning. He has more than 25 years experience in the financial services industries in New Zealand, South Africa, Britain and Australia.

GAVIN PEARCE

CEO Investments

Gavin Pearce joined TOWER Australia as Chief Executive Officer, Investments in early November 2006.

Before joining TOWER Australia, Gavin Pearce was Managing Director of MetLife Insurance Limited in Australia and prior to that, he was Managing Director of Citicorp Life Insurance Limited in Australia.

Gavin Pearce has also worked for AMP for 25 years including as Managing Director of AMP/GIO General Insurance and Managing Director AMP Asia.

Gavin Pearce is a Bachelor of Science from Massey University and is a Fellow of the Institute of Actuaries. He has more than 30 years of experience in the financial services industry.