oversold-rivkin, page-8

On the face of it this latest development makes this announcement in March even more, ummm, amusing.

And Gary Weiss was appointed a new Director so presumeably GPG is a substantial shareholder now though a quick scan doesn't reveal an SSN.

TWR Tower Ltd


TOWER LIMITED 2003-03-31 ASX-SIGNAL-G

HOMEX - Sydney

+++++++++++++++++++++++++
TOWER Limited today advised that based on the latest financial
estimates the capital position of TOWER Australia Ltd now exceeds its
internal target surplus levels and fully satisfies both TOWER and
APRA solvency requirements. This follows a $A30m capital
restructuring which has just been completed.

The loss in TOWER Australia last year resulted in its capital
position falling $A29m below its internal target surplus level. TOWER
Limited announced in January 2003 that steps would be taken to
restore the capital position of TOWER Australia to its target surplus
level by 31 March 2003. APRA had also requested this action.

The capital movement has been funded using internal TOWER Group
funds. TOWER Insurance funds held in Australia, relating to a closed
book of business, have beenused. Those funds in turn have been
replaced in TOWER Insurance by other funds transfers within TOWER New
Zealand.

As part of the capital restructuring, TOWER has removed one of the
strategic assets (the one-third portion of TOWER Trust Australia)
held in the statutory funds of TOWER Australia Ltd and replaced it
with cash. This provides the TOWER Group with a more appropriate and
efficient capital structure and is consistent with APRA's preference
that strategic assets should not be held in statutory funds.

Jim Minto, Chief Executive Officer of TOWER Australia Limited said
that the completion of this transaction was excellent news.

"TOWER Australia Ltd now has a fully restored capital and target
surplus position. TOWER Australia was always in excess of regulatory
solvency levels, even after the loss last year. This transaction, we
believe gets us right back to, and slightly above, our own internal
target surplus. We are implementing strategies to further enhance our
capital position over the year, in line with the TOWER Group policy
and practice of maintaining a target surplus level to provide an
extra tier of security for our customers and investors," he said.

"TOWER Australia Ltd recorded a profit for the three months to 31
December 2002. We have implemented major change programmes including
cost reductions and redundancies. In March we have launched a new set
of risk products in the market and have also developed and launched a
new Superannuation Mastertrust which for the first time allows retail
clients to access a range of external fund managers by choice. We are
pleased with our progress to date."

For further information please contact:

Jim Minto,
CHIEF EXECUTIVE OFFICER,
Tower Australia
+61 403 277 244
William Giesbers,
GROUP CFO,
TOWER Limited
+64 4 498 7906 / +64 21 435 981


DETAILS ON TOWER'S CAPITAL RESTRUCTURING - 31 MARCH 2003

The capital restructuring impacts on TOWER Group Companies as
follows:

TOWER Life (NZ) Ltd (TLNZ) Subscribes for NZ$30m convertible
preference shares in TOWER Insurance (TI), as part of its investment
portfolio. The investment in TI will represent approximately 3% of
its total investment assets.

TOWER Insurance (TI) Receives NZ$30m capital injection from TLNZ.
Pays A$27.5m dividend to TOWER Financial Services Group (TFSG) - its
sole shareholder and ultimate parent of TOWER Australia Ltd (TAL) -
from cash held in Australia. TI's total capital position is
unchanged.

TOWER Financial Services Group (TFSG) Receives A$27.5m dividend
from TI. Advances A$27.5m to TOWER Holdings Australia (THA). THA also
receives A$4.4m - being surplus funds from Bridges. THA purchases
TAL's shares in TOWER Trust Australia (TTA) for A$31.9m. THA now
directly owns 100% of TTA.

TOWER Australia Ltd (TAL) Receives A$31.9m capital in cash.
Ownership of (1/3)rd TTA is sold to THA.

OTHER STRATEGIC ASSETS

TOWER understands APRA's preference that ideally strategic assets
should not be held in statutory funds. However TOWER has made no
commitments on removing/ replacing the strategic assets that are
still held in TOWER Australia's statutory funds.

TOWER GROUP'S CAPITAL POSITION

The internal reallocation of capital has no material effect on the
Group's capital position, its ability to service its debt or meet its
debt maturity obligations.

There are a number of other strategies, some internal to TOWER
Australia and others dealing with Group capital allocation that are
being considered to further enhance TOWER's capital position.

STANDARD & POOR'S RATINGS

No adverse impact is expected from the restructuring on the Group's
or subsidiary companies Standard & Poor's ratings.