Tower Limited — Major Shareholding Notification 2021

Apr 19, 2021

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both

Sections 277 and 278, Financial Markets Conduct Act 2013

To NZX Limited and To Tower Limited

Relevant event being disclosed:

Date of relevant event: 14 March 2021

Date this disclosure made: 19 March 2021

Date last disclosure made: 25 January 2021

Substantial product holder(s) giving disclosure

Full name(s): Salt Funds Management Limited

Summary of substantial holding

Class of quoted voting products: Tower Limited Ordinary Shares (TWR)

Summary for Salt Funds Management Limited

For this disclosure,—

• (a) total number held in class: 40,054,544

• (b) total in class: 421,647,258

• (c) total percentage held in class: 9.500%

For last disclosure,—

• (a) total number held in class: 48,256,889

• (b) total in class: 421,647,258

• (c) total percentage held in class: 11.445%

Details of transactions and events giving rise to relevant event

Salt Funds Management undertook the following transactions as part of normal on-market trading activities:

100080615/3821103.1

Transaction Type	Period	Shares/Units	Consideration
On-market purchases	28/01/2021-11/03/2021	255,000	-$178,738.50
On-market sales	27/01/2021-14/04/2021	(8,457,345)	$6,623,764.37
		(8,202,345)

Details after relevant event

Details for Salt Funds Management Limited

Nature of relevant interest(s): Investment Manager

For that relevant interest,—

• (a) total number held in class: 40,054,544

• (b) total in class: 421,647,258

• (c) total percentage held in class: 9.500%

• (d) registered holder(s) once transfers are registered: See Annexure 1.

Additional information

Address(es) of substantial product holder(s): Level 3, The Imperial Buildings, 44 Queen Street, Auckland 1050

Contact details:

Kate Allen, Telephone: 09 869 2933, Email: kate.allen@saltfunds.co.nz

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: Not applicable.

Certification

I, Kate Allen, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.

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ANNEXURE 1

SUBSTANTIAL SECURITY HOLDER NOTICE FROM SALT FUNDS MANAGEMENT LTD

DATED 19 March 2021

			ANNE		URE 1
	SUBSTAN	TIAL SECURITY				UNDS MANAGEM	ENT LTD
			HOLDER NOTIC		E FROM SALT F
			DATED 19		March 2021
Nam	e of type	of shares		Tower	Limited Ordinary	Shares
Perc	entage h	eld		9.500	%
Reg	istered h						odian for
		older:		Guardi	an Nominees N	o.2 Ltd (as cust
				BT Fun	ds Management	(NZ) Ltd)
Hol	ding:			18,64	9,049 (4.423%)
Reg	istered h	older:		NationInvest	al Nominees Ltment Funds Ltd)	d (as custodian	for Salt
Hol	ding:			10,68	4,350 (2.534%)
Reg	istered h	older:		Truste	es Executors L	imited (as cust	odian for
				TGH E	quities Ltd)
Hol	ding:			913,7	84 (0.217%)
Reg	itd h	ld		BNP P	ib Ni	NZ Ltd	tdi f
	sere	er:			ras omnees	() (as cus	oan or
				AMP C	apital Investors	New Zealand) L	d)
Hol	ing:			9807	361 (2326%)
				,	, .

100080615/3821103.1