TOWER LIMITED — Board/Management Information 2015

Aug 16, 2015

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17 August 2015

Market Information Company Announcements Office NZX Limited Australian Securities Exchange Limited Level 2, NZX Centre Exchange Centre 11 Cable Street Level 6, 20 Bridge Street Wellington Sydney NSW 2000 New Zealand Australia

Change of Chief Executive Officer at TOWER Limited

TOWER Limited (NZX/ASX: TWR) confirms that David Hancock's two-year tenure as Chief Executive Officer concluded yesterday, with Richard Harding commencing as Chief Executive Officer today, Monday 17 August 2015.

Mr Hancock remains on TOWER’s board as a director and in the short term also remains on the boards of TOWER's Pacific Island companies. Following the conclusion of his tenure as CEO Mr Hancock will take a three-month sabbatical.

Under the terms of his contract with TOWER, Mr Hancock will receive a long-term incentive payment of NZD$500,000. Mr Hancock is also entitled to a short-term incentive payment. At the time of this announcement, the board has determined that part of the short-term incentive payment will be paid now, with the remainder to be assessed against future metrics. The full amount of incentive payments to Mr Hancock will be disclosed in TOWER's 2015 annual report.

TOWER’s board thanks Mr Hancock for his significant contribution to TOWER in his role as Chief Executive Officer and acknowledges his role in delivering value to both shareholders and customers during his tenure.

TOWER confirms that its board members are:

• Michael Stiassny Independent, Chairman

• David Hancock Not Independent  Stephen Smith Independent  Graham Stuart Independent  Rebecca Dee-Bradbury Independent  Warren Lee Independent

Michael Stiassny Chairman TOWER Limited

ARBN 088 481 234 Incorporated in New Zealand

For further information, please contact: Tracey Palmer Head of Corporate Communications Mobile: +64 21 837 860 Email: tracey.palmer@tower.co.nz