TOWER LIMITED — Capital/Financing Update 2013

Feb 18, 2013

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19 February 2013

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

TOWER Limited – Capital repayment

Further to the announcement on 17 December 2012 relating to its proposed return of $120 million of capital to shareholders, TOWER Limited (TOWER) advises that it obtained Court orders on 18 February 2013 that the proposal be put to TOWER shareholders for consideration by way of a special resolution at its annual shareholders meeting to be held on 21 March 2013.

The proposed repayment of capital will be on a pro rata basis, by way of a scheme of arrangement pursuant to Part 15 of the Companies Act 1993. Under the scheme of arrangement, all shareholders will be treated alike and relative holdings of shareholders will not be affected. 3 shares for every 13 ordinary TOWER shares held will be cancelled at the record date, with fractions of a share rounded up or down to the nearest whole share. TOWER will pay shareholders $1.92 for each cancelled share. The proposed timetable provides that the record date is 5 April 2013, and that TOWER shares will trade on an ‘ex return of capital’ basis on ASX from 28 March 2013, and on NZX from 3 April 2013 with a payment date of 12 April 2013. These dates are indicative, and depend on the special resolution being passed, and on final Court orders being obtained on 26 March 2013.

More information will be included in the notice of annual meeting and explanatory notes, intended to be sent to shareholders by early March 2013. Shareholders may obtain copies of the documents filed with the Court from TOWER's website (tower.co.nz).

Bronwyn Walsh Company Secretary & Compliance Manager TOWER Limited ARBN 088 481 234 Incorporated in New Zealand

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