TOWER LIMITED — Capital/Financing Update 2026

Jan 20, 2026

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21 January 2026

Issue of unlisted share rights under Tower's LTIP

Please see attached Capital Change Notice pursuant to NZX listing rule 3.13.1. This notice relates to the issue of share rights in respect of 1,029,302 ordinary shares to employees. The share rights are being issued pursuant to the Tower Limited Long Term Incentive Plan.

This announcement is authorised by Michael Stiassny, Chair.

For media enquiries, please contact:

Emily Davies Head of Corporate Affairs and Sustainability +64 21 815 149 emily.davies@tower.co.nz

For investor enquiries, please contact:

James Silcock Head of Strategy, Planning and Investor Relations +64 22 395 9327 james.silcock@tower.co.nz

Tower Limited 136 Fanshawe Street, PO Box 90347, Auckland 1142, New Zealand Freephone: 0800 808 808 Calling from overseas: +64 9 369 2000 tower.co.nz

Template Capital Change Notice

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Updated as at June 2023

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by NZX as required under NZX Listing Rule 3.26.1.

Section 1: Issuer information

Section 1: Issuer information	Section 1: Issuer information
Name of issuer	Tower Limited
NZX ticker code	TWR
Class of financial product	Unquoted Share Rights (ShareRights)
ISIN (If unknown, check on NZX website)	N/A
Currency	NZ$
Section 2: Capital change details
Number issued/acquired/redeemed	1,029,302
Nominal value (if any)	N/A
Issue/acquisition/redemption price per security	Share Rights are issued for nilcash consideration
Nature of the payment (for example, cash or otherconsideration)	N/A
Amount paid up (if not in full)	N/A
Percentage of total class of Financial Productsissued/acquired/redeemed/ (calculated on the number ofFinancial Products of the Class, excluding any Treasury Stock,in existence)1	29.21%
For an issue of Convertible Financial Products or Options, theprincipal terms of Conversion (for example the Conversionprice and Conversion date and the ranking of the FinancialProduct in relation to other Classes of Financial Product) or theOption (for example, the exercise price and exercise date)	Each Share Right converts ona 1:1 basis for nil cashconsideration into fully paidordinary shares, subject to theperformance of TowerLimited’s Total ShareholderReturn relative to that of theentities comprising the NZX50index over a 3 year vestingperiod ending 11 December2028, provided that TowerLimited’s Total ShareholderReturn is positive. ShareRights are not transferrableand may not be encumbered,nor do they confer any votingor distribution rights, rights ofownership (beneficial or legal)in any existing shares, or anyother right incidental to or

1 The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

				arising out of the ownership ofshares.	arising out of the ownership ofshares.
				gshares.
Rfob	eason for issue/a	cquisition/rede	mption and specific authority(the reason for change must	The issue of Share Righunder Tower’s Long TerIncentive Plan to incentiand retain employees.	tsmvise
	r issue/acquisitio	n/redemption/
	e identified here)
TisSh	otal number of Fi	nancial Produc	ts of the Class after theversion (excluding Treasurynancial Products of the Classssue/acquisition/redemption.	4,552,520
	sue/acquisition/r	edemption/Con
	tock) and the tot	al number of Fi
	eld as Treasury S	tock after the i
Ina	the case of an a	cquisition of sh	ares, whether those shares	N/A
	re to be held as t	reasury stock
Sina	pecific authority f	or the issue, ac	quisition, or redemption,ursuant to which the issue,e	Resolution of the BoardListing Rules 4.6.1 and4.9.1(b)	and
	cluding a referen	ce to the rule p
	cquisition, or red	emption is mad
Te	erms or details o	f the issue, acq	uisition, or redemption (forngements)	No cash consideration ipayable by the participathe grant of the Share R	snts onightsresre lderand
	xample: restrictio	ns, escrow arra
				or on the delivery of shafollowing vesting of Sha
				Rights. Vesting of ShareRights is subject to theperformance of Tower
				Limited’s Total SharehoReturn as noted above,
				continued employment.
D	ate of issue/acqu	isition/redempt	ion2	20 January 2026
S
	ection 3: Autho	rity for this an	nouncement and contact person
N			ke this announcement	Michael Stiassny
	ame of person a	uthorised to ma
C
	ontact person for	this announce	ment	Tania Pearson
C				021 900 104
	ontact phone nu	mber
C					.nz
	ontact email add	ress		tania.pearson@tower.co
D				21 January 2026
	ate of release thr	ough MAP

2 Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).