TOWER LIMITED — Director's Dealing 2007

Jul 11, 2007

12 July 2007

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Market Information Company Announcements Office New Zealand Exchange Limited Australian Stock Exchange Limited NZX Centre Exchange Centre Level 2, 11 Cable Street Level 6, 20 Bridge Street Wellington Sydney NSW 2000 NEW ZEALAND AUSTRALIA ARBN 088 481 234 Incorporated in New Zealand

Dear Sir/Madam

TOWER Limited – Company Announcement

In accordance with Listing Rules, please find attached the following document:

• DISCLOSURE OF DIRECTOR’S AND OFFICER’S RELEVANT INTERESTS PURSUANT TO THE SECURITIES MARKET ACT 1988.

Yours faithfully

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Eric O’Sullivan Company Secretary TOWER Limited

TOWER Limited Level 11, TOWER Centre, 22 Fanshawe Street, Auckland PO Box 90347 Auckland New Zealand Tel (+64) 9 369 2082 Fax (+64) 9 369 2160

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DISCLOSURE NOTICE

Disclosure of Directors and Officers Relevant Interests

(Section 19T, Securities Markets Act 1988)

A. Disclosure obligation (tick box to note which disclosure obligation applies)

Initial disclosure (complete Parts A, B, C, D, F, and G of this notice)

Ongoing disclosure (complete Parts A, B, C, E, F and G of this notice)

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B. Preliminary

1. Name

2. NZX company code of issuer Name of issuer

3. Name of related body corporate (if applicable)

4. Position you hold in the issuer

5 . Date of this disclosure notice

Rob Flannagan/Eric O'Sullivan TWR TOWER Limited n/a Group CEO/Company Secretary 12-Jul-07

C. Nature of relevant interest

1. Name of registered holder(s) of security (as required by regulation 6A(b) or regulation 7(b))

2. Class and type of security (as required by regulation 6B or regulation 8)

8 . Nature of relevant interest in security (as required by regulation 6A (a) or regulation 7(a))

TOWER Option Scheme Limited Ordinary TOWER Limited shares and options to acquire ordinary TOWER Limited shares

Non-beneficial as directors of TOWER Option Scheme Limited which holds the relevant interest. The registered holder is trustee of the TOWER Limited Executive Share Option Plan (Option Plan).

D. Date (for initial disclosure)

1. Date of disclosure obligation (as required by regulation 6C)

E. Transaction (for ongoing disclosure)

1. Date of last disclosure (as required by regulation 13)

2. Date(s) of acquisition(s) or disposal(s) (as required by regulation 9)

3. Number of transactions (as required by regulation 12(2), if applicable)

4. Nature or type of transaction (as required by regulation 11(1)(a))

5. Consideration (as required by regulation 10)

6. Number of securities held prior, set out by class and type (as required by regulation 8)

7. Number of securities subject to acquisition or disposal (as required by regulation 11(1)(b))

F. Extent of relevant interest

1. Number of securities held now, set out by class and type (as required by regulation 6B or regulation 8)

Signature (as required by regulation 14)

12 July 2007 Sale of ordinary shares - 9 July 2007 1 Sale of ordinary shares by TOWER Option Scheme Limited NZ$2.48 per ordinary share 354,382 ordinary shares 6,803,346 options 354,382 ordinary shares sold 0 ordinary shares 6,803,346 options

Notice given by TWR pursuant to clause 14 Securities Markets Act (Disclosure of Relevant Interests by Directors and Officers) Exemption Notice 2004

116088917 \ 0400589 \ JZH04 \ Disclosure Notice

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