TOWER LIMITED — Director's Dealing 2007

Jul 11, 2007

12 July 2007

==> picture [191 x 93] intentionally omitted <==

Market Information New Zealand Exchange Limited ASB Bank Tower Level 9, 2 Hunter Street Wellington NEW ZEALAND

Company Announcements Office Australian Stock Exchange Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 AUSTRALIA ARBN 088 481 234 Incorporated in New Zealand

Dear Sir/Madam

TOWER Limited – Notice of Cancellation of Options

In accordance with NZSX Listing Rules and the ASX Listing Rules, TOWER advises that:

(a) 200,000 unlisted options to purchase 1 fully paid ordinary TOWER share have been cancelled.

(b) 6,803,346 unlisted options remain on issue.

Yours faithfully

==> picture [112 x 59] intentionally omitted <==

Eric O’Sullivan Company Secretary TOWER Limited

Head Office TOWER Centre Level 11 22 Fanshawe Street PO Box 90347 Auckland New Zealand Phone +64 9 486 9340

==> picture [80 x 22] intentionally omitted <==

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)

�

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

C. Nature of relevant interest

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

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) 11. Date(s) of acquisition(s) or disposal(s) (as required by regulation 9) 12. Number of transactions (as required by regulation 12(2), if applicable) 13. Nature or type of transaction (as required by regulation 11(1)(a)) 14. Consideration (as required by regulation 10) 15. Number of securities held prior, set out by class and type (as required by regulation 8) 16. 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)

Rob Flannagan/Eric O'Sullivan TWR TOWER Limited n/a Group CEO/Company Secretary 12 July 2007 TOWER Option Scheme Limited Options to acquire ordinary TOWER 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 (NZ). 11 June 2007 Disposal (cancellation of options) - 9 July 2007 1 Cancellation of options issued by TOWER Limited to the registered holder as trustee. Nil. Disposal as a consequence of cancellation 354,382 ordinary shares 7,003,346 options 200,000 options cancelled 354,382 ordinary shares 6,803,346options

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

116088919 \ 0400589 \ JZH04 \ Disclosure Notice

1