TOWER LIMITED — Director's Dealing 2010

Jan 14, 2010

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15 January 2010 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 PO Box 2959 Sydney NSW 2000 Wellington AUSTRALIA New Zealand ARBN 088 481 234 Incorporated in New Zealand

EXERCISE OF OPTIONS UNDER EXECUTIVE OPTION PLAN

TOWER advises that 30,000 unlisted options to purchase one fully paid ordinary share in TOWER have been exercised. The exercise was satisfied by the transfer of existing shares held by the trustee.

Following this exercise, 6,525,608 unlisted options remain on issue.

A disclosure notice, and an Appendix 3Y notice, in relation to the change in the number of options and shares held by the trustee of the TOWER Limited Executive Option Plan is attached.

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Bronwyn Walsh Company Secretary TOWER Limited

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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) √

B. Preliminary

1. Name 2. NZX company code of issuerpany code of issuerany code of issuery code of issuer code of issuer Name of issuer 3. Name of related body corporate (if applicable)y corporate (if applicable) corporate (if applicable)porate (if applicable)orate (if applicable)(if applicable)if applicable)pplicable)licable)) 4. Position you hold in the issueryou hold in the issuerou hold in the issuer 5 . Date of this disclosure notice

2. Name 2. NZX company code of issuerpany code of issuerany code of issuery code of issuer code of issuer Name of issuer 3. Name of related body corporate (if applicable)y corporate (if applicable) corporate (if applicable)porate (if applicable)orate (if applicable)(if applicable)if applicable)pplicable)licable)) 4. Position you hold in the issueryou hold in the issuerou hold in the issuer 5 . Date of this disclosure notice

Robin Albert Flannagan/ Eric John O'Sullivan TWR TOWER Limited N/A Group Managing Director / Group Chief Financial Officer 15-Jan-10

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))

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

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

4. 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)

TOWER Option Scheme Limited Ordinary shares & options to acquire ordinary shares Non beneficial as directors of the registered holder, TOWER Option Scheme Limited, which is the trustee of the TOWER Executive Share Option Plan - 22-Dec-09 15-Jan-10 1 Exercise of option $1.31 per option 6,555,608 options and 50,276 shares 30,000 options & 30,000 shares 6,525,608 options and 20,276 shares

Signature (as required by regulation 14)

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Bronwyn Walsh Company Secretary

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1

Appendix 3Y Change of Director’s Interest Notice

Rule 3.19A.2

Appendix 3Y

Change of Director’s Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 30/9/2001.

Name of entity TOWER Limited ABN 088 481 234

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Robin Albert Flannagan
Date of last notice	22 December 2009

Part 1 - Change of director’s relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of “notifiable interest of a director” should be disclosed in this part.

Direct or indirect interest	Direct and indirect
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.	Director of TOWER Option Scheme Limited which is the trustee of the TOWER Limited Executive Share Option Plan(NZ)
Date of change	15 January 2010
No. of securities held prior to change	Direct: 688 ordinary shares and 3,000,000 unlisted options. Indirect: 50,276 ordinary shares and 6,555,608 unlisted options
Class	Ordinary shares Unlisted options
Number acquired
Number disposed	Indirect: 30,000 options & 30,000 shares
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Consideration for exercise of options of NZ $1.31 per option.

• See chapter 19 for defined terms.

Appendix 3Y Page 1

11/3/2002

Appendix 3Y Change of Director’s Interest Notice

No. of securities held after change

Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back

Direct: 688 ordinary shares and 3,000,000 unlisted options. Indirect: 20,276 ordinary shares and 6,525,608 unlisted options Exercise of options

Part 2 – Change of director’s interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of “notifiable interest of a director” should be disclosed in this part.

Detail of contract Nature of interest Name of registered holder (if issued securities) Date of change No. and class of securities to which interest related prior to change Note: Details are only required for a contract in relation to which the interest has changed Interest acquired Interest disposed Value/Consideration Note: If consideration is non-cash, provide details and an estimated valuation Interest after change

• See chapter 19 for defined terms.

Appendix 3Y Page 2

11/3/2002