TOWER LIMITED — Director's Dealing 2012

Feb 8, 2012

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8 February 2012

Market Information NZX Limited Level 2, NZX Centre 11 Cable Street Wellington New Zealand

Company Announcements Office Australian Stock Exchange Limited Exchange Centre Level 6, 20 Bridge Street Sydney NSW 2000 Australia

Directors disclosure notices

Attached are updated directors and officers disclosure notices.

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

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 30/09/01 Amended 01/01/11

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	4 July 2011

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 & 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	1 February 2012
No. of securities held prior to change	774 ordinary shares and 3,000,000 unlisted options. Indirect: 4,500,000 unlisted options
Class	Ordinary shares Unlisted options
Number acquired	Direct: 11 ordinary shares
Number disposed	Indirect: Expiry of 500,000 options
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	Direct: NZ$1.35 per share Indirect: Not applicable
No. of securities held after change	Direct: 785 ordinary shares and 3,000,000 unlisted options Indirect: 4,000,000 unlisted options

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

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: Acquisition. Allotment under Dividend Reinvestment Plan. Indirect: Expiry 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

Part 3 –[+] Closed period

Were the interests in the securities or contracts detailed No above traded during a[+] closed period where prior written clearance was required? If so, was prior written clearance provided to allow the trade to proceed during this period? If prior written clearance was provided, on what date was this provided?

• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

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 30/09/01 Amended 01/01/11

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	Anthony Ian Gibbs (resigned 29 August 2011)
Date of last notice	4 July 2011

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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	1 February 2012
No. of securities held prior to change	6,543 ordinary shares
Class	Ordinary shares
Number acquired	90
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	NZ$1.35 per share
No. of securities held after change	6,633
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Acquisition. Allotment under Dividend Reinvestment Plan.

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

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.

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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
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Part 3 –[+] Closed period

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Were the interests in the securities or contracts detailed No
above traded during a [+] closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the trade
to proceed during this period?
If prior written clearance was provided, on what date was this
provided?
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• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

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 30/09/01 Amended 01/01/11

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	Michael Leslie Jefferies
Date of last notice	4 July 2011

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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	1 February 2012
No. of securities held prior to change	3,451 ordinary shares
Class	Ordinary shares
Number acquired	51
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	NZ$1.35 per share
No. of securities held after change	3,502
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Acquisition. Allotment under Dividend Reinvestment Plan.

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

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.

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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
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Part 3 –[+] Closed period

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Were the interests in the securities or contracts detailed No
above traded during a [+] closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the trade
to proceed during this period?
If prior written clearance was provided, on what date was this
provided?
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• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

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 30/09/01 Amended 01/01/11

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	John Lewis Spencer
Date of last notice	4 July 2011

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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	1 February 2012
No. of securities held prior to change	21,643 ordinary shares
Class	Ordinary shares
Number acquired	298
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	NZ$1.35 per share
No. of securities held after change	21,941
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Acquisition. Allotment under Dividend Reinvestment Plan.

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

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.

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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
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Part 3 –[+] Closed period

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Were the interests in the securities or contracts detailed No
above traded during a [+] closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the trade
to proceed during this period?
If prior written clearance was provided, on what date was this
provided?
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• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

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 30/09/01 Amended 01/01/11

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	Susannah Adair Staley
Date of last notice	4 July 2011

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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	1 February 2012
No. of securities held prior to change	8,615 ordinary shares
Class	Ordinary shares
Number acquired	119
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	NZ$1.35 per share
No. of securities held after change	8,734
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Acquisition. Allotment under Dividend Reinvestment Plan.

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

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.

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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
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Part 3 –[+] Closed period

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Were the interests in the securities or contracts detailed No
above traded during a [+] closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the trade
to proceed during this period?
If prior written clearance was provided, on what date was this
provided?
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• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

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 30/09/01 Amended 01/01/11

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	Denis Michael Wood (retired 8 February 2012)
Date of last notice	4 July 2011

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
Nature of indirect interest (including registered holder) Note: Provide details of the circumstances giving rise to the relevant interest.
Date of change	1 February 2012
No. of securities held prior to change	128,597 ordinary shares
Class	Ordinary shares
Number acquired	1,773
Number disposed
Value/Consideration Note: If consideration is non-cash, provide details and estimated valuation	NZ$1.35 per share
No. of securities held after change	130,370
Nature of change Example: on-market trade, off-market trade, exercise of options, issue of securities under dividend reinvestment plan, participation in buy-back	Acquisition. Allotment under Dividend Reinvestment Plan.

• See chapter 19 for defined terms.

01/01/2011 Appendix 3Y Page 1

Appendix 3Y Change of Director’s Interest Notice

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.

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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
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Part 3 –[+] Closed period

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Were the interests in the securities or contracts detailed No
above traded during a [+] closed period where prior written
clearance was required?
If so, was prior written clearance provided to allow the trade
to proceed during this period?
If prior written clearance was provided, on what date was this
provided?
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• See chapter 19 for defined terms.

Appendix 3Y Page 2

01/01/2011

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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 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

Denis Michael Wood TWR TOWER Limited N/A Former director (retired 8 February 2012) 8-Feb-12

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))

Denis Michael Wood Ordinary shares Beneficial

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))

4-Jul-11 1-Feb-12 1 Acqusition. Allotment under Dividend Reinvestment Plan NZ$1.35 per share 128,579 ordinary shares

1,773 ordinary shares

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)

130,370 ordinary shares

Signature (as required by regulation 14)

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Bronwyn Walsh Company Secretary & Compliance Manager

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1

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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 issuer Name of issuer

2. Name of related body corporate (if applicable)

3. Position you hold in the issuer

4. 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))

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))

John Lewis Spencer TWR TOWER Limited N/A Director 8-Feb-12 John Lewis Spencer Ordinary shares Beneficial

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))

4-Jul-11 1-Feb-12 1 Acquisition. Allotment under Dividend Reinvestment Plan NZ$1.35 per share 21,643 ordinary shares 298 ordinary shares

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)

21,941 ordinary shares

Signature (as required by regulation 14)

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Bronwyn Walsh Company Secretary & Compliance Manager

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1

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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 issuer Name of issuer

2. Name of related body corporate (if applicable)

3. Position you hold in the issuer

5 . Date of this disclosure notice

Robin Albert Flannagan TWR TOWER Limited N/A Group Managing Director 8-Feb-12

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)

Beneficial: Robin Albert Flannagan Non beneficial: TOWER Option Scheme Limited Ordinary shares & options to acquire ordinary shares

Beneficial as disclosed below Non beneficial: Director of the registered holder, TOWER Option Scheme Limited, which is the trustee of the TOWER Executive Share Option Plan -

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)

5. 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

6. 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)

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4-Jul-11 1-Feb-12 2 Beneficial acquisition of shares under Dividend Reinvestment Plan Non-beneficial: expiry of options Beneficial: $1.35 per share. Non-beneficial: not applicable Beneficial: 774 ordinary shares and 3,000,000 unlisted options Non-beneficial: 4,500,000 unlisted options Beneficial: 11 ordinary shares. Non-beneficial: [xx] options Beneficial: 785 ordinary shares and 3,000,000 unlisted options Non-beneficial: 4,000,000 unlisted options Bronwyn Walsh Company Secretary

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1

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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 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

Michael Boggs TWR TOWER Limited N/A Chief Operating Officer 8-Feb-12

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))

TOWER Option Scheme Limited Options to acquire ordinary shares

Non beneficial as director of the registered holder, TOWER Option Scheme Limited, which is the trustee of the TOWER Executive Share 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) 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-Jul-11 1-Feb-11 1 Expiry of options

1. Consideration (as required by regulation 10)

2. 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))

4,500,000 unlisted options

500,000 options

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)

4,000,000 unlisted options

Signature (as required by regulation 14)

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Bronwyn Walsh Company Secretary

117145607 \ 0450340 \ KVY01 \ Disclosure Notice

1

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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 issuer Name of issuer

3. Name of related body corporate (if applicable)

4. Position you hold in the issuer

5. 5 . Date of this disclosure notice

Eric John O'Sullivan TWR TOWER Limited N/A Former Group Chief Financial Officer 8-Feb-12

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)

3. 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)

Eric John O'Sullivan Options to acquire ordinary shares Beneficial -

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)

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22-Dec-09 1-Feb-12 1 Expiry of options Not applicable 200,000 options 200,000 options Nil Bronwyn Walsh Company Secretary

117145607 \ 0450340 \ KVY01 \ Disclosure Notice

1

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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 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

Bronwyn Walsh TWR TOWER Limited N/A Company Secretary & Compliance Manager 8-Feb-12

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))

TOWER Option Scheme Limited Options to acquire ordinary shares

Non beneficial as director of the registered holder, TOWER Option Scheme Limited, which is the trustee of the TOWER Executive Share 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) 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-Jul-11 1-Feb-11 1 Expiry of options

1. Consideration (as required by regulation 10)

2. 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))

4,500,000 unlisted options

500,000 options

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)

4,000,000 unlisted options

Signature (as required by regulation 14)

==> picture [117 x 40] intentionally omitted <==

Bronwyn Walsh Company Secretary

117145607 \ 0450340 \ KVY01 \ Disclosure Notice

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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 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))

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))

Susannah Adair Staley TWR TOWER Limited N/A Director 8-Feb-12 Susannah Adair Staley Ordinary shares Beneficial

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))

4-Jul-11 1-Feb-12 1 Acquisition. Allotment under Dividend Reinvestment Plan NZ$1.35 per share

8,615 ordinary shares 119 ordinary shares

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)

8,734 ordinary shares

Signature (as required by regulation 14)

==> picture [116 x 40] intentionally omitted <==

Bronwyn Walsh Company Secretary & Compliance Manager

119356549 \ 1412611 \ SRL01 \ Disclosure Notice

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==> picture [70 x 20] 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. 5 . Date of this disclosure notice

Anthony Ian Gibbs TWR TOWER Limited N/A Former director (resigned 29 August 2011) 8-Feb-12

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)

3. 8 . Nature of relevant interest in security (as required by regulation 6A (a) or regulation 7(a))

Anthony Ian Gibbs, Valerie Jane Gibbs, Joseph Michael Windmeyer Ordinary shares Beneficial

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)

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

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

4-Jul-11 1-Feb-12 1 Acquisition. Allotment of shares under Dividend Reinvestment Plan NZ$1.35 per share

6,543 ordinary shares

90 ordinary shares

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)

6,633 ordinary shares

Signature (as required by regulation 14)

==> picture [117 x 39] intentionally omitted <==

Bronwyn Walsh Company Secretary & Compliance Manager

119356395 \ 1412611 \ SRL01 \ Disclosure Notice

1