TOWER LIMITED — Major Shareholding Notification 2007

Jul 30, 2007

604 page 1/2 31 July 2007

Section 671B

Form 604

Corporations Law

Notice of change of interests of substantial holder

To Company Name/Scheme TOWER LIMITED

ACN/ARSN

1. Details of substantial holder (1)

Name Paradice Investment Management Pty Ltd ACN/ARSN (if applicable) 090 148 619

There was a change in the interests of the 27/07/07 substantial holder on

The previous notice was given to the company on The previous notice was dated	14/02/07
	07/02/07

2. Previous and present voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in when last required, and when now required, to give a substantial holding notice to the company or scheme, are as follows:

y or scheme, are as follows:
Class of securities (4)	Previous notice		Present notice
	Person's votes	Voting power (5)	Person's votes	Voting power (5)
FPO	15,715,420	8.34%	17,851,535	9.43%*
	BASED ON ISSUED* CAPITAL OF 189,393,353**

3. Changes in relevant interests

Particulars of each change in, or change in the nature of, a relevant interest of the substantial holder or an associate in voting securities of the company or scheme, since the substantial holder was last required to give a substantial holding notice to the company or scheme are as follows:

ollows:
Date of change	Person whose relevant interest changed	Nature of change (6)	Consideration given in relation to change (7)	Class and number of securities affected	Person's votes affected
27/07/07	Paradice Investment Management Pty Ltd	Buy of 425,139 shares	$965,066	425,139 FPO	425,139

4. Present relevant interests

Particulars of each relevant interest of the substantial holder in voting securities after the change are as follows:

Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder (8)	Nature of relevant interest (6)	Class and number of securities	Person's votes
See Schedule 1

SYD4_137740_1 (W97)

604 page 2/2 31 July 2007

5. Changes in association

The persons who have become associates (2) of, ceased to be associates of, or have changed the nature of their association (9) with, the substantial holder in relation to voting interests in the company or scheme are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
Not Applicable

6. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Paradice Investment Management Pty Ltd	Level 11, 15 Bent Street, Sydney NSW 2000

Signature

print name sign here	Kylie Barns capacity Company Secretary
	date 30 / 07 / 07

SYD4_137740_1 (W97)

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an annexure to the form. If the relevant interests of a group of persons are essentially similar, they may be referred to throughout the form as a specifically named group if the membership of each group, with the names and addresses of members is clearly set out in paragraph 6 of the form.

• (2) See the definition of 'associate' in section 9 of the Corporations Law .

• (3) See the definition of 'relevant interest' in sections 608 and 671B(7) of the Corporations Law .

• (4) The voting shares of a company constitute one class unless divided into separate classes.

• (5) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

• (6) Include details of:

• (a) any relevant agreement or other circumstances because of which the change in relevant interest occurred. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and

• (b) any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

• See the definition of 'relevant agreement' in section 9 of the Corporations Law .

• (7) Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.

• (8) If the substantial holder is unable to determine the identity of the person (eg if the relevant interest arises because of an option) write 'unknown'.

• (9) Give details, if appropriate, of the present association and any change in that association since the last substantial holding notice.

Schedule 1 - Paradice Investment Management - Change in substantial holding for TOWER LIMITED

4. Present relevant interest

4. Present relevant interest
Holder of relevant Interest	Registered Holder of securities	Person entitled to be registed as holder	Nature of relevant interest	Class and no. of securities	Persons votes
Paradice Investment Management Pty Ltd Paradice Investment Management Pty Ltd Paradice Investment Management Pty Ltd Paradice Investment Management Pty Ltd Paradice Investment Management Pty Ltd Paradice Investment Management Pty Ltd Paradice Investment Management Pty Ltd Paradice Investment Management Pty Ltd Paradice Investment Management Pty Ltd Paradice Investment Management Pty Ltd Paradice Investment Management Pty Ltd	JP Morgan Nominees Australia Ltd JP Morgan Nominees Australia Ltd JP Morgan Nominees Australia Ltd National Nominees Ltd National Nominees Ltd ANZ Nominees Ltd National Nominees Ltd State Street JP Morgan Nominees Australia Ltd ANZ Nominees National Nominees Ltd	Retail Employees Superannuation Pty Ltd HEST Australia Ltd HOST Plus Super PIM Nominees Pty Ltd Construction & Building Union Superannuation Fund Accident Compensation Corporation Brisbane City Council MLC Australian Super Warakirri EquipSuper	Investment Manager Investment Manager Investment Manager Investment Manager Investment Manager Investment Manager Investment Manager Investment Manager Investment Manager Investment Manager Investment Manager	4,227,397 1,784,733 1,490,829 3,111,212 1,403,418 1,146,869 445,865 982,536 2,588,700 244,837 425,139	4,227,397 1,784,733 1,490,829 3,111,212 1,403,418 1,146,869 445,865 982,536 2,588,700 244,837 425,139
17,851,535

SYD4_137740_1 (W97)