TOWER LIMITED — Major Shareholding Notification 2016

Jul 17, 2016

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

Note: This form must be completed in accordance with the instructions at the end of the form.

To New Zealand Stock Exchange

and

To Tower Limited

Date this disclosure made: 18/07/2016

Date last disclosure made: 24/06/2016

Date on which substantial holding ceased: 15/07/2016

Substantial product holder(s) giving disclosure

Full name(s): Devon Funds Management Limited

Summary of previous substantial holding

Class of quoted voting products: Ordinary Shares

Summary for Devon Funds Management Limited

For last disclosure,—

• (a) total number held in class: 9,337,886

• (b) total in class: 168,662,150

• (c) total percentage held in class: 5.54%

For current holding after ceasing to have substantial holding,—

• (a) total number held in class: 4,037,886

• (b) total in class: 162,662,150

• (c) total percentage held in class: 2.39%

Details of transactions and events giving rise to ceasing of substantial holding

Details of the transactions or other events requiring disclosure: Transactions on 15/07/2016

Additional information

Address(es) of substantial product holder(s): Level 10, 2 Commerce Street, Auckland 1010

Contact details: Andrew Lawrence | P: 0800 944 049 | E: Admin@devonfunds.co.nz

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Certification

I, Andrew Lawrence, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made.

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