TOWER LIMITED — Major Shareholding Notification 2016

Jun 26, 2016

Disclosure of movement of 1% or more in substantial holding or change in nature of relevant interest, or both

Sections 277 and 278, Financial Markets Conduct Act 2013

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

To NZ Stock Exchange

and

To Tower Limited

Relevant event being disclosed: Movement of 1% or more in substantial holding

Date of relevant event: 23/06/2016

Date this disclosure made: 24/06/2016

Date last disclosure made: 30/05/2016

Substantial product holder(s) giving disclosure

Full name(s): Devon Funds Management Limited

Summary of substantial holding

Class of quoted voting products: Ordinary Shares

Summary for Devon Funds Management Limited

For this 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 last disclosure,—

• (a) total number held in class: 13,137,886

• (b) total in class: 168,662,150

• (c) total percentage held in class: 7.79%

Details of transactions and events giving rise to relevant event

Transactions between 03/06/2016 to 23/06/2016

Details after relevant event

Not applicable

Nature of relevant interest(s): [ eg, registered holder and beneficial owner of financial products, conditional put option with X Limited, derivative relevant interest over quoted

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underlying. State whether a relevant agreement document is attached (with the number of pages) or was attached to a previous disclosure (with date of that disclosure) or need not be attached under regulation 139. ]

For that relevant interest,—

• (a) number held in class: not applicable

• (b) percentage held in class: not applicable

• (c) current registered holder(s): not applicable

• (d) registered holder(s) once transfers are registered: not applicable

• For a derivative relevant interest, also—

• (a) type of derivative: not applicable

• (b) details of derivative: not applicable

• (c) parties to the derivative: not applicable

• (d) if the substantial product holder is not a party to the derivative, the nature of the relevant interest in the derivative:

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

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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