TOWER LIMITED — Major Shareholding Notification 2016

May 30, 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

To NZX Limited and To Tower Limited

Relevant event being disclosed:

Date of relevant event: 27 May 2016

Date this disclosure made: 31 May 2016

Date last disclosure made: 5 May 2015

Substantial product holder(s) giving disclosure

Full name(s): Salt Funds Management Limited

Summary of substantial holding

Class of quoted voting products: Tower Limited Ordinary Shares (TWR)

Summary for Salt Funds Management Limited

For this disclosure,—

• (a) total number held in class: 20,122,687

• (b) total in class: 168,662,150

• (c) total percentage held in class: 11.931% For last disclosure,—

• (a) total number held in class: 18,698,751

• (b) total in class: 175,749,449

• (c) total percentage held in class: 10.639%

Details of transactions and events giving rise to relevant event

Salt Funds Management also undertook the following transactions as part of normal onmarket trading activities:

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Transaction Type	Period	Shares/Units
On-market purchases	4/5/15 – 27/5/16	+3,418,361
On-market sales	01/5/15 – 23/5/16	-1,994,425
		+1,423,936

Details after relevant event

Details for Salt Funds Management Limited

Nature of relevant interest(s): Investment Manager

For that relevant interest,—

• (a) total number held in class: 20,122,687

• (b) total in class: 168,662,150

• (c) total percentage held in class: 11.931%

• (d) registered holder(s) once transfers are registered: See Annexure 1.

Additional information

Address(es) of substantial product holder(s): Level 3, The Imperial Buildings, 44 Queen Street, Auckland 1050

Contact details:

Randall Clement, Telephone: 09 869 7278, Email: randall.clement@saltfunds.co.nz

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: Not applicable.

Certification

I, Randall Clement, 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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ANNEXURE 1

SUBSTANTIAL SECURITY HOLDER NOTICE FROM SALT FUNDS MANAGEMENT LTD

DATED 31 May 2016

Name of type of shares	Tower Limited Ordinary Shares
Percentage held	11.931%

Registered holder:	BTNZ Unit Trust Nominees Ltd
Holding:	3,271,119 (1.939%)
Registered holder:	Guardian Nominees No.2 Ltd - Westpac Wholesale Australasian Share No. 1 Trust
Holding:	9,295,981 (5.512%)
Registered holder:	National Nominees Ltd (as custodian for Salt Investment Funds Ltd)
Holding:	1,534,130 (0.910%)
Registered holder:	BNP Paribas Nominees (NZ) Ltd (as custodian for AMP Capital Investors (New Zealand) Ltd)
Holding:	6,021,457 (3.570%)

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