TOWER LIMITED — Major Shareholding Notification 2025

Sep 21, 2025

Disclosure of ceasing to have substantial holding

Section 279, Financial Markets Conduct Act 2013

To NZX Ltd and

To Tower Limited

Date this disclosure made: 22 September 2025

Date last disclosure made: 10 July 2025

Date on which substantial holding ceased: 18 September 2025

Substantial product holder(s) giving disclosure

Full name(s): Salt Funds Management Limited

Summary of previous substantial holding

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

Summary for Salt Funds Management Limited

For last disclosure,—

• (a) total number held in class: 20,528,055

• (b) total in class: 379,483,987

• (c) total percentage held in class: 5.993%

For current holding after ceasing to have substantial holding, —

• (a) total number held in class: 16,945,081

• (b) total in class: 379,483,987

• (c) total percentage held in class: 4.947%

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

Details of the transactions or other events requiring disclosure:

Transaction Type	Period	Shares/Units	Consideration
On-market purchases	11/07/2025 –08/09/2025	452,437	($749,582.92)
On-market sales	16/07/2025 –18/09/2025	(4,035,411)	+$6,963,975.54

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Additional information

Address(es) of substantial product holder(s):

Level 3, The Imperial Buildings 44 Queen Street Auckland 1050

Contact details:

Claire MacRae +64 9 869 5123 claire.macrae@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: N/A

Certification

I, Claire MacRae, 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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