TOWER LIMITED — Major Shareholding Notification 2025

Jul 16, 2025

Disclosure of beginning to have substantial holding

Section 276, Financial Markets Conduct Act 2013

To: NZX Limited and To: Tower Limited Date this disclosure made: 16 July 2025 Date on which substantial holding began: 15 July 2025 Substantial product holder(s) giving disclosure: Forsyth Barr Investment Management Limited ( FBIM )

Summary of substantial holding Class of quoted voting products: Ordinary Shares Summary for FBIM For this disclosure,— (a) total number held in class: 17,151,296 (b) total in class: 342,552,063 (c) total percentage held in class: 5.007%

Details of relevant interests Details for FBIM Nature of relevant interest(s):

The relevant interest arises under various investment management agreements to which FBIM and/or Forsyth Barr Limited are a party in their capacity as providers of discretionary investment management services ( DIMS ) and from FBIM being the manager of managed investment schemes. The relevant interest arises only from the powers of investment contained in the relevant agreement documents, including the power to control the exercise of the right to vote attached to the shares and to control the disposal of the shares.

Pursuant to regulation 142, the relevant agreement documents need not be attached under regulation 139.

For that relevant interest,—

(a) number held in class:

(b) percentage held in class:

• (c) current registered holder(s):

17,151,296 5.007%

Not applicable

1

(d) registered holder(s) once transfers are registered:

Forsyth Barr Custodians Limited ( FBCL ) (15,689,189) / Trustees Executors Limited ( TEL ) (1,462,107)

For a derivative relevant interest, also—

(a) type of derivative:

• (b) details of derivative:

• (c) parties to the derivative:

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

Not applicable

Not applicable Not applicable Not applicable

Details of transactions and events giving rise to substantial holding

Details of the transactions or other events requiring disclosure in the period 16 March 2025 to 15 July 2025:

to 15 July 2025:
Nature of event	Consideration	Number offinancialproducts	Currentregisteredholder(s)	Registeredholder(s) oncetransfers areregistered
On-market sales	$5,349,364	3,762,959	FBCL(1,584,339) /TEL (2,178,620)	Unknown
On-marketpurchases	$16,442,238	12,068,660	Unknown	FBCL(10,142,053) /TEL (1,926,607)
Off-markettransfers out ofDIMS	Nil	121,500	FBCL	Unknown
Off-markettransfers intoDIMS	Nil	400,829	Unknown	FBCL

Additional information

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

Contact details:

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:

Forsyth Barr House, The Octagon, Dunedin

Maria Reyes Malqui T: 04 495 8208 E: compliance@forsythbarr.co.nz Not applicable

2

Certification

I, Maria Reyes Malqui, 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.

3