TOWER LIMITED — Major Shareholding Notification 2025

Apr 2, 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: 03 April 2025

Date on which substantial holding began: 01 April 2025

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: 24,295,394

• (b) total in class: 342,552,063

• (c) total percentage held in class: 7.092%

Details of relevant interests

Details for Salt Funds Management Limited

Nature of relevant interest(s): Investment Manager

For that relevant interest,—

• (a) number held in class: 24,295,394

• (b) percentage held in class: 7.092%

• (c) current registered holder(s):

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

Details of transactions and events giving rise to substantial holding

The purchase of ordinary shares on market.

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Transaction Type	Period	Shares/Units	Consideration
On-market purchases	04/12/2024-01/04/2025	10,598,065	($13,918,473.92)

The sale of ordinary shares on market.

Transaction Type	Period	Shares/Units	Consideration
On-market sales	02/12/2024-25/03/2025	2,056,463	$2,955,919

Return of Capital.

Transaction Type	Period	Shares/Units	Consideration
ROC	18/03/2024	1,813,938	$2,150,967.68

Additional information

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

Contact details:

Claire MacRae, Telephone: 09 869 5123, Email: 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: Not applicable.

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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ANNEXURE 1

SUBSTANTIAL SECURITY HOLDER NOTICE FROM SALT FUNDS MANAGEMENT LTD

DATED 03 April 2025

Name of type of shares	Tower Limited Ordinary Shares
Percentage held	7.092%
Registered holder:	Guardian Nominees No.2 Ltd (as custodian forBT Funds Management (NZ) Ltd)
Holding:	11,868,348 (3.465%)
Registered holder:	JPMorgan Chase Bank N.A London (as custodianfor Salt Investment Funds Ltd)
Holding:	12,427,046 (3.628%)

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