TOWER LIMITED — Share Issue/Capital Change 2025

Feb 13, 2025

Template Capital Change Notice

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Updated as at June 2023

Please do not amend or delete individual rows. As this template relates to prescribed content, changes to content should only be made where it is clearly indicated that this is permitted, otherwise, if an Issuer considers a particular element does not apply, mark the row as N/A, Any other changes to this prescribed form must first be approved by NZX as required under NZX Listing Rule 3.26.1.

Section 1: Issuer information

Section 1: Issuer information	Section 1: Issuer information
Name of issuer	Tower Limited
NZX ticker code	TWR
Class of financial product	Fully paid ordinary shares
ISIN (If unknown, check on NZX website)	NZTWRE0011S2
Currency	NZD
Section 2: Capital change details
Number issued/acquired/redeemed	[1,128,138]
Nominal value (if any)	N/A
Issue/acquisition/redemption price per security	Issued for nil cash consideration
Nature of the payment (for example, cash orother consideration)	N/A
Amount paid up (if not in full)	N/A
Percentage of total class of Financial Productsissued/acquired/redeemed/ (calculated on thenumber of Financial Products of the Class,excluding any Treasury Stock, in existence)1	[0.297]%
For an issue of Convertible Financial Productsor Options, the principal terms of Conversion(for example the Conversion price andConversion date and the ranking of theFinancial Product in relation to other Classesof Financial Product) or the Option (forexample, the exercise price and exercise date)	N/A
Reason for issue/acquisition/redemption andspecific authority forissue/acquisition/redemption/ (the reason forchange must be identified here)	Vesting of unquoted share rights (ShareRights) and issuance of ordinary shares underTower Limited’s Long-Term Incentive Plan(Plan) to Blair Turnbull, authorised by Boardresolution, on the basis that applicable TSRperformance hurdles were assessed to besatisfied in full. As required by the Plan rules,the 2,095,349 Share Rights vest pro-ratareflecting the proportion of the vesting periodfor each award that was complete as at theCEO’s leaving date. Therefore, [967,211]Share Rights lapse and are cancelled.
Total number of Financial Products of theClass after the	(1) [380,612,125] ordinary shares; and(2) [3,523,218] Share Rights.

1 The percentage is to be calculated immediately before the issue, acquisition, redemption or Conversion.

issue/acquisition/redemption/Conversion	issue/acquisition/redemption/Conversion
(excluding Treasury Stock) and the total
number of Financial Products of the Class held
as Treasury Stock after the
issue/acquisition/redemption.
In the case of an acquisition of shares, whether		N/A
those shares	are to be held as treasury stock
Specific authority for the issue, acquisition, or		Resolution of the Board and Listing Rule
redemption, including a reference to the rule		4.9.1(b).
pursuant to which the issue, acquisition, or
redemption is made
Terms or details of the issue, acquisition, or		The vesting of Share Rights, and the issuance
redemption (for example: restrictions, escrow		of shares thereunder, are for nil cash
arrangements)		consideration. The shares are issued as fully
		paid ordinary shares on the same terms as allother ordinary shares (including as to
		dividends). No participant may dispose of any
		shares delivered under the Plan on the ASX
		within 12 months of the issue date.
Date of issue/acquisition/redemption2		14/02/2025
Section 3: Authority for this announcement and contact person
Name of person authorised to make thisannouncement		Tania Pearson
Contact person for this announcement		Tania Pearson
Contact phone number		+64 3 373 3390
Contact email address		Tania.Pearson@tower.co.nz
Date of release through MAP		14/02/2025

2 Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).