Rights Offer – Notification to Ineligible Shareholders

14 November 2017

PRO-RATA RENOUNCEABLE RIGHTS OFFER
NOTIFICATION TO INELIGIBLE SHAREHOLDERS
Dear Shareholder
On 14 November 2017, Tower Limited (Tower) announced a $70.8m pro-rata
renounceable rights offer (the Offer).
Tower considers that the legal requirements of jurisdictions other than New Zealand
and Australia are such that it would be unreasonable and unduly onerous for Tower to
make the Offer in those jurisdictions. This decision was made having regard to:
 the small number of shareholders in those overseas jurisdictions to whom
offers would otherwise be made;
 the number and value of securities or interests that would otherwise be offered for
issue;
 the likelihood of those shareholders electing to participate in the Offer if
offered to them; and
 the costs of complying with overseas legal requirements.
Tower has therefore decided only to extend the Offer to shareholders with an address
in New Zealand or Australia as at 7.00pm (NZ time) on 22 November 2017 (Record
Date), and who are not in the United States or acting for the account or benefit of any
person in the United States (Eligible Shareholders).
Under the terms of the Offer, you are not an Eligible Shareholder. Accordingly, you will
not be offered any shares or interests under the Offer and cannot subscribe for shares
under the Offer and you will not be sent a copy of the Offer Document.
This letter’s purpose is to inform you about the Offer. It is neither an offer to issue
shares to you, nor an invitation for you to apply for shares. You are not required to do
anything in response to this letter. However, you may still receive some benefit from
the Offer, as described below.
What is the Offer?
The Offer involves an offer to Eligible Shareholders to subscribe for 1 new share for
every 1 existing share (Rights) held at the Record Date, at a price of NZ$0.42 or
AU$0.39 for each new share.
The Rights attributable to those shareholders who are not Eligible Shareholders
(Ineligible Shareholders) will be transferred to a nominee appointed by Tower
which will endeavour to sell those Rights on the behalf of Ineligible Shareholders. The
net proceeds of that process will be paid to Ineligible Shareholders on a pro-rata basis.

Although you are not able to participate in the Offer, on behalf of Tower I would like to
thank you for your continued support. If you have any questions, please feel free to
contact Tower at investor.relations@tower.co.nz
Yours sincerely

Michael Stiassny
Chairman
Tower Limited