SPH Notice – NZ Funds and NZFSL

Disclosure of beginning to have substantial holding
Section 276, Financial Markets Conduct Act 2013
To New Zealand Stock Exchange
and
To Tower Limited (TWR)
Date this disclosure made: 19 March 2019
Date on which substantial holding began: 15 March 2019
Substantial product holder(s) giving disclosure
Full name(s): New Zealand Funds Management Limited (“NZ Funds”) on behalf of itself and its wholly
owned subsidiary New Zealand Funds Superannuation Limited (“NZFSL”).
Summary of substantial holding
Class of quoted voting products: Ordinary shares
Summary for: NZ Funds and NZFSL.
For this disclosure,—
(a) total number held in class: 17,690,793
(b) total in class: 337,324,300
(c) total percentage held in class: 5.24%
Details of relevant interests
Details for: NZ Funds
Nature of relevant interest(s): NZ Funds has a relevant interest in the TWR ordinary shares in its
capacity as manager for a range of wholesale funds and registered managed investment schemes,
including the Private Dividend Yield Trust. NZ Funds has powers to exercise, or to control the exercise
of, a right to vote attached to TWR shares, or to acquire or dispose of, or to control the acquisition or
disposal of, the TWR shares.
For that relevant interest,—
(a) number held in class: 17,690,793
(b) percentage held in class: 5.24%
(c) current registered holder(s): Citibank NA
(d) registered holder(s) once transfers are registered: N/A

Details for: NZFSL
Nature of relevant interest(s): NZFSL has a relevant interest in the ordinary shares in its capacity as
trustee for the Private Dividend Yield Trust (“PDY”), the beneficial owners of which are a range of
wholesale funds and registered managed investment schemes managed by NZ Funds.
For that relevant interest,—
(a) number held in class: 17,690,793
(b) percentage held in class: 5.24%
(c) current registered holder(s): Citibank NA
(d) registered holder(s) once transfers are registered: N/A
Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure: Please see Annexure A

Additional information
Address(es) of substantial product holder(s):
New Zealand Funds Management Limited, Level 16, 21 Queen Street, Auckland, New Zealand.
New Zealand Funds Superannuation Limited, Level 16, 21 Queen Street, Auckland, New Zealand.

Contact details:
Contact person - Stephan Clark
Contact number - 09 918-9769
Email – stephan.clark@nzfunds.co.nz

Nature of connection between substantial product holders:
NZ Funds and NZFSL are related bodies corporate.

Certification
I, Michael Lang, 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.



Signature: ___________________
Michael Lang
Director
Date: 19 March 2019

ANNEXURE A

Date of
change
Person whose
relevant interest
changed
Nature of
Change
Consideration
given in relation
to change (NZD)
Number of
Securities Class
8/03/2019
NZ Funds / NZFSL -
PDY Acquire 536,000.00 800,000 Ordinary
13/03/2019
NZ Funds / NZFSL -
PDY Acquire 133,500.00 200,000 Ordinary
15/03/2019
NZ Funds / NZFSL -
PDY Acquire 690,000.00 1,000,000 Ordinary