SPH Notice - Salt Funds Management Limited

100080615/3821102.1
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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 for
BT Funds Management (NZ) Ltd)
Holding: 11,868,348 (3.465%)
Registered holder:
JPMorgan Chase Bank N.A London (as custodian
for Salt Investment Funds Ltd)
Holding: 12,427,046 (3.628%)