SPH Notice - Forsyth Barr Investment Management Limited

1

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: 16 July 2025
Date on which substantial holding began: 15 July 2025
Substantial product holder(s) giving
disclosure:

Forsyth Barr Investment Management
Limited (FBIM)

Summary of substantial holding
Class of quoted voting products: Ordinary Shares
Summary for FBIM
For this disclosure,—
(a) total number held in class: 17,151,296
(b) total in class: 342,552,063
(c) total percentage held in class:

5.007%
Details of relevant interests
Details for FBIM
Nature of relevant interest(s):

The relevant interest arises under various
investment management agreements to which
FBIM and/or Forsyth Barr Limited are a party
in their capacity as providers of discretionary
investment management services (DIMS) and
from FBIM being the manager of managed
investment schemes. The relevant interest
arises only from the powers of investment
contained in the relevant agreement
documents, including the power to control the
exercise of the right to vote attached to the
shares and to control the disposal of the
shares.
Pursuant to regulation 142, the relevant
agreement documents need not be attached
under regulation 139.
For that relevant interest,—
(a) number held in class: 17,151,296
(b) percentage held in class: 5.007%
(c) current registered holder(s): Not applicable

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(d) registered holder(s) once transfers are
registered:
Forsyth Barr Custodians Limited (FBCL)
(15,689,189) / Trustees Executors Limited
(TEL) (1,462,107)
For a derivative relevant interest, also—
(a) type of derivative: Not applicable
(b) details of derivative: Not applicable
(c) parties to the derivative: Not applicable
(d) if the substantial product holder is not a
party to the derivative, the nature of the
relevant interest in the derivative:
Not applicable

Details of transactions and events giving rise to substantial holding
Details of the transactions or other events requiring disclosure in the period 16 March 2025
to 15 July 2025:
Nature of event Consideration Number of
financial
products
Current
registered
holder(s)
Registered
holder(s) once
transfers are
registered
On-market sales
$5,349,364 3,762,959
FBCL
(1,584,339) /
TEL (2,178,620)
Unknown
On-market
purchases

$16,442,238

12,068,660
Unknown
FBCL
(10,142,053) /
TEL (1,926,607)
Off-market
transfers out of
DIMS
Nil
121,500
FBCL Unknown
Off-market
transfers into
DIMS
Nil
400,829
Unknown FBCL


Additional information
Address(es) of substantial product holder(s): Forsyth Barr House, The Octagon, Dunedin
Contact details: Maria Reyes Malqui
T: 04 495 8208
E: compliance@forsythbarr.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

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Certification
I, Maria Reyes Malqui, 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.