Capital Change Notice

Template
Capital Change Notice

Updated as at February 2025


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
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 NZ$
Section 2: Capital change details
Number issued/acquired/redeemed 859,288
Nominal value (if any) N/A
Issue/acquisition/redemption price per security Issued for nil cash consideration
Nature of the payment (for example, cash or other
consideration)
N/A
Amount paid up (if not in full) N/A
Percentage of total class of Financial Products
issued/acquired/redeemed/ (calculated on the
number of Financial Products of the Class,
excluding any Treasury Stock, in existence)
1

0.2508%
For an issue of Convertible Financial Products or
Options, the principal terms of Conversion (for
example the Conversion price and Conversion date
and the ranking of the Financial Product in relation
to other Classes of Financial Product) or the Option
(for example, the exercise price and exercise date)
N/A
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
Vesting of unquoted share rights (Share
Rights) and issuance of ordinary shares
under Tower Limited’s Long-Term
Incentive Plan (Plan), authorised by Board
resolution, on the basis that applicable
TSR performance hurdles were assessed
to be fully satisfied.
Total number of Financial Products of the Class
after the 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.
(1) 343,411,351 ordinary shares; and
(2) 3,693,232 Share Rights.
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
N/A


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

Specific authority for the issue, acquisition, or
redemption, including a reference to the rule
pursuant to which the issue, acquisition, or
redemption is made
Resolution of the Board and Listing Rule
4.9.1(b)

Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
The vesting of Share Rights, and the
issuance of shares thereunder, are for nil
cash consideration. The shares are issued
as fully paid ordinary shares on the same
terms as all other 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/redemption 29/01/2026
Section 3: Disclosure required for Placements made under Rule 4.5.1
[Issuers may opt to release Section 3 information (if not already done so) in a separate announcement within five Business Days of
the issuance. Delete this Section 3 if capital change is not the result of a Placement under Rule 4.5.1]

Details of the approach in identifying investors who
were able to participate in the offer and how their
respective allocations in the offer were determined.

The explanation must set out the key objectives
and criteria the Issuer adopted in the allocation
process, whether one of those objectives was a
best effort to allocate on a pro rata basis to existing
holders of the Issuer’s Equity Securities, and any
significant exceptions or deviations from those
objectives and criteria.
N/A
Section 4: Authority for this announcement and contact person
Name of person

authorised to make this
announcement
Michael Stiassny
Contact person for this announcement Emily Davies
Contact phone number 021 815 149
Contact email address Emily.davies@tower.co.nz
Date of release through MAP

30/01/2026