Isse of Unlisted Share Rights under Tower's LTIP

Tower Limited 136 Fanshawe Street, PO Box 90347, Auckland 1142, New Zealand
Freephone: 0800 808 808 Calling from overseas: +64 9 369 2000 tower.co.nz

10 November 2026
Issue of unlisted share rights under Tower's LTIP
Please see attached Capital Change Notice pursuant to NZX listing rule 3.13.1. This notice relates to
the issue of share rights in respect of 37,375 ordinary shares to employees. The share rights are
being issued pursuant to the Tower Limited Long Term Incentive Plan.
This announcement is authorised by Paul Johnston, Chief Executive Officer.
For media enquiries, please contact:
Emily Davies
Head of Corporate Affairs and Sustainability
+64 21 815 149
emily.davies@tower.co.nz
For investor enquiries, please contact:
James Silcock
Head of Strategy, Planning and Investor Relations
+64 22 395 9327
james.silcock@tower.co.nz

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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 Unquoted share rights (Share Rights)
ISIN (If unknown, check on NZX website) N/A
Currency NZ$
Section 2: Capital change details
Number issued/acquired/redeemed 37,375
Nominal value (if any) N/A
Issue/acquisition/redemption price per security Share Rights are 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

1.14%
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)
Each Share Right converts on a 1:1 basis
for nil cash consideration into fully paid
ordinary shares, subject to the
performance of Tower Limited’s Total
Shareholder Return relative to that of the
entities comprising the NZX50 index over
a 3 year vesting period ending 11
December 2028, provided that Tower
Limited’s Total Shareholder Return is
positive. Share Rights are not
transferrable and may not be
encumbered, nor do they confer any
voting or distribution rights, rights of
ownership (beneficial or legal) in any
existing shares, or any other right
incidental to or arising out of the
ownership of shares.
Reason for issue/acquisition/redemption and
specific authority for issue/acquisition/redemption/
(the reason for change must be identified here)
The issue of Share Rights under Tower’s
Long Term Incentive Plan to incentivise
and retain employees.

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

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.
3,327,735
In the case of an acquisition of shares, whether
those shares are to be held as treasury stock
N/A
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 Rules
4.6.1 and 4.9.1(b)
Terms or details of the issue, acquisition, or
redemption (for example: restrictions, escrow
arrangements)
No cash consideration is payable by the
participants on the grant of the Share
Rights or on the delivery of shares
following vesting of Share Rights. Vesting
of Share Rights is subject to the
performance of Tower Limited’s Total
Shareholder Return as noted above, and
continued employment.
Date of issue/acquisition/redemption
2
09/11/2026
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
Paul Johnston
Contact person for this announcement
Arna Neems
Contact phone number
+64 275 45 4437

Contact email address
arna.neems@tower.co.nz
Date of release through MAP

10/11/2026




2
Continuous issuers using this form in reliance on Rule 3.13.2, please indicate the period during which the relevant
issue/acquisition/redemptions were made (for example, 1 January 2019 to 31 January 2019).