ALLOT: TWR: Issue of shares under executive option plan

11 Mar 2010 2:44 pm

TWR 11/03/2010 ALLOT

REL: 1444 HRS Tower Limited

ALLOT: TWR: Issue of shares under executive option plan

Notice of allotment of shares

In accordance with NZSX Listing Rule 7.12.1, TOWER advises it has allotted 114,304 shares following the exercise of 114,304 options under the TOWER Limited Executive Option Plan. The details are:

a. Class of security issued: ordinary shares. ISIN NZTWRE0001S3

b. Number Issued: 114,304

c. Issue price: In respect of 23,652 shares, $1.94 and in respect of 90,652 shares, $1.92 (being the average weighted sale price of an ordinary share in TOWER on the NZX over the five trading days immediately preceding the date of exercise of the relevant options)

d. Payment Terms: Cash

e. Amount paid up: In respect of 23,652 shares, $1.94 per share and in respect of 90,652 shares,$1.92 per share

f. Percentage of total Class: 0.04%

g. Reason for issue: Exercise of options.

h. Authority for the issue: resolution of TOWER's Board.

i. Terms of issue: Not applicable

j. Number of securities in existence after issue: 258,538,180 ordinary shares and 6,381,304 unlisted options.

k. Not applicable.

l. Date of issue: 11 March 2010.

In accordance with ASX Listing Rule 3.10.5, an Appendix 3B announcement is attached.

A disclosure notice, and an Appendix 3Y notice, in relation to the change in the number of options and shares held by the trustee of the TOWER Limited Executive Option Plan is also attached.

Bronwyn Walsh Company Secretary & Compliance Manager TOWER Limited End CA:00192370 For:TWR Type:ALLOT Time:2010-03-11:14:44:04

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