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Back to business for Tower

Monday 11th August 2003

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Tower managed to clear A$270 million ($302 million) worth of debt following its successful rights issue and sale of Tower Trust.

The company says that the capital raising attracted strong shareholder and market support.

As scheduled, Tower has repaid its A$100 million Floating Rate Note (FRN) facility and has also fully repaid its A$170 million syndicated bank debt
facility. A new A$70 million bank debt facility has been put in place - the new facility is provided by two banks and is for a three-year term.

Tower will continue to focus on the fundamentals of its business as it rebuilds and revitalises its operations.

The allotment of new shares was completed on Friday. It total 234,183,612 new fully paid ordinary shares were alloted, bringing its total issued capital to 409,819,692 ordinary shares.

Tower's share register currently records the 20 largest holders of ordinary Tower shares as follows:

1 Ithaca (Custodians) Limited, 17.1%
2 Hanover Portfolio Limited, 9.1
3 Equity Nominees Limited, 4.33
4 Westpac Banking Corporation - Client Assets No 2 - NZCSD a/c, 3.8
5 National Nominees New Zealand Limited - a/c NZCSD, 2.44
6 Citibank Nominees (New Zealand) Limited - a/c NZCSD, 1.61
7 ANZ Nominees Limited - a/c NZCSD, 1.46
8 Public Trust Permanent Nominees Limited Tower Share Trust - NZCSD, 1.25
9 RBC Global Services Australia Nominees Pty Ltd, 1.12
10 AMP Life Limited - NZCSD, 0.91
11 National Nominees Limited, 0.6
12 AMP Superannuation Tracker Fund - NZCSD 0.53,
13 Berne No 132 Nominees Pty Limited, 0.47
14 First NZ Capital Securities, 0.44
15 AMP Investments Strategic Equity Growth Fund - a/c NZCSD, 0.44
16 Tower Trust, 0.42
17 Tower Trust Limited, 0.42
18 Leveraged Equities Custodians Limited, 0.41
19 Citicorp Nominees Pty Limited, 0.36
20 Hanover Portfolio Limited, 0.36

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