Announcement

SSH: TWR: SSH - Devon Funds Management Limited 03:08pm 
TWR
21/05/2012 15:08
SSH

REL: 1508 HRS Tower Limited

SSH: TWR: SSH - Devon Funds Management Limited

SSH: TOWER Limited: SSH Notice - (Devon Funds Management Limited)
21 May 2012

Disclosure of beginning to have substantial holding Section 22, Securities
Markets Act 1988

To: NZX
And: Tower Ltd
Date this disclosure made: 21 May 2012

Substantial security holder(s) giving disclosure

Name(s): Devon Funds Management Limited
Contact details: Niall Hartigan
Ph: +64 9 925 3990
E-mail: nhartigan@devonfunds.co.nz
Date on which substantial security holder(s) began to have substantial
holding: 18 May 2012

Summary of substantial holding to which disclosure relates

Class of listed voting securities: Ordinary Shares, ISIN NZTWRE0001S3
Summary for: Devon Funds Management Limited

For this disclosure,--

(a) total number held in class: 13,549,512
(b) total in class: 266,371,322
(c) total percentage held in class: 5.09%

For last disclosure,--

(a) total number held in class: n/a
(b) total in class: n/a
(c) total percentage held in class: n/a

Details of transactions and events giving rise to person beginning to have
substantial holding

Details of the transactions or other events requiring disclosure under the
instructions to this form: Purchase of shares on 18 May 2012 (settlement
date 23 May 2012)

Additional information

Nature of connection between substantial security holders: NA
Address(es) of substantial security holder(s): Level 10, Rabobank Tower, 2
Commerce Street Auckland 1010, New Zealand
Name of any other person believed to have given, or believed to be required
to give, a disclosure under the Act in relation to the securities to which
this disclosure relates: N/A

Declaration

I, Niall Hartigan, declare 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.
End CA:00223079 For:TWR Type:SSH Time:2012-05-21 15:08:28

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