TOWER Finance Limited – Allocation of Capital Notes 

In accordance with NZX Listing Rule 7.12.1, TOWER Finance Limited advises that it has issued 75,000,000 NZ$1.00 capital notes under, on the terms set out in, its registered Prospectus and Investment Statement dated 18 June 2004.  TOWER Finance Limited is pleased to announce that its offer of capital notes, which was for a base amount of 65,000,000 notes, was oversubscribed and TOWER Finance has issued a further 10,000,000 notes to fulfil those over subscriptions.

a. The class of security issued is unsecured subordinated capital notes.  The ISIN is NZTFND0002S7.

b. 75,000,000 capital notes have been issued.

c. The issue price is NZ$1.00.

d. Payment was received in cash.

e. The amount payable has been received in full.

f. The percentage of the total class issued is 100%.

g. The issue is to provide long term debt funding for the TOWER Group.

h. The authority for the issue is the Prospectus and Investment Statement and directors resolutions of TOWER Finance limited.

i. The terms of the issue are set out in the Investment Statement and Prospectus dated 18 June 2004.

j. The number of capital notes in existence after the issue is 75,000,000.

k. Not applicable.
 
l. The capital notes have been allotted on a daily basis since the offer opened on 22 June 2004.  The offer closed on 20 July 2004.  The capital notes are to be quoted on the NZDX on the date of this announcement.

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