Demerger Announcements

Timetable

Saturday, 4 November 2006	Proxy Forms for the Special Meeting must be received by TOWER
Monday, 6 November 2006	Special Meeting of TOWER Shareholders to be held in Wellington, New Zealand
Friday, 10 November 2006	Final court hearing to approve the Separation
Monday, 13 November 2006	TOWER Shares trade on NZX (under the code TWRZ) and ASX (under the code TWRDA on a deferred settlement basis) from this date with no entitlement to TAL Shares, and after the capital reduction
Friday, 17 November 2006	Record Date for calculation of number of TAL Shares to be transferred under the Separation of TOWER
Monday, 20 November 2006	Transfer of TAL Shares to TOWER Shareholders and mailing of Shareholding Statements showing new shareholdings in TOWER NZ and TAL
Tuesday, 21 November 2006	TAL Shares listed on ASX and commence trading without the right to Entitlements. Entitlements commence trading on ASX. TOWER Shares resume normal trading on NZX and ASX
Monday, 27 November 2006	Record Date for calculation of number of Entitlements
Thursday, 30 November 2006	Mailing of Entitlement and Acceptance Forms to TAL shareholders
Thursday, 7 December 2006	Entitlements cease trading on ASX
Friday, 8 December 2006	New TAL Shares under Entitlements Offer commence trading on ASX on a deferred settlement basis
Thursday, 14 December 2006	Closing Date for receipt of Entitlements acceptances/renunciations
Tuesday, 19 December 2006	Allotment of new TAL Shares under Entitlements Offer and mailing of Shareholder Statements showing new shareholding in TAL