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Tower - Sale of Management Rights

MEDIA RELEASE: For Immediate Release

Sale of Management Rights for the TOWER TORTIS-OZZY Fund to Smartshares Limited

3 July 2006 – TOWER today confirmed the sale of the TORTIS-OZZY exchange traded fund (ETF) to Smartshares Limited, a wholly owned subsidiary of New Zealand Exchange Limited. After completion of the due diligence process, the sale was confirmed on 30 June 2006.

The sale of the TORTIS-OZZY Fund (re-named smartOZZY) is good news all round. It enables TOWER to capitalise on recent positive growth and returns, providing resources to focus on their unlisted actively managed product range. A perfect match for New Zealand Exchange Limited, smartOZZY will compliment their current stable of investment products.

It is ‘business as usual’ for TORTIS-OZZY (now smartOZZY) investors, who will continue to receive the quality of service they enjoyed under the previous management of TOWER. Over the coming months, TOWER will channel resources into the new KiwiSaver Savings Plan and implementing the tax changes to managed funds, both of which come into effect on 1 April 2007.

ENDS

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