DECLARATION OF DIVIDEND

On May 17, 2012 (the “Payment Date”), Tower Properties Company (“Company”) paid a dividend of $2,065.00 per share on each of the 4,842 shares of issued and outstanding common stock of the Company, totaling in the aggregate $9,998,730.  On April 11, 2012, the Board of Directors declared a dividend which was payable to the holders of record of issued and outstanding shares of the common stock of the Company as of 5:00 p.m. CDT on April 30, 2012 (the “Record Date”).