On June 9, 2009 Tower Properties Company (Tower) acquired 435 shares of Tower’s common stock owned by Mr. James M. Kemper, Jr. (Mr. Kemper). Tower purchased Mr. Kemper’s shares for $5,500.01 per share. The 435 shares purchased for $2,392,504.35 from Mr. Kemper represented approximately 8% of Tower’s outstanding shares.
Mr. Kemper is a director of Tower. This transaction was authorized by the Board of Directors in a resolution approved at a Special Meeting of the Board of Directors on June 5, 2009.