2019 Annual Meeting Address

F Y 1 9
F U L L Y E A R R E S U L T S
P R E S E N T A T I O N
our
view
today
2 0 1 9 A N N UA L
S H A R E H O L D E R S
M E E T I N G
P R E S E N TAT I O N

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
2
Chairman’s Address

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Proxies and
postal votes
3
•Valid proxy and postal votes: 34.7M
•Proxy & postal as a percentage of ordinary shares on issue: 23.5%
•Proxies received that have identified the Chairman of the meeting as proxy:
27.0M

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Our recent market
announcement
4
•Adverse conditions for RV sales in North America have
impacted our retail and wholesale margins.
•If this continued throughout the remainder of FY20, then
NPAT would fall significantly below the average earnings
projections of the four analysts who cover thl.
•We are better placed to react and to develop our long
term market position than ever before.
•We remain focused on our long term goals and will utilise
our strong balance sheet and expertise to realise those
goals.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Meeting
Structure
5
•Chairman’s address
•Future-Fit and shareholder discussion
•CEO’s address
•Formal items of business
•General business
•Q&A
•Afternoon tea

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
A clear path
6
•Adoption of International Integrated Reporting
Framework, the Six Capitals framework and Future-
Fit Business Benchmark.
•Consideration of a number of extra-financial factors
with the Six Capitals framework: Financial,
Manufacturing, Social & Relationship, Intellectual,
Natural Capital.
•More comprehensive reporting in future, including
strategy, business model, vision and governance.
•Future-Fit enables us to measure progress toward a
complete suite of break-even goals that we must
meet in order to truly be a sustainable and fit-for-
the-future business.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Our approach to
sustainability
7
Our approach in recent years
•A commitment to integration of sustainability
into our plans and strategies.
•Established initiatives internally to improve our
performance, but without any connection to a
broader framework or ultimate goal.
•Able to quantifiably measure ourselves against
the targets we had set internally.
•A focus on being more sustainable than in the
previous year.
Our approach under FFB
•A clear goal to work towards –becoming a ‘Future-
Fit Business’.
•A number of goals which go beyond the prevalent
view of sustainability, which focuses on the
environment and emissions.
•Quantifiable measurement against externally
recognised, science-based goals.
•Not simply committed to integrating sustainability
into our plans and strategy –we havedone so.
•Incorporation of extra-financial factors into all
management and board reporting in the
organisation.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
8
A Future-Fit Business is one which is expected to
contribute to a Future-Fit Society.A Future-Fit
Society protects the possibility that humans and
other life will flourish on Earth by being
environmentally restorative, socially just and
economically inclusive.
Our intent is to become a Future-Fit Business.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
23 Break-Even Goals
The minimum a company
must strive to do to contribute enough
toward an environmentally restorative,
socially just and economically inclusive
future.
9

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
What does this
mean for us?
10
•All decision-making will be influenced by social,
environmental and financial impacts.
•We remain focused on return on funds
employed (ROFE).
•We will make extra-financial investments that
may provide returns below our ROFE target in
the short term:
•Future-Fit implementation team.
•Electric motorhomes.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Case study: investment in
electric vehicles
11
•A key initiative to eventually eliminate carbon
emissions from our fleet.
•We decided to take a leadership position in EVs,
instead of waiting for others.
•We expect strong financial returns in time, but
also considered the broader impact on the other
capitals in making the investment.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Financial costs and
investments
12
“As a start, we will be investing around $500,000 in FY20 to resource the
implementation of Future-Fit globally.”
•We will be working to better understand the costs of the investments we will need to make to reach
our FFB goals.
•We will have full transparency with shareholders and other stakeholders on these costs.
•We will undertake assessments in close to 50 locations worldwide, to better understand our current
performance against FFB goals.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
As shareholders, you have every right to ask questions
about how this will impact our business.
13

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Board Performance & Accountability
14

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
The Board
15
Debbie Birch
GráinneTroute
Graeme Wong
Kay Howe
Rob Campbell
Cathy Quinn
Debbie Birch
GráinneTroute
Rob Hamilton
Election (Resolution 1)
Guorong Qian
Election (Resolution 2)
Kay Howe
Retiring
Graeme Wong
Retiring

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
FY19 results
16
NZD $M
FY19
FY18
VAR
%
Operating revenue
423.0
425.9
(2.9)
(1%)
Earnings before interest
and tax*
62.1
86.6
(24.4)
(28%)
Operating profit before tax
39.9
76.2
(36.3)
(48%)
Profit after tax
29.8
62.4
(32.6)
(52%)
* includes non-recurring items
NZD $M
FY19
FY18
VAR
%
Ordinary NPAT
27.9
37.5
(9.7)
(26%)
One-off Deferred Tax Benefit
USA
1.9
1.8
0.1
6%
One-off Transactions
–
23.1
(23.1)
(100%)
Profit after tax
29.8
62.4
(32.7)
(52%)
•NPAT of $29.8M, down 52% on the prior year, which included the one-off gain
of $23.1M relating to the formation of Togo Group.
•EBIT (excluding non-recurring items) of $62.1M, down 2% on the prior year.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
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Longer term guidance
We still have the goal to achieve $50M NPAT with the
business we have today. It will require the USA
performance to improve, but otherwise remains an
achievable and appropriate goal.
If we were to add a date to this goal now, we would
need confidence about the timing of the USA business
rectification –and that is not something we are able to
do at this point in time.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
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Chairman’s closing
comments
•We remain committed to our three-fold
strategy:
•Be a global player in the RV market.
•Sustainably maximise returns.
•Engage in the broader RV ecosystem.
•We will continue to invest in Togo Group,
which presents a substantial opportunity.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Chief Executive’s Address
19

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Key events
Commencement of journey to become a Future-Fit
Business.
$80M raised through $50M pro-rata rights offer and
$30M placement to cornerstone shareholder HB
Holdings (CITIC Capital).
Explored a number of M&A opportunities that did not
proceed –but continue to have discussions with several
parties worldwide.
Deep review of USA business, following headwinds in
the vehicle sales market, and implemented the
initiatives identified in our review.
Addition of Rob Hamilton and Dr Guorong Qian to the
Board.
20

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
USA Performance

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
OurUSA performance
22
•We are pulling back investment
and expect to have strong
positive cash flow in FY20.
•We believe that the market
decline will abate and that
growth will return.
•We expect to be in a strong
position in the market and to
maximise on future growth in
the market once it has
returned.
US$Q1 FY20Q1 FY19VARVAR %
Rental Income$27.27M$27.60M($0.33M)(1.2%)
Proceeds from Sales of Motorhome Fleet$11.35M$12.51M($1.16M)(9.3%)
Cost of Sales of Motorhome Fleet($10.40M)($10.81M)($0.41M)(3.8%)
Total Operating & Administrative Expenses($11.73M)($11.78M)($0.05M)(0.4%)
Total Depreciation & Amortisation Expenses($3.45M)($2.54M)$0.91M35.8%
Total USA EBIT$13.04M$14.98M($1.94M)(13.0%)
US$Q1 FY20Q1 FY19VARVAR %
Motorhome Fleet Sales (Units)2442431.000.4%
Gain on Sales of Motorhome Fleet after Selling Costs$0.95M$1.70M($0.75M)(44.1%)
Total Average Gain on Sale After Selling Costs$3,872$7,021($3,149)(44.9%)
*Average gain on sale of motorhomes before selling costs is down 41% for Q1 FY20 on the prior corresponding
period.
*

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
The USA market context
23
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
0
50
100
150
200
250
300
350
400
450
500
19811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018
USA RV Shipments (1981 -2018)*
RV Shipments (000)YOY Growth %RV Shipments Trendline
*RV Industry Association data

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Update on USA
review and outlook
24
On track with all proposed actions.
Two branch closures announced.
Reduced team levels.
Reduced overheadcosts.
Significantly reduced fleet purchases.
Maintaining quality customer proposition.
XFurther systems integration behind
original plan.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Togo Group
25
Togo RV has over 70,000 registered users with Togo IDs.
Roadtrippers has over 3,900,000 users –13% growth.
Roadtrippers Plus has over 30,000 subscribers –684% growth.
Roadtrippers Plus primary retail selling price is at US$29.99 annually; Roadtrippers Places has over
25,000,000 unique points of interests.
All figures as at 30 September 2019. Growth percentages against figures at 30 September 2018.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Financial returns
from Togo Group
26
•From a thlperspective, we expect a minimum return on cash investment above 20%.
•thl’s total cash investment in Togo Group by end of FY20 expected to be approx. NZ$32M.
•Given the potential tech EBITDA margin, we believe the Togo Group EBIT performance still has
the potential to outpace our core business within a few years.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
27
Short term expectations
•Market update provided on Monday 21 October 2019.
•USA vehicle sales margin is the key focal point and issue.
•Remainder of the core business is broadly on track with our expectations.
•Forward bookings remain positive for the New Zealand, Australia and USA businesses.
•The Australian tax issue remains a contingent liability. We expect a resolution by March
2020.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Balance sheet and
capital expenditure
28
•Net debt at the end of FY20 is expected to be approximately NZ$135M –NZ$145M.
•Our view remains that a net debt:EBITDAratio around 2.0x is acceptable; however, we have
the capacity to exceed that for acquisitions and growth initiatives.
•Gross capital expenditure in FY20 is expected to be approximately $55 –60M lower than FY19,
as we reduce fleet purchases in the USA, adjust fleet size and reduce funds employed.
•New Zealand and Australia both have net capital investment in FY20.
* excludes LoC
126
171
201
197
137 -142
Gross Capital Expenditure ($M)
FY16FY17FY18FY19FY20F
79
176
199
202
135 -145
Net Debt* ($M)
FY16FY17FY18FY19FY20F

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Dividends
29
•Our dividend policy remains unchanged at 75 –90% of NPAT.
•FY20 dividend is expected to be at the higher end of our
dividend policy, as we expect a stronger cash flow from our
USA business.
•We will continue in FY20 with our position that we exclude
investment in Togo Group in calculating dividends.
•We expect to be able to impute our total FY20 dividend at
75% (vs. 50% total in FY19) -providing a relative benefit to
New Zealand tax resident shareholders.
•The FY20 interim dividend is expected to be paid in May
(previously April), in order to better align with our working
capital requirements.
9
10
1313
10
11
1414
19
21
2727
FY16FY17FY18FY19
Dividends
InterimFinal

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
30
Growth initiatives
New RV Super Centre in Auckland on the Fairfax
Industries site in Takanini.
Growth of Connected Customer Brand database to
approximately 144,000 members.
New product offerings within Kiwi Experience with
small group tour operations.
Global roll out of D365 enterprise finance system.
Togo Fleet roll out in Australia.
Continued work and roll out of rentals pricing
algorithm.
Launch of new motorhome product and trialling
variation of eRV with a longer range.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Our position in the
broader RV industry
31
•Strong competition in the vehicle sales market
from competitors likely stretched by weak balance
sheets –particularly smaller competitors.
•Rational competitor activity in the RV rentals
market.
•Our net debt:EBITDAratio of around 1.5x puts us
in a strong position.
•Others appear much higher than us -even as high
as over 5.0.
•We believe our balance sheet strength positions us
to win in this environment.
•Our product quality, customer service and
innovation means thlis strongly positioned in the
core trade market.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Chief Executive’s Closing Comments
32

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Questions
33

34
Business and
Resolutions

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
35
Resolution 1
Election of Rob Hamilton
That Robert David Hamilton (appointed as
a Director by the Board on 1 February
2019) be elected as a Director of the
Company.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
36
Resolution 2
Election of Dr Guorong
Qian
That Dr Guorong Qian (appointed as a
Director by the Board on 24 July 2019) be
elected as a Director of the Company.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
37
Resolution 3
Adoption of a new
Constitution
That the existing Constitution of the
Company be revoked and a new
Constitution in the form tabled at the
meeting, and referred to in the explanatory
notes, be adopted with effect from the
close of this meeting.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
38
Resolution 4
Auditors
That the Directors are authorised to fix the
remuneration of the auditors for the
ensuing year.

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Other
Business
39

40
Thank you

2 0 1 9 A N N U A L M E E T I N G P R E S E N T A T I O N
Disclaimer
41
This presentation, dated 31 October 2019, may contain forward-looking statements and projections. These reflect thl’s current expectations,
based on what it thinks are reasonable assumptions. For any number of reasons, the future could be different and the assumptions on which the
forward-looking statements and projections are based could be wrong. thlgives no warranty or representation as to its future financial
performance or any future matter. Except as required by law or NZX listing rules, thlis not obliged to update this presentation after its release,
even if things change materially.
This presentation has been prepared for publication in New Zealand and may not be released or distributed in the United States.
This presentation is for information purposes only and does not constitute financial advice. It is not an offer of securities, or a proposal or
invitation to make any such offer, in the United States or any other jurisdiction, and may not be relied upon in connection withany purchase of thl
securities. thlsecurities have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the
United States, except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US State securities
laws. Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication
of future performance.
This presentation may contain a number of non-GAAP financial measures. Because they are not defined by NZ GAAP or IFRS, thl’s calculation of
these measures may differ from similarly titled measures presented by other companies and they should not be considered in isolation from, or
construed as an alternative to, other financial measures determined in accordance with NZ GAAP.
This presentation does not take into account any specific investors objectives and does not constitute financial or investment advice. Investors are
encouraged to make an independent assessment of thl. The information contained in this presentation should be read in conjunction with thl’s
latest financial statements, which are available at: www.thlonline.com.

---

Tourism Holdings Limited
Tel: +64 9 336 4299
The Beach House
Fax: +64 9 309 9269
Level 1, 83 Beach Road
www.thlonline.com
Auckland City

PO Box 4293, Shortland Street

Auckland 1140, New Zealand



Self drive
Experiences
New Zealand
Australia
USA
UK


Design &
Manufacturing
New Zealand
Australia

Guided
Experiences
New Zealand


31 October 2019


MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl) ANNUAL MEETING – 31 OCTOBER 2019
CHAIRMAN | CHIEF EXECUTIVE ADDRESS

SLIDE 1 – Tourism Holdings Ltd Annual Meeting

SLIDE 2 – Welcome
Tena koutou katoa.

Welcome to the 33
rd
Annual Meeting for Tourism Holdings Limited. My name is Rob Campbell, your
Chairman.

As we have a quorum present, and it is 2:00pm, I declare the Annual Meeting open.

Before we move on to the agenda, I will cover a couple of housekeeping matters. If you have a cell
phone, please turn it to silent. If we need to evacuate this room for any reason, please head back to the
lifts and exit via the stairwells by the lifts. The assembly point is down Shortland Street and please
follow the instructions of the fire wardens

Firstly I want to acknowledge last week’s events and the postponement of our original meeting.

We thank you for your patience with us, while we quickly arranged for an alternate date and venue. We
have done our best to accommodate for everyone’s schedules, while trying to hold the meeting as soon
as possible. Unfortunately, our directors Graeme Wong and Dr Guorong Qian are apologies today. I
would like to acknowledge, in particular, Guorong’s commitment, as he had flown to New Zealand last
week in order to attend the Annual Meeting. In order to hold the meeting promptly, we were unable to
accommodate for Guorong’s attendance in person today, as he had a significant prior commitment in
Singapore. He has prepared an address to shareholders, which I will provide to you in his absence later
in the meeting.

We are conducting this Annual Meeting simultaneously here and online. I am joined by fellow directors
Debbie Birch, Kay Howe, Gráinne Troute, Cathy Quinn and Rob Hamilton. As already noted, we have
apologies from Graeme Wong and Guorong Qian.

Graeme Wong and Kay Howe are retiring at the end of the meeting and we will come back to
acknowledge their contributions. We’re also joined by our Chief Executive Officer, Grant Webster,
Acting Chief Financial Officer, Steven Hall and Company Secretary, Amir Ansari. Our Chief Financial
Officer, Jennifer Bunbury, gives her apologies, as she is currently on parental leave; returning on a part-
time basis next month and full-time from mid-January.

In the audience today, we have a number of the team from within the thl, Kiwi Experience, Action

Page 2 of 17


Manufacturing and Togo Group businesses.

SLIDE 3 – Proxies and Postal Votes Received
As indicated on the screen, we have received 34.7M valid proxies and postal votes, representing 23.5%
of the ordinary shares on issue. Of those, 27.0M have identified me, as Chair of the meeting, as proxy.

SLIDE 4 – Our Recent Market Announcement
Shareholders are aware that we provided an earnings update last Monday, which warned that the
adverse market conditions for RV sales in North America had impacted our retail and wholesale margins
substantially. We noted that if this continued during the winter months and, more importantly, into the
spring season towards the end of our current financial year, then net profit after tax would fall
significantly below the average earnings projections of the four analysts who cover thl. We also noted
that rental activity was at reasonable current and future booking levels, although the North American
market is very competitive, and that our Australasian businesses are performing to expectations. In all
markets, we consider that our share is growing and that our competitive position and offer is strong.

It will be obvious, but appears to need restating, that we do not control the North American market for
sales of used recreational vehicles. We will always face volatility. The present downturn is one of the
most serious and prolonged.

We are better placed to react and to develop our long-term market position than we have ever been
before. Given our market position and careful fleet management, we are navigating the market without
sustaining losses or weakening our future rental market offer. This is good asset management and
business operation, and we continue to improve our systems and efficiency through this period.

This is not a time for short-term thinking, but a time to retain clear focus on our long-term goals and to
utilise our balance sheet and expertise to realise those goals.

SLIDE 5 – Meeting Structure
Moving on to the rest of the meeting, I will first speak to our adoption of the Future-Fit Business
Benchmark. In this context, the adoption of the Future-Fit Business model is relevant. No aspect of this
new model of governing and managing this business is a distraction from long-term profitability. On the
contrary, it is required in order to provide a firm foundation in a world that is subject to radical and
sudden change. The tourism industry is very sensitive to social, economic and environmental change.
Accordingly, the industry itself must be ready and willing to change, not just in response to, but in
anticipation of, the coming change. The logic is consistent with our corporate activity to strengthen our
position in the North American market and to invest in the digital services component of the tourism
and RV industries through our Togo Group joint venture.

Given the significance of this decision for the future of thl, I will then open the meeting for questions on
Future-Fit, as we look to engage in an open dialogue with our shareholders. I will then provide a brief
strategic overview, and then hand over to our Chief Executive, Grant Webster, to provide more detail
on the year that has passed and our outlook for the near future. We will then conclude with the
formalities of the meeting, including the resolutions as detailed in the notice of meeting.

Page 3 of 17


SLIDE 6 – A Clear Path
Over the last 12 months, we have made some significant changes, including the adoption of the
International Integrated Reporting Framework, the Six Capitals Framework and the Future-Fit Business
Benchmark.

We completed our first sustainability report in 2017. That has quickly evolved to this year, where we
completed our first fully Integrated Report. The report is available online and I congratulate the team
involved in preparing it – it was a significant amount of work. I encourage those of you who have not
yet had a chance, to read it.

Moving forward we will be reporting more detail about our strategy, business model, vision and
governance than ever before. In our view, this type of integrated reporting is essential in order to allow
you, as the shareholders of the company, to make fully informed decisions about your choices of where
to invest. We have, over the years, been clear about what has worked well and what we need to do
better. However, the reality is that this has been primarily financially focused. Not a bad thing - but
also not the only measure that you, as shareholders are, or should be, interested in. As we move
forward we will disclose more about the details of how we operate, the outcomes of our actions in a
variety of ways; all in alignment with the kinds of measures you expect from us today.

We have adopted the Six Capitals Framework. In doing so, we are considering a wider range of issues
and opportunities that we had not previously actively considered. We see this as critical for business
moving forward and, indeed, a competitive advantage for the sincere early adopters. I emphasise that
it is not simply a matter of how we report, but a matter of how we make all management and board
decisions.

SLIDE 7 – Approach to Sustainability
As you know, the management team, supported fully by the Board, have been very focused on
sustainability initiatives over a number of years. They, rightly, questioned themselves over the last 12
months as to whether what they have been doing was enough; the right things - and whether it leads us
in the right direction for the type of business that is going to be successful in the long term, given all
market conditions. There was clearly a need for greater clarity and measurement. Our goals primarily
focused on how we can do better in the short term - we were missing a north star. This led the team to
the Future-Fit Business Benchmark.
The Future-Fit Business Benchmark team say FFBB is about “defining a line in the sand to really assess
extra financial performance in a holistic way. The Future-Fit Business Benchmark provides guidance,
grounded in investigable science, provides actionable insight and measures the things that matter, so
we manage the things that matter.”

SLIDE 8 – Future-Fit Statement
From a thl perspective, what resonates for us is, not only the vision, but the measurability and outcome
focus. Of course we want to contribute to a Future-Fit Society - a society that protects the possibility
that humans and other life will flourish on Earth. But we want to do that in a structured and sensible
fashion, which is clear and understandable, and relates to the generation of a profitable business.

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We know, as shareholders, that you hear a lot about corporations wanting to do “good”, especially
publicly listed ones. What we are intending to provide you with is:
 Clarity on where we are at;
 Transparency on what we are targeting to achieve;
 Strong measurability on our current state and performance against our targets; and
 We want to deliver leading products and services that customers desire, in a manner which is
economically, socially and environmentally sound.

SLIDE 9 – 23 Break-Even Goals
To become a Future-Fit Business is an ambitious goal – it will be a journey and we do not currently know
how long it will take us to get there, but we know that we must take action. In an ever more complex
and uncertain world, yesterday’s business models are no longer fit for purpose. We must find new ways
to create value for both our shareholders and society over the long term, without betting the farm at
one time.

In order to become a Future-Fit Business, we must achieve 100% against each of the 23 Break-Even
goals currently presented on the screen. I think, if you seriously consider these goals, there are none
that aren’t considered just good business.

We are realistic - it is not lost on us that we operate a fleet of over 6,000 diesel vehicles globally.
Ultimately, we need to become a net positive contributor in order to undo some of the damage to the
environment historically.

SLIDE 10 – What Does This Mean For Us?
As our shareholders, you are surely questioning what impact this will have for thl. We will be
challenging our business model to ensure that it is fit for the future. Across all decision-making in the
business, we will be assessing each of the six capitals and all of our internal reporting is changing to
follow the same approach.

We are not steering away from our focus on return on funds employed. In certain circumstances we
will make extra-financial investments that may, in the short term, provide returns below our ROFE
target. Significant time and consideration will be given to making these decisions.

We will assess the costs, the benefits and, importantly, the probability of the outcomes.

The change in financial terms is not about the level of returns, which we continue to target as being
significantly above our cost of capital, but rather the time scale and sustainability of those returns. It
will not be easy for analysts sifting through the detail of reports and commentaries for short-term
profits to adjust to this change. However, for long-term investors making measured decisions, we
believe the change will be welcome. It is certainly consistent with what the major institutional investors
are stating as their objective.

SLIDE 11 – EV Example
Let’s discuss the electric motorhome investment as a small case study. We want to eliminate carbon
emissions from our fleet. As an aside, within thl we don’t believe in just offsetting emissions. That is a

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story for another day; however, simply put, we want to eliminate the cause, not just mitigate the
current outcomes.

We could, as an organisation, wait on the side-lines and see what happens with electric motorhomes,
let others invest and wait for a time when the financials returns are clearer and more certain. We have
assessed that option and, to be honest, continue to assess it. We have determined that we will take a
leadership position, based on research, financial assessment and a strong belief in the probability that
we will gain significant competitive advantage from the work we are doing today.

The management team have researched customers’ preferences and desires (both current and
potential customers), what the chassis supplier situations are globally and have an understanding of
some of the risks and uncertainties around the likes of batteries and charging technology infrastructure.
There is regular board reporting on these topics and an analysis of the tipping points, where activity and
outcomes are expected to cause a rapid growth in the take-up of EVs in a profitable manner, aligned
with our ROFE goals.

In addition to all this, there are clear financial models we have created which show the expected returns
in time from a financial perspective, but also the other broader capital impacts.

We have learned a lot to date and are clear that the vehicle driving range is still the largest inhibiting
factor to a large scale roll out of the EV proposition. At the same time, we now know more about how
to maximise range within the vehicles, what is required from other partners in the supply chain for a
great customer experience and even what the running costs are compared to conventional fossil fuel
combustion engines.

In summary, we are doing what every business should - reviewing customer needs, creating new
products and ensuring that we have a business with a future, whilst delivering to a broad range of
societal needs. This is the type of measurability that comes with the FFBB benchmarking and what you
should expect from business. Not just rhetoric - but clear, justified investment and process.

SLIDE 12 – Measurement and Immediate Cost
We don’t yet know what all of the costs and investments will be for us to reach the Future-Fit goals, but
we will be working to understand this as we progress our Future-Fit implementation work over the next
12 months.

As a start, we will be investing around $500,000 in FY20 to resource the implementation of Future-Fit
globally. The team involved (most of whom will be on short-term contracts) will be helping us assess
where we stand today in close to 50 locations around the world. They will assist with creating systems
to enable easy reporting in the future, creating training plans to ensure processes are appropriate and
assist in creating a culture that ensures we deliver all of the benchmark requirements - financial
included.

SLIDE 13 – Future-Fit Q&A
I would now like to invite you to raise any questions you may have about the Future-Fit initiative. We
are also open to discussing questions one-on-one after the meeting, if you desire to be more private

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about your queries. Our GM Responsible Management, Saskia Verraes, who leads the Future-Fit
initiative internally, is also here and open to chat after the meeting.

Are there any questions on Future-Fit?

[Questions]

Thank you for your questions – we appreciate the engagement that we receive from our shareholders
on critical decisions such as this.

SLIDE 14 – Board Performance and Accountability
Consistent with our commitment to a Future-Fit Business I believe we should review our approach to
governance, including director election and retention, to see if it is consistent with the principles a
Future-Fit Business inspires. The question of boards, their roles, appointment processes, capability and
performance management are all ones that I consider as a Chair on an ongoing basis.

We are the guardians of your investment and we take that responsibility very seriously. You should, in
my view, be able to have a strong degree of confidence that the board representatives are diligent,
contributing and skilful.

My own view is that all boards across New Zealand should be challenging themselves on the best
approach to board composition - including from a diversity, experience and skills perspective. I also
believe the issues of tenure and effectiveness should be openly discussed in board rooms. I will be
discussing some ideas and concepts with shareholders over the coming months and look forward to
your input.

SLIDE 15 – The Current Board
During the year, Rob Hamilton and Dr Guorong Qian joined our board. Rob is currently the Chief
Financial Officer at SkyCity and had a career in investment banking prior to joining SkyCity. Guorong
joins us as a representative of our shareholder, CITIC Capital. He has been with CITIC Capital since its
founding and is currently its Vice Chairman, and President of CITIC Capital Equity Investment.

In compliance with the NZX Listing Rules, each of Rob and Guorong will be placing themselves up for
election at this meeting.

We also have two of our longest serving directors, Graeme Wong and Kay Howe, stepping down at the
end of this meeting. Again - in order to hold our annual meeting promptly, we were unfortunately
unable to accommodate for Graeme to attend in person today.

Graeme joined the thl Board in November 2007 and has been the Chair of our Audit Committee since
2015. He has been a part of a number of significant changes in thl’s history. thl today is very much a
different business from the time Graeme joined.

Kay joined the thl Board in October 2012 and has been the Chair of our Marketing & Customer
Experience Committee since 2017. Kay was a founder of United Vehicle Rentals, which merged into thl

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in 2012. Kay has brought hard-to-match industry experience to the thl Board over the last seven years.

Both have been very diligent and dedicated contributors to thl.

On behalf of the thl Board and management, I would like to take this opportunity to thank both Graeme
and Kay for their contribution to thl. We wish them both the best with their future endeavours.

Following the close of this meeting, the thl Board will consist of six directors, which we consider an
appropriate number and, therefore, will not look to fill Graeme or Kay’s positions at this point in time.

SLIDE 16 – FY19 Results
We released our integrated report on 27 August. Our financial results are covered in extensive detail in
that report. Grant will cover the core facts and so, rather than repeating that information, I will speak
to thl’s business model and strategic direction, before handing over to Grant.

FY19 results were well below our expectations, but have elements that need to be positively
acknowledged. The USA RV market had its largest decline in wholesale shipments since the GFC and,
likely, the second largest one-year decline in its history. Given ongoing market declines in retail RV sales
activity, and further to the USA operational review released in May, we are reviewing the business
performance and operating model again.

The difficulties in the US have, however, overshadowed great performances by a number of our other
businesses. Our New Zealand, Australia and Waitomo businesses all delivered record EBIT results. We
have very strong ROFE from these businesses as a whole and strong teams.

SLIDE 17 – Longer Term Guidance
We have previously discussed our longer term guidance and the fact that there is inherent uncertainty
in those numbers, but they provide you, as shareholders, with an understanding of what we are
targeting - and internally it provides a very clear expectation that we strive to meet.

Our last stated goal was to achieve $50M NPAT. We are clearly not on track to achieve that goal within
our expected timeframes. The reasons are simple - the USA market and the ongoing investment in Togo
Group. The rest of the core business is essentially on track with the goal. We are focused on ensuring
that the USA is managed appropriately in difficult and unusual trading conditions and we remain
confident in the longer term position of Togo Group.

Therefore, we still have the goal to achieve an NPAT of $50M with the business that we have today. It
will require the USA performance to improve, but otherwise it remains an achievable and appropriate
goal - one which management understand and need to deliver. If we were to add a date to this goal
now, we would need confidence about the timing of the USA business rectification - and that is not
something we are able to do at this point in time.

SLIDE 18 – Chairman’s Closing Comments
Last year we set out a three-fold strategy. To be a global player in the RV market, to sustainably
maximise returns and to engage in the broader RV ecosystem. We are well underway on executing that

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strategy. We will, at times, face headwinds - as we are currently facing in the USA. That does not
change our trajectory, nor does it mean we should abandon the opportunities that we are exploring
through our joint venture Togo Group or ignore the other global opportunities for growth and
acquisitions.

Togo Group continues to engage in a variety of areas in the wider RV ecosystem. A number of their
businesses have moved on from their initial stages and the opportunities are very real.

We said last year that we would continue to invest in Togo Group if we had confidence in its
performance. The opportunity with Togo Group is substantial and we are making progress – as such,
we are continuing to invest. Grant will discuss Togo group in more detail.

I will now pass on to Grant.

SLIDE 19 – Chief Executive’s Address
CEO Address – Grant Webster

Thank you Rob.

As we have in previous years, we will provide a brief update on the results and highlights for the prior
year, and then focus on new initiatives in the business and direction for the coming years.

Firstly, a quick overview of the FY19 result.

Without considering the one-off items relating to the formation of Togo Group in FY18:
 We delivered an ordinary NPAT result of $27.9M;
 Revenue was down 1% for the year;
 Our ordinary EBIT was $62.1M - down 2%; and
 We delivered a full year dividend in line with the prior year, at 27cps.

SLIDES 20 - Key Events
The last 12 months have been a busy time at thl, with a number of key events that I will touch on. I will
discuss the release from earlier this week, providing a further update on the USA.

As Rob has covered, we commenced our journey to become a Future-Fit Business. This initiative will
guide our path into the future. Importantly, we are confident that this will be critical to ensuring we are
around in another 35 years as a business; succeeding, meeting the needs of customers, shareholders,
the community, our team and the environment.

In July, we completed our $80M capital raise, which included a $30M placement to our existing
shareholder CITIC Capital, and a follow-on rights offer. We raised capital to strengthen our balance
sheet, provide greater flexibility to execute on M&A opportunities, and for further investment in Togo
Group. We received strong support in both the rights offer and the shortfall book build, which brought a
number of new investors onto our share register. Thank you to our existing investors, and also to our
new investors, for your support in our journey.

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As I have noted in the past, thl has a long history of M&A activity – it is part of who we are and we are
always exploring opportunities for growth by acquisition. We have had a number of potential
acquisitions explored over the last 12 months, which did not eventuate. We explored, in detail, two
acquisition opportunities involving overseas businesses. The outcome is disappointing, but we decided
not to proceed with these opportunities because we applied the same capital disciplines that we have in
our operating business. We are disciplined on pricing and do not mind missing chances to reduce value.

We have continued discussions with several parties around the globe. My summary at this point would
be that vendors are open to sell at present – but, with the realities of today’s trading environment, this
hasn’t yet translated to lower price expectations. Where there is an appropriate transaction at the right
price, we will act.

In my view we are building relationships; enquiring, but not getting distracted from the core operation
of the business at the same time. We have, for many years, managed the business and explored
opportunities - and that shouldn’t stop, or we will stop creating a future of growth.

As an example, there was one entity in North America that we explored and rejected, based on the fleet
values and our concerns on the ability of that fleet to be sold at a realistic price. Most other metrics in
that business were attractive in some manner. We know what to look for and will remain disciplined.

SLIDE 21 – USA Performance
The USA business is rightly a point of focus for everyone.

The results for the last year have been well traversed, so I will focus on the current and future expected
state.

SLIDE 22 – Our USA Performance

The information provided on screen summarises our performance in the USA for the first quarter of
FY20, particularly in the vehicle sales context. In summary:
 From a vehicle sales perspective, we are down over 40% in margin on the prior corresponding
period. Our margins have also been impacted by some one-off bulk deals within the wholesale
market, which have also kept our vehicle sales by units in line with the prior year.
 From a rentals perspective, we have near flat revenue against last year to date, and our forward
book for the remainder of this calendar year looks ok. The early stage outlook for calendar year
2020 is positive, and we are currently seeing yield and volume growth for that period.

The current difficulties in the USA vehicle sales market are a market issue, and I will shortly speak to our
view on the wider market. However, we have a responsibility to do everything we can to manage these
issues effectively.

SLIDE 23 – USA Market Context
In the wider USA RV market, we see the current context as follows:
 We understand that the excess wholesale and dealer inventory that impacted FY19 has been

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cleared.
 We know that retail sales, however, have recently continued to decline - with recent figures
showing a 15% decline on last year.
 The motorised sector of the industry is suffering more than towable.
 The outlook is for further declines in calendar year 2019. The RVIA
1
has forecast a 17% drop in 2019
for total new RV shipments in North America, and a further drop of up to 8% in 2020.
 This has resulted in severe cuts to margins within the dealership networks, which has impacted us.
 We are seeing very different results by week and state to state; the market is volatile and uncertain.
Uncertain in this context includes the potential for recovery in margin and volume in the North
American springtime.
 We have full confidence that the current market conditions are not secular and we will see a
recovery in time. Over the very long term (greater than 40 years), compounding growth rates for
this industry are around 3.5% - as is illustrated in the diagram currently provided on screen.

The USA rentals market update is as follows:
 We continue to see some price pressure in the domestic market from the peer-to-peer players.
 Balancing that, the international market demand remains strong; however, we have seen some
yield pressure, as the industry has had excess fleet (due to the lack of sales).
 We believe the international market players have all adjusted fleet purchases and, thus, reduced
2020 fleet numbers to match the change in demand domestically, thus improving yields as reflected
in our early bookings for this period.

Overall, we are making money in the USA. We are pulling back the invested quantum of funds we have
in the USA, reducing fleet, and receiving cash from this business in this period. We have a strong belief
that the market declines will abate and growth will return and we will be in a position to maximise that
growth.

SLIDE 24 – Update on USA Review
It is important to update you on the progress of the previous review we conducted.

In short, we are on track with the changes we proposed.

We have closed locations, reduced team levels, reduced costs and, importantly, have reduced fleet
purchases dramatically. The review is not a point in time exercise – we have further reviews underway.

We would encourage you to have a look at some of the other RV-related publicly listed entities in the
USA. The current situation is clear - as is the confidence in the future.

SLIDE 25 – Togo Group
The Togo Group business has had a big year of change and development. In short, as per the previous
commentary from thl and the Chairman’s comments today, we remain committed to this business and
the future potential.

1
RV Industry Association

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Progress in this business has not been as fast as we had intended. We have delivered on the core
product launch dates; however, the customer traction from the Togo product was not deep enough. In
simple terms, we didn’t offer enough features and benefits to warrant the cost to the consumer. The
product was live - but also had some user experience issues, which were unacceptable. We stopped
marketing the product aggressively as a result. Importantly, the addressable market for the business is
substantive and we don’t see any changes in that over the last six months. The competitor set has also
not changed - thus, we see the opportunity remains.

We understand the need to be as clear as we can about our performance and metrics and will always
look to do that, whilst protecting the competitive position of the business.

This slide shows our progress to date.

The Togo RV app currently has over 70,000 registered users; however, as noted, we pulled right back on
marketing, as the product is enhanced. The UX has improved and feature set is increasing weekly. We
have a strong Roadtrippers integration with the new Explore feature. This coming USA spring is a
critical time for this product, as we relaunch our marketing efforts.

Roadtrippers has successfully launched the Plus subscription product over the last year and the product
is tracking in line with its targets to date. The current total RT user base exceeds 3.9 million.
Subscribers are in the tens of thousands - and continue to grow. The retail price of this product is USD
$29.99 per annum – a very affordable price.

The Roadtrippers business model is also enabling the leverage of content as an adjunct to the core
business. In short, the content creation team are able to be used as a revenue-generating content
studio for the tourism industry; another leverage of the core asset.

Telematics and Togo Fleet (fleet platform) are both going fully live this financial year and will be
available for sale beyond thl, leveraging the investment made to date.

The Outdoria joint venture in AU and NZ is exceeding its initial targets, with CamperMate performing
particularly well. User growth, revenue and cost management are all exceeding targets. This also
provides us with confidence in the model in the long term. The CamperMate product is the oldest of the
product suite and has a very high market penetration.

Mighway has withdrawn from the USA market for now, as the VC-based players burn significant
amounts of cash, in what seems to be a race to gain revenue metrics that will entice some poor investor
to buy them. The New Zealand business has refocused accordingly and is currently on track to be close
to profit this year. The outlook in this market remains positive and we have a clear leadership position.

SLIDE 26 – Financial Returns from Togo Group
From a thl perspective, we consider the financial drain of this business and the opportunity constantly.
We believe there are a range of possible outcomes; we consider the financial returns in the following
manner:

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1. We expect the absolute minimum to be a return on the cash investment we have made in the
business above 20%. By the end of FY20 we expect our cash contribution to be circa $32M. Based
on the CamperMate business revenue metrics and size of the North American addressable market,
we remain confident this return can be achieved. In reality, this profit could come from only one of
the key opportunities succeeding - we still believe that they can all succeed.
2. We expect all parts of the business to succeed to some degree; this would provide a return well
above 20% as we hit a scale point that covers the core overheads.
3. The targeted return remains well above these levels. We firmly believe that, based on the market
size, potential revenue per user and EBITDA margin, this would result in an EBIT performance that
could easily outpace the thl core business within a few years.

Importantly, we can see that the business model works and, critically, we can see a customer
acquisition cost that is very manageable, with strong recurring revenue streams. This opportunity
remains far more significant than the profit thl makes today from the core rentals business globally.

In our view, the very worst that could occur if we aren’t successful (and we will be) is that we will need
to consider other options for the technology that we have created. Our approach to Mighway is a good
example of our discipline in this space. We have withdrawn from a market where the investment
exceeded any realistic return and focused on where we are winning and probabilities of success are
higher.

SLIDE 27 – Forecast
The vehicle sales market in the USA is dragging down the total thl result.

With the decrease in margin, and lower than expected volumes to date, we are expecting the USA to be
down up to 50% on last year’s result, unless the spring period has a very substantially improved market.
There is some exchange rate impact within that expectation. The business is very focused on managing
costs and sales in response.

The tourism businesses in New Zealand are operating in a softer broader market, but there is no
material change against last year’s performance at this time.

Positively, the New Zealand and Australian rentals businesses still have revenue growth and we expect
some growth in vehicle sales for both these businesses. Costs in Australia will be higher, primarily due to
wage increases, as previously indicated. We are close to the high season and the forward book remains
up on last year, single digit.

If these market dynamics continued, then our current expectation is that the FY20 NPAT result would be
below the FY19 ordinary NPAT (exclusive of non-recurring items) result of $27.9M. The FY19 ordinary
result excluded the impact of a non-recurring $1.9M deferred tax benefit.

The Australian tax issue, which is a contingent liability, remains unresolved; however, we expect an
outcome around March 2020.

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SLIDE 28 – Balance Sheet and Capital Expenditure
Our net debt of $202M at year-end was relatively stable compared to the prior year. Net debt across
the year was generally higher, due to the slow vehicle sales in the USA, but the $30M equity investment
from CITIC Capital completed just prior to year-end. We completed our $50M rights offer in early FY20
and, therefore, saw an equal reduction in our net debt position.

Based on the current business performance, we are forecasting net debt at the end of FY20 to be
between $135M and $145M - down approximately $60M on June 2019.

Gross capital expenditure in FY20 is expected to be circa $55M lower than in FY19, as we will be making
fewer vehicle purchases in the USA, to adjust fleet size and reduce funds employed in that business.
New Zealand and Australia have net capital investment in FY20.

This reduction in capital expenditure is the appropriate action to take, without creating a long term
issue for the business. We are in a position where we can reduce the total investment in the business,
reduce the rental fleet size to improve utilisation, and yet still have a small investment in new fleet to
ensure we have the right customer proposition for the long term.

We remain focused on ROFE and are in a position to acquire or invest, as appropriate.

SLIDE 29 - Dividends
Our dividend policy remains as it has been, where we intend to pay out between 75-90% of NPAT in
dividends in any given year. This year we expect to have a pay-out ratio at the high end of this range -
close to 90%.

We restate our position that we are excluding the Togo Group investment when considering the
dividend calculation. This is a genuine investment and one in which we expect to see a return in time.

We have a greater proportion of earnings generated in New Zealand at present and, thus, we are able
to impute the dividends for FY20 at 75%, rather than the 50% applied to both dividends in the last year.
This provides those eligible shareholders with a relative benefit.

We will make a final determination on the cents per share for the dividend for the first half with the
result release in February.

SLIDE 30 – Growth Initiatives
Despite the recent USA headwinds, we continue to see thl as a growth-oriented company. If we didn’t,
we would be eliminating the future potential of the company. We constantly have a number of
initiatives underway, which are aimed at growing our business.

 We recently opened another RV Super Centre in Auckland on the Fairfax site in Takanini. More than
just retail, this site offers us the facilities and people capability to vastly increase our service and
repair work, eliminate outsourced repairs and create significant productivity improvements at the
core Mangere site.
 At last year’s Annual Meeting we announced the launch of our Connected Customer Brand. Our

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customer database currently has 144,000 members. Over the next 12 months, our Connected
Customer Brand database will continue to grow as we improve our member benefits. For those of
you who are thl customers as well as shareholders, I would encourage you to join our connected
database by visiting experiencethl.com.
 We recently launched a new small group tour operation within Kiwi Experience and can already see
that taking market share from competitors.
 We are in the final days of our roll out of our D365 enterprise finance system globally.
 Togo fleet is continuing its roll out in Australia and New Zealand.
 We continue to roll out our pricing algorithm.
 We have launched new motorhome product and are in the middle of trials on another variation on
an eV that might be suitable for thl, with a longer range.

SLIDE 31 – Competition
It is somewhat unusual to talk about the competition; however, in this environment we think it is
important to emphasise to you where we have strength and that from what we see and hear we are in a
very strong position relative to most others.

As you should in any competitive market, we keep a close eye on the competition - whilst ensuring we
play our own game.

What we see today is a competitive set that is likely stretched by weak balance sheets in a slow vehicle
sales market. They are, however, a generally rational competitor set from a rentals perspective.

Again, from a debt perspective, we have a strong balance sheet; we are currently tracking around a 1.5x
net debt to EBITDA ratio - we have seen others much higher; indeed, over 5.0x in at least one
circumstance. We are here for the long term and have the capacity to acquire, where appropriate, and
withstand poorer market trading conditions.

We are consistently told by our trade partners that we can demand a price beyond what the
competition does, due to our product quality, customer service, innovation and, importantly, as a
consistent partner who operates with integrity. We value that position in the market and I would like
to thank all the team in thl - in particular, our front line and sales teams, who work with our customers
every day and deliver that culture.

SLIDE 32 – Closing
I would like to thank you all for your attendance and ongoing support of the business.

We know some aspects of the business look hard at the moment. That tough USA business is, however,
delivering a very strong cash return to thl this year.

I am resolute in my view that thl is a good company, with strong discipline.

We are achieving record results in most of the business. Look at New Zealand Rentals, our largest
business - ROFE at nearly 20% and EBIT over $30M. Compare that to 2015, where New Zealand Rentals

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delivered $12.2M EBIT and 10.6% ROFE, or 2010 where EBIT was only $1.9M.

We most likely have the strongest balance sheet in the RV rental industry globally.

We are delivering strong dividends.

We are are making money in the USA, despite the conditions.

We are not what we were ten years ago. Any comparison of the thl then and now will be emotive and
meaningless.

I am convinced that we have the right business and skills to reach our $50M NPAT target, and more. I
very happily stake my job on it.

Thank you as well to all the team at thl - as I’ve indicated, we are a fast moving, global business with lots
of moving parts. That takes dedication to deliver - and the thl team does just that.

Thank you.

I will now pass back to the Chairman to proceed with any questions from the floor, and to address the
proposed resolutions.

SLIDE 33 – Questions

Rob Campbell

Thanks Grant.

I would like to open up to the floor, and online, for questions. If you are attending the meeting online,
you are able to ask questions by clicking on ‘ask a question’. Further information on this is set out in the
virtual Annual Meeting online portal guide that has been sent to shareholders. To ensure the questions
on the Resolutions being asked online make it to me as we go through each Resolution, I would ask that
shareholders who are attending the meeting online submit those questions now. For those who are in
the room, we have microphones available and I would ask you to hold up your admittance card if you
would like to raise a question. When you speak, please tell us your name and whether you are a
shareholder or proxy holder, for the Minutes. Following any questions from the floor, we will answer
any questions submitted online, that have not already been answered.

Are there any questions?

SLIDE 34 – Business and Resolutions
There being no more questions, I will now move on to the formal items of business on the agenda.

As indicated, we are operating a poll vote for all Resolutions today. Eligible shareholder or proxies have
been given a voting card. For each Resolution, you need to tick the box indicating whether you are

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voting for or against the Resolution, or abstaining. Link representatives will collect the voting cards at
the end of the Resolutions, prior to general business, and the votes will be counted and collated with
the postal and online votes.

For those attending the meeting online, you will be able to cast your vote by clicking ‘get voting card’ -
further instructions can be found in the online portal guide.

PricewaterhouseCoopers are acting as scrutineers and, once the result of the Resolutions have been
confirmed, these will be announced to the NZX. Moving on to the Resolutions:

SLIDE 35 – Resolution 1
Resolution 1 – Election of Rob Hamilton
That Robert David Hamilton (appointed as a Director by the Board on 1 February 2019) be elected as a
Director of the Company.

I will now ask Rob to speak.

[Rob to speak briefly]

Thank you Rob. Are there any questions for Rob? If not, can you please cast your vote on the voting
card, or online, in relation to Resolution 1?

Moving onto the next Resolution.

SLIDE 36 – Resolution 2
Resolution 2 – Election of Dr Guorong Qian
That Dr Guorong Qian (appointed as a Director by the Board on 24 July 2019) be elected as a Director of
the Company.

I will now read the address that Guorong has prepared.

[Rob to speak briefly]

Are there any questions? If not, can you please cast your vote on the voting card, or online, in relation
to Resolution 2?

SLIDE 37 – Resolution 3
Resolution 3 – Adoption of a new Constitution
That the existing Constitution of the Company be revoked and a new Constitution in the form tabled at
the meeting, and referred to in the explanatory notes, be adopted with effect from the close of this
meeting.

Explanatory note 2 in the Notice of Meeting also contained a summary of changes to the Constitution.

Are there any questions in relation to Resolution 3? If there are no questions, I would ask you to cast

Page 17 of 17


your vote on your voting card, or online, for Resolution 3.

SLIDE 38 – Resolution 4
Resolution 4 – Auditors
That the Directors are authorised to fix the remuneration of the auditors for the ensuing year.

Are there any questions in relation to Resolution 4? If there are no questions, I would ask you to cast
your vote on your voting card, or online, for Resolution 4.

SLIDE 39 – General Business
That ends the Resolutions for this meeting. We will move on to General Business. Are there any other
items shareholders would like to raise?

There being no other matters of business, I would like to thank you all for attending and I now declare
the meeting closed and invite those of you attending in person to a light afternoon tea.

SLIDE 40 – Thank You

SLIDE 41 – Disclaimer

ENDS

Authorised by:

Rob Campbell
Chairman, Tourism Holdings Limited

For further information contact:

Grant Webster
thl Chief Executive
Direct Dial: +64 9 336 4255
Mobile: +64 21 449 210

About thl (www.thlonline.com)

thl is a global tourism operator. We are listed on the NZX and are the largest provider of RVs for rent and sale in Australia and
New Zealand, and the second largest in North America. In the USA we own and operate the Road Bear RV Rentals & Sales brand
and El Monte RV Rentals & Sales. thl is a 50:50 partner, along with Thor Industries Inc. - the largest RV manufacturer in North
America (a NYSE listed entity), in the joint venture company Togo Group – Togo Group is a global digital platform for the RV
industry; it owns and operates several brands including Roadtrippers, Mighway and Togo RV. In the UK, thl owns 49% of Just go
Motorhomes. Within New Zealand we operate Kiwi Experience and the Discover Waitomo group, which includes Waitomo
Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co. thl is a joint venture partner in Action
Manufacturing LP, New Zealand’s largest motorhome and specialist vehicle manufacturer.