2021 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
2021 thl
Annual
Meeting
21 October 2021

2 0 2 1 A N N U A L M E E T I N G
2021 Annual Meeting
•Welcome
•Questions can be submitted at any time during the meeting –for
assistance refer to the online portal guide or contact the helpline on 0800
200 220
•Quorum present
•Directors and management team in attendance
2

2 0 2 1 A N N U A L M E E T I N G
Proxies and postal votes
•Valid proxy and postal votes: 57.4M
•Proxy and postal as percentage of ordinary shares on issue: 37.8%
•Proxies received identifying Chair of meeting as proxy: 42.5M
3

2 0 2 1 A N N U A L M E E T I N G
Agenda
•Chair’s address
•Chief Executive’s address
•General Q&A session on business and performance
•Three resolutions
•Close of meeting
4

2 0 2 1 A N N U A L M E E T I N G
Chair’s
address

2 0 2 1 A N N U A L M E E T I N G2 0 2 1 A N N U A L M E E T I N G
FY21 summary
6
•Continued to operate in a highly volatile environment
•Statutory net loss after tax of $14.5M, and ordinary net loss after tax of $14.3M
down $34.3M on the pcp
•Continued balance sheet management with net debt of $49M at year-end and
refinanced debt facilities of up to $250M through to 2024
•Record vehicle sales revenue and volumes, selling over 2,900 vehicles globally
•Growth in average vehicle sales margin per vehiclein all countries. Some of this gain
should be considered one off in nature
•Experienced structural growth in the RV travel category

2 0 2 1 A N N U A L M E E T I N G
Year in review
As at 30 June 2021
TOTAL REVENUE
$359M
(2020:$401M)
NETPROFITAFTERTAX(NPAT)
-$14.5M
(2020:$27.4M)
-10%
TOTAL FLEET AT YEAR-END
4,242
(2020:5,815)
EBITDA
$40.4M
(2020:$111.7M)
EBIT
-$8.3M
(2020:$48.6M)
XX%
SALE OF GOODS REVENUE
$229M
(2020:$143M)
7
NET DEBT AT YEAR-END
$49M
(2020:$128M)
-62%
+60%
-117%
-153%
-64%-27%
NET TANGIBLE ASSETS
PER SHARE
$1.73
(2020:$1.86)
-7%

2 0 2 1 A N N U A L M E E T I N G
Rebalancing to vehicle sales and managing debt
8
•Proven capability to
manage the balance
sheet
•No current plans to
raise capital for
balance sheet
protection or fleet
regrowth
188
184
166
128
98
75
49
33
38
22
32
63
62
45
46
49
0
20
40
60
80
100
120
140
160
180
200
Net Debt (NZ$M)
thl had record vehicle sales revenue, volume and average sales margin per vehicle in all three countries in FY21

2 0 2 1 A N N U A L M E E T I N G
Positioning for the future
9
•Reinvesting in fleet and generating opportunities for the future without creating undue risk
•Being proactive about our future fleet needs with projects assessing the most suited new
technologies
•Numerous internal projects to continue to strengthen our core competency of running an
efficient RV rentals business
•Development and launch of the Cosmos booking and fleet management system
•Developed the domestic aspects of our business and generated new domestic revenue streams
•Acquired the remaining 50% interest in Action Manufacturing and are exploring further
complementary acquisitions

2 0 2 1 A N N U A L M E E T I N G
Our views on tourism and the RV market
10
•We are confident that international leisure tourism will return in all markets in which we operate
•We are confident our core RV category will continue to increase its proportion of the total tourism market globally
•We believe that we have the business model, people capability and balance sheet to enable an appropriate return
on capital for shareholders over a reasonable time period
•Broadly we see no structural reason why thlcan’t achieve the $50M NPAT target we set in 2017, within two years of
the global tourism system operating in a pre-COVID-like manner
•We continue to explore acquisition opportunities globally, as we always have
•We remain open and transparent in our Integrated Report on the key risks we see for this business in the short and
long term
•We remain focussed on creating long term sustainable value for all our stakeholders

2 0 2 1 A N N U A L M E E T I N G
Chief
Executive’s
address

2 0 2 1 A N N U A L M E E T I N G
Keeping our
crew and
customers
safe

2 0 2 1 A N N U A L M E E T I N G
Notable events in the year
13
•Minimised the loss and protected shareholders once again from any dilutive capital raise
•Purchased the remaining 50% of Action Manufacturing, a business with a very strong forward book of in excess
of $100M in revenue
1
•Created new records across the business for volume and margin
•Successes in the technology space with some cost and timing challenges that we are focused on improving
•Managed the challenges of the global supply chain leveraging long standing relationships
•Increased front line wages in the USA and New Zealand in line with the thlFuture Fit wage approach
•Continued to create ‘alternative revenue’ opportunities
•Deeper engagement in Waitomo with the owners and wider community
1
Includes intragroup motorhome revenue between Action Manufacturing and the New Zealand and Australian rentals business, as well as external revenue attributable to the
specialist vehicle manufacturing business.

2 0 2 1 A N N U A L M E E T I N G
The current state of the business
14
•Lockdowns in New Zealand and Australia have dented our performance in Q1 of FY22 compared
to our expectations
•Operating at approximately 40% utilisation in Australia and 20% in New Zealand
•USA high season below expectations as indicated in the FY21 Annual Results, but a positive
outlook for the return of international tourism
•Continued positive vehicle sales market. 620 vehicles sold globally in Q1 due to us limiting sales
in certain markets to ensure an appropriate rental fleet size
•Sale margins have continued the exceptional trend and are up on the corresponding Q1 last year
•Strong ongoing management of operational costs

2 0 2 1 A N N U A L M E E T I N G
Our value is backed by realisable, in demand assets
15
155
156
160160
173
172
194
250
277
325
312
99
96
120
79
69
79
176
199
202
128
49
0
50
100
150
200
250
300
350
30-Jun-1130-Jun-1230-Jun-1330-Jun-1430-Jun-1530-Jun-1630-Jun-1730-Jun-1830-Jun-1930-Jun-2030-Jun-21
Balance sheet
Total equityNet debt
Includes approximately
$274M in vehicles at book
value
As at 30 June 2021, thlhad a statutory net tangible assets per share of $1.73
Based on our historical sales
margins, we conservatively
estimate the additional real
equity in our fleet at 30
June 2021 is at least ~$27M
to $55M and reflects an
additional ~18 to 36 cents
per share

2 0 2 1 A N N U A L M E E T I N G2 0 2 1 A N N U A L M E E T I N G
Fleet investment
16
•Net capital expenditure in FY22 now expected to be between $25M to
$60M, as we sell more vehicles and move New Zealand vehicle on-fleet
dates into FY23
•USA: Decreasing fleet into winter and is expected to regrow fleet in the
CY22 high season
•Australia: Fleet size has passed its low point and has started to regrow
•NewZealand: Likely to see a low point at the end of CY21, and will start
to rebuild throughout CY22, accelerating in the second half of CY23

2 0 2 1 A N N U A L M E E T I N G
Our debt facilities enable fleet regrowth
17
1
Includes USD, GBP and AUD denominated commitments and a NZ$50M facility that
becomes available from December 2021.
Maturityof debt facilities ($NZ)
June 2023
$50M
June 2024
1
$201M
Total facilities
1
$251M
•Refinanced our debt facilities in June 2021 with
committed funding of up to $250M through to
2024
•Net debt is currently below $50M
•Current headroom enables us to increase fleet by
up to 2,500 vehicles
•Targeting the USA and Australia returning to pre-
COVID fleet levels at some point in FY23
•New Zealand fleet regrowth is more uncertain and
will likely take longer

2 0 2 1 A N N U A L M E E T I N G2 0 2 1 A N N U A L M E E T I N G
Outlook
18
•Continued uncertainty makes any specific FY22 NPAT guidance inappropriate
but reiterate that we expect there will be an NPAT loss in FY22
•H1 FY22 is expected to be down on FY21 due to the Delta impact in New
Zealand and Australia, lower USA rental performance and less government
support globally
•We expect H2 FY22 will be significantly improved on FY21 as vaccination rates in
Australasia climb, restrictions ease and operating conditions improve
•No structural reason we see today that would prevent thl from achieving the
pre-COVID NPAT goal of $50M in future
•Expect to provide a further update in December 2021

2 0 2 1 A N N U A L M E E T I N G
We are working with a
Future-Fit methodology
and mindset.
We have a path
19

2 0 2 1 A N N U A L M E E T I N G
A positive future
20
Whilst acknowledging the current loss situation, the
business is very well positioned to emerge from this
pandemic period with a leading market position,
wellmanaged balance sheet, new revenue streams, a
growth orientated manufacturing business and a capable,
motivated crew.

2 0 2 1 A N N U A L M E E T I N G
General
questions
relating to
business

2 0 2 1 A N N U A L M E E T I N G
Voting
22
•Three ordinary resolutions
•Voting by way of poll
•Vote using the electronic voting card once online registration is validated
•Refer to virtual meeting online portal guide or contact helpline on 0800
200 220

2 0 2 1 A N N U A L M E E T I N G
Voting and asking questions
23
Voting card
Questionbox

2 0 2 1 A N N U A L M E E T I N G
Resolutions
24
Resolution 1
Re-election of
Rob Campbell
That Robert James Campbell, who retires
by rotation and is eligible for re-election,
be re-elected as a Director of the Company.

2 0 2 1 A N N U A L M E E T I N G
Resolutions
25
Resolution 2
Re-election of
Debbie Birch
That Debra Ruth Birch, who retires by
rotation and is eligible for re-election, be
re-elected as a Director of the Company.

2 0 2 1 A N N U A L M E E T I N G
Resolutions
26
Resolution 3
Auditor remuneration
That the Directors are authorised to fix the
remuneration of the auditors for the
ensuing year.

2 0 2 1 A N N U A L M E E T I N G
General
business and
closing

2 0 2 1 A N N U A L M E E T I N G2 0 2 1 A N N U A L M E E T I N G
Disclaimer
28
This presentation, dated 21 October 2021, 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 with any purchase of thl securities. thl
securities 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


21 October 2021

NZX ANNOUNCEMENT
TOURISM HOLDINGS LIMITED (thl)

2021 ANNUAL SHAREHOLDERS’ MEETING

Chair – Rob Campbell

Clearly the last 12 months has been the most volatile period in thl’s history, and unfortunately
that has resulted in its largest ordinary loss. We do believe that within that context however, the
business has been managed well and has continued to adapt. The balance sheet has been
appropriately managed and the future of the business has been protected.

A highlight of the business has been the shift of focus to vehicle sales. We have sold over 2,900
RVs through an effective and profitable RV sales business, and have made the most of the
increase in demand combined with automotive supply issues, to deliver record volumes and
margins in each country. While some of this demand growth for RVs is situational and one-off in
nature, there is industry research that supports the view that there is structural growth in the
RV category, as a greater proportion of younger buyers and families choose RV travel.

On screen you will find a summary of our financial performance for the 2021 financial year. The
results clearly demonstrate that we operate in very different circumstances in each jurisdiction.
The New Zealand business has had the largest loss, given it had the largest fleet within our rentals
businesses and the smallest domestic population by a significant margin. Australia saw a very
positive domestic environment from December 2020 through to late June when the Delta variant
caused closures across New South Wales and Victoria. The USA business had a very positive FY21
with a record vehicle sales contribution and a domestic RV rentals business that benefitted from
little other suitable holiday options being available.

I won’t spend much time on the results now as the detail is in our Integrated Report. We will
take any questions on the results later in the meeting. I will however note that thl continues to
be underpinned by a strong NTA per share of $1.73 as at the end of FY21.

One natural outcome of our loss for FY21 is that we have declared no dividend, as was the case
in the last financial year. We acknowledge the ongoing impact that this has on shareholders. Our

expectation is that there will be no dividend in FY22. The resumption of dividends will be reliant
on our business returning to profitability and there being a positive outlook containing some
degree of certainty and consistency.

We have said for some time that thl has a flexible business model, allowing it to manage its
capital structure in a downturn by driving vehicle sales and right sizing its fleet. This has now
been proven again over the last year, with debt reduction of almost 90% between March and
December 2020. This flexibility has allowed us to face the current headwinds without raising
equity during the pandemic period. Because of this, we continue to see no need to raise equity
as a result of the current trading conditions.

We have equally been focused on investing in our future while appropriately managing the
present circumstances. There is a fine balance between the positivity of the long-term outlook
and our focus on the future, and closely managing and responding to the difficulties at present.
We constantly assess this balance in order to ensure that we are reinvesting and generating
opportunities for the future without creating undue risk.

Through the last 12 months we have continued to invest in fleet purchases, ensuring we maintain
a high quality, late model fleet of motorhomes. In doing so, we have clear mitigation plans should
international borders continue to remain closed for an extended period. We also continue to be
proactive about our future fleet needs, particularly given supply side challenges for electric
chassis. We have refuelled our projects focussed on what our future fleet should look like,
looking at the latest views on the most suited technologies.

We have implemented several internal projects, improving aspects of our businesses including
vehicle designs and the full customer experience. We developed and launched our Cosmos
booking system in Australasia and are underway with adaptation for the US business. We have
also taken a new approach to how we engage with our global trade partners.

In the absence of international travel, the domestic aspects of our business have been further
developed, providing our business with greater resilience through a broader set of revenue
streams. Our sales and retail arms will play a bigger role in the business moving forward, as we
shift some of our Australian locations into a dealership model and leverage the overheads to
provide a wider workshop and retail accessory offering.

In March we acquired the remaining 50% of Action Manufacturing. For years, the team at Action
Manufacturing have been doing exciting work in the specialist vehicle segment. This is an area
that we will be investing in further and positively the business has a full forward order book for
the current financial year. thl’s current balance sheet strength also enables us to consider small
acquisition opportunities that complement the Action Manufacturing business.

Creating a variety of scenarios and considering the potential outcomes is now the norm. Dealing
with the consequences of those changes is more challenging but a must do, particularly for
tourism businesses. You can see with the thl results that we are continuing to adapt and create
flexibility.

Determining a very specific view on tourism is dangerous and potentially misleading given the
degree of subjectivity involved. At a high level the following statements best describe the current
thl position:
 We are confident that international leisure tourism will return in all markets in which we
operate;
 We are confident our core RV category will continue to increase its proportion of the total
tourism market globally;
 We believe that we have the business model, people capability and balance sheet to enable
an appropriate return on capital for shareholders over a reasonable time period;
 Broadly we see no structural reason why thl can’t achieve the $50M NPAT target we disclosed
to the market in 2017 within two years of the global tourism system operating in a pre-
COVID-like manner;
 We continue to explore acquisition opportunities globally, as we always have;
 We remain open and transparent in our Integrated Report on the key risks we see for this
business in the short and long term; and
 We remain focussed on creating long term sustainable value for all our stakeholders.

I’m proud to be Chair of thl and thank everyone of the crew for the manner in which they have
operated over the past 12 months.

Chief Executive Officer – Grant Webster

Here in New Zealand today from a COVID-19 perspective it feels like we have only recently
started to get a real sense of the kind of life most of the rest of the world has been living with in
the last 12 months. Keeping customers and crew safe has to be the highest priority for the
executive and the business as a whole. We are fortunate to have a passionate set of leaders
across the globe that have led the introduction of new protocols very effectively. Our people also
recognise the importance of vaccinations for the safety of our crew, customers and society, and
this is recognised by the vaccination rates within our business in each jurisdiction being higher
than the rates for the general eligible population. As a result of these factors, we have had no
traceable spread of COVID within any of our workplaces. Within the USA in particular that is a
great success. To the crew that make this happen, day in day out, I would like to say thank you.
Another very challenging year but one where the thl crew have demonstrated the values of this
organisation and are moving forward together in a very special way.

It is worthwhile very quickly noting some key events from FY21, and not just the good elements:
 We had our largest operating loss on record, not something we are pleased about at all,
however we are of the view that we minimised the loss and importantly protected
shareholders again from a dilutive capital raise, a rarity in the tourism industry;
 We purchased the remaining 50% of Action Manufacturing, a business with a very strong
forward book in excess of $100M in revenue;
 We rode the global RV vehicle sales wave well, creating new records across the business for
sales volume and margin;
 We had some great successes in the technology space throughout the year, albeit with some
challenges from a cost and timing perspective, an area for improvement the team are
focussed on;
 We have battled every week with the challenges of the global supply chain. The impact on
thl relative to others has been largely mitigated due to the crew’s long standing relationships,
agility in planning and classic hard work;
 We have increased front line wages in the USA and New Zealand in line with the thl Future
Fit wage approach. Not only has this been the right thing to do, it provides a very clear return
on investment. Ensuring our crew are paid a wage that ensures them the basic necessities in
life is right and makes sense. We see productivity increase, higher retention and can recruit
more effectively;
 We have created more what we call “alternative revenue” opportunities. Most recently you
may have seen some of our product being used to assist health with mobile vaccination

centres;
 In Waitomo we have dug deep and changed the way we operate, knowing we are in a
community that has been devastated by the lack of tourism. New community based events,
deeper engagement with our owners and making the most of the Kaimahi for Nature
programme with Te Papa Atawhai are all real successes in a financially tough year; and
 We have more opportunities for all parts of the business planned for the coming year.

The Chair has provided an overview of the results for FY21 and they are well canvassed in the
Integrated Report and year end Investor Presentation, so I will focus on the current state of the
business.

The lockdown situations in New Zealand and Australia have dented our performance in Q1 of
FY22 compared to our expectations. Rental activity is very inconsistent in these countries at the
moment. Pleasingly, we still are operating with close to 40% utilisation in Australia within the
States that are open and by utilising non-holiday rental opportunities. New Zealand is around
20% utilisation.

The USA high season was below our expectations as indicated in our year-end reporting. We
remained well up on our pre-COVID domestic performance, but down on the calendar year 20
high season. The winter shoulder season has shown a similar rental trend although the
international outlook is much more positive, which I will discuss shortly.

From a vehicle sales perspective, the market remains positive. Given our intent to limit sales in
certain markets to ensure an appropriate rental fleet size, we finished quarter one with 620
vehicle sales globally. Margins have continued the exceptional trend from the last six months
and are up on the corresponding quarter one last year.

Costs have been well managed to the lower volume and are appropriately down on last year.

Before discussing the broader outlook it is important to consider the vehicles we sell and the
value they hold.

It was noticeable to us during the year end and recent investor presentations that the manner in
which we described our fleet value resonated. We got more questions and feedback on this topic
than we have historically.

We operate our rental and vehicle sales businesses as separate arms, ensuring the right
incentives and disciplines exist within each business. Like it would with any other independent
business, our rental business supplies the sales business with vehicles at wholesale prices below
retail value, which the sales business then sells for a profit. This means that we have a fleet that
is worth more in market than represented in our books. Internally we call this embedded equity.

The slide here shows the value of the equity in the business. At the latest year-end, our book
value reflected a net tangible asset value of $1.73 per share. Above that we have our embedded
fleet equity, which we expect to be around 18 to 36 cents per share, depending on whether you
take the higher recent margins, or the longer term average.

This is what underpins both the value in thl and the ability of the business to manage the balance
sheet.

While it is critical that we continue to manage to the conditions, we are at a point where we see
international tourism resuming and we need to look to start to grow the fleet again. Our current
fleet expectations are as follows:
 The USA is going into winter so will be decreasing fleet, but only on a seasonal basis. We
expect that we will start to regrow fleet in the calendar 22 high season. Given the supply
constraints in that market, we will be holding back on sales over the coming months while
we gain more confidence in the number of vehicles we can get;
 In Australia, we believe that we have passed the low point in fleet size and have started
to regrow fleet.
 New Zealand will likely hit a low point at the end of this calendar year and throughout
calendar 22 we will slowly start to rebuild the fleet numbers, and accelerate that growth
rate through the second half of calendar 22.

From a net capital expenditure perspective, given we have been able to sell more vehicles than
planned, and as we move New Zealand vehicle on-fleet dates into FY23, we are revising our
expected net capital expenditure down to between $25M and $60M for FY22. We see no value
in projecting a year-end net debt figure at this point in time as we will continue to actively
manage the balance between purchases, sales and rental activity.

A question we are often asked is can you return to the fleet levels you had pre-COVID, and then
if so, when do you expect to get there?

Firstly, yes we can re-fleet. From a funding perspective we are very fortunate to have long
standing, supportive partners in ANZ and Westpac. All things remaining equal, we will have
around $200M of available headroom in facilities at the end of calendar 2021. The tenure of
those facilities were also extended earlier this year. That headroom gives us the ability to add
close to 2,500 vehicles, recognising that fleet mix by type and country can have a large impact
on the numbers.

Answering the second part, when we might get there, is harder.

As evidenced by the last 18 months, we will continue to treat fleet and balance sheet
management as a key focus for the business. Any prediction today therefore still has the risk of
being misleading. So recognising that, as a general guide only we are targeting for the USA and
Australia to get back to pre-COVID fleet levels at some point in FY23. New Zealand fleet regrowth
is more uncertain but will likely take longer than that.

The question we are asked regarding future fleet plans, is a proxy for the deeper question, can
you get back to the profit levels you had pre COVID. Reinforcing the comments from the Chair,
there is no structural reason we see today that would prevent us from achieving that pre-COVID
NPAT goal of $50M in future. Indeed we could potentially achieve that goal with less capital
employed than would have been required pre-COVID, given the improved low capital businesses
and lower cost base.

That, however, is the future. Today we are still focussed on limiting the impact of border closures
and lockdowns on the current financial year.

We continue to believe that the current conditions make any NPAT guidance for FY22
inappropriate. Our expectations remain that we will have an NPAT loss in FY22 but we are more
positive about the certainty of international travel of some form in all markets in FY23.

Within FY22, we expect the first half performance will be down on FY21, driven by the Delta
impact in New Zealand and Australia, the lower USA rental performance and less government
support globally relative to the prior year. Conversely, we expect H2 will be significantly
improved on FY21 as vaccinations rates in Australasia climb, restrictions ease and operating
conditions improve. We expect the continued benefit of lower fleet and expect vehicle sales
margins to remain strong.

We will likely provide another update in December, assuming there is greater clarity in forward
bookings, particularly the international interest in the USA from the core European and UK
markets.

It is easy to let the COVID situation become all-consuming and distracting as we minimise losses
and protect the business. We have however taken an approach that it is critical to maintain a
strategic outlook on all aspects of the business. We are guided well by our Future Fit goals. We
call it our pathway. We know where we need to go and it provides both the measurement tools
and the mind set to ensure the decisions and actions will create a better business. One that is
here for the long term.

We know there is an advantage to stay ahead of the emission challenge in this business, to
challenge the channel strategies, and to build new designs that reduce cost and improve the
customer experience. Most importantly, we benefit from reviewing and enhancing the way we
recruit, train and retain our crew so we can deliver customer experiences that align with our
purpose of creating unforgettable journeys.

Whilst acknowledging the current loss situation, the business is very well positioned to emerge
from this pandemic period with a leading market position, well managed balance sheet, new
revenue streams, a growth orientated manufacturing business and a capable, motivated crew.

Before passing back to Rob I would like to again thank all the crew in thl, you our shareholders
for your support and also our Board, who as well as constantly challenging management, are also
supportive of the whole business.

ENDS

Authorised by:

Rob Campbell
Chair, Tourism Holdings Limited

For further information contact:
Grant Webster
thl Chief Executive Officer

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. 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 also owns and operates
Action Manufacturing, New Zealand’s largest motorhome and specialist vehicle manufacturer.