2022 Annual Meeting Address

FY19
FULL YEAR RESULTS
PRESENTATION
Unforgettable Journeys
ANNUALMEETING 2022

thl
ANNUAL MEETING
2022
2
Welcome

thlANNUAL MEETING 2022
3
Proxies and postal votes
•Valid proxy and postal votes: 54.9 million
•Proxy and postal votes as a percentage of ordinary shares on issue: 35.2%
•Proxies received identifying the Chair of the meeting as proxy: 49.2 million

thlANNUAL MEETING 2022
4
Today’s agenda
•Chair’s address
•Chief Executive’s address
•General Q&A on business
and performance
•Resolutions
•Close of meeting

thl
ANNUAL MEETING
2022
5
Chair's
Address

thlANNUAL MEETING 2022
6
A momentous meeting
•Significantmilestones on the Apollotransaction
achieved
•We believe COVID-19 pandemic impactsare now
largely in the rear-viewmirror
•Economicconditions globally mean there are
headwinds, but weexpect growth to continue
thisyear and beyond
•Focused on protecting shareholder value, our crew
and engaging with new customersegments
•Did not raise capital during thisloss period,
protecting shareholders’ investments and effectively
managing the balance sheet and debt levels

thlANNUAL MEETING 2022
7
A major milestone – merger with Apollo
The merger creates a diversified, leading RV travel company across NZ, Australia, North America, Europe and the United Kingdom
Global reach
Expansion in Europe and entry to Canadian
market – highly complementary to thl’s
existing United States operations
Synergies
Material synergy opportunity for the merged
group
(Estimated $27M to $31M recurring pre-tax cash synergy
across Australia and New Zealand)
Vertically integrated across
Australasia
Manufacturing capability in both Australia
and New Zealand supported by acquisition
of Australian dealership operations
Platform for future growth
Geographically diversified, access to capital
and supply deriskedby manufacturing
Better positioned to
capitalise on the
anticipated post-
COVID-19 recovery of
international tourism

thlANNUAL MEETING 2022
8
FY22 – a year of two halves
•Significant impacts from the Delta
wave in Australia and New Zealand
•Travel border restrictions lifting later
than anticipated
•Strong vehicle sales performance
•Ongoing global supply constraints
•Delay in the planned delivery of new
vehicles impacted performance in
the USA high season
•Entered agreement to merge with
Apollo and to sell mighway and
SHAREaCAMPER to Camplify
July –Dec 21
•An exceptional Australian recovery
following the lifting of international
and state level border restrictions
•New Zealand borders remained
largely closed to international
travellers
•Vehicle sales margins and
performance continued to improve
to record levels
•Supply constraints remained
ongoing
•Heavily engaged with competition
regulators on obtaining clearance for
the Apollo merger
Jan –June 22

thlANNUAL MEETING 2022
9
What’s next for thl?
•Merger is currently expected to complete at the
end of November 2022
•Our primary focus for the coming year is
successfully integrating
thl and Apollo
•Workis underway to get ready for change including
integrating key systems and providing clarity around
the process
•Disciplineof balance sheet management including
achieving an appropriatereturn onfunds remains
key
•We will continue to look for further
growthopportunities
•Continue to expect FY23 net profit after tax above
$30 million on a standalone basis

thl
ANNUAL MEETING
2022
10
Chair’s
closing
remarks

thl
ANNUAL MEETING
2022
11
Chief
Executive's
Address

thlANNUAL MEETING 2022
12
1Excludes non-recurring items.
2Excludes purchase of buyback vehicles.
3Net debt refers to interest bearing loans less cash and cash equivalents.
TOTAL REVENUE
$345.8M
FY21: $359.2M
UNDERLYING NETLOSS AFTERTAX
1
-$5.4M
FY21: -$14.3M
-4%
NET DEBT AT YEAR END
3
$58.5M
FY21: $48.7M
FLEET PURCHASES
2
1,514
FY21:1,116
SALE OF GOODS REVENUE
$226.9M
FY21: $229.1M
FLEET AT YEAR END
3,858
FY21:4,242
STATUTORY NET LOSS AFTER TAX
-$2.1M
FY21: -$14.5M
-1%
+85%
-9%
+63%
+36%
+183%
+20%
EBIT
$6.9M
FY21: -$8.3M
FY22 year in review

thlANNUAL MEETING 2022
13
Moving forward
With M&A activity and core business improvement projects
1
2
3
4
5
6
7
8
Sale of mighway and SHAREaCAMPER,
acquisition of remaining interest in
triptech and sale of shares in Togo
Group
Acquisition of remaining interest in Just
go Motorhomes
Acquisition of Freighter by Action
Manufacturing
Growing and embedding non-tourism
activity into our business
TRX 25 global customer experience
improvement project
RV Super Centre business expansion
project
Investing in new fleet designs and
vehicle models
Ongoing R&D on the Future Fleet
programme

thlANNUAL MEETING 2022
14
Update on the thl and Apollo merger
Key eventIndicative date
Entry into Scheme Implementation Deed10 December 2021
Replacement Scheme Booklet released
Wednesday, 26 October 2022
Apollo Shareholder Scheme Meeting
Friday, 11 November 2022
Second Court DateFriday, 18 November 2022
Completion of the Asset DivestmentWednesday, 30 November 2022
Implementation Date Wednesday, 30 November 2022
Admission of thlto the ASX as a foreign exempt listingThursday, 1 December 2022
All dates following the date of the Scheme Meeting are indicative only and, among other things, are subject to all necessary approvals from the Supreme
Court of Queensland, ASIC, ASX, NZX and any other relevant government agency, and any other conditions to the Scheme having beensatisfied or, if
applicable, waived.

thlANNUAL MEETING 2022
15
The integration roadmap
Pre-confirmationRoad to completionInterim operationsRoad to integration
Looking to the
future
Unlocking further
opportunities
1
23a3b45
Regulatory approvals
obtained
Merger
terms
agreed
Merger
completion
End of ANZ high
season
Primarily focused on ANZ Rentals and Group Support integration

thlANNUAL MEETING 2022
Our sustainability journey
16
•Wearefocusedonourhighestpriority
sustainabilityissues- theemissionsfromuse
ofvehiclesandoperations
•Decarbonisingfleetdependsontechnology
andinfrastructurenotyetreadilyavailable
•Actionwillbedesigninganddevelopinga new
electricRVproductinFY23
•Wehavecommittedtoanabsolutereduction
ofScope1andScope2greenhousegas
emissionsby50.4%byFY32
Climate & Carbon Strategy
Future Fleet Programme
Pooling of financial resources and improved scale accelerates progress on the
electrification of our fleet
Sustainable Procurement
Circular Economy Pilots
Aligned procurement practices and procedures that recognise social, economic and
environmental factors
Accelerate
Partnership for Positive Impacts
Bringing together expertise in operational excellence, industry health & safety and local
community engagement in New Zealand and Australia
Ignition
Creating Future-Fit branches
Consolidating and establishing large scale joint branches, incorporating Future-Fit needs
around water use, waste and emissions

thlANNUAL MEETING 2022
State of the RV and travel
industry
17
•The growing focus on responsible
and regenerate travel by the
industry globally is very welcome
•Travel in an RV resonates with
customers – it provides an intimate,
authentic experience connecting
with nature and the great outdoors
•Long-term trends towards more
sustainable travel suit the
experience that RV travel provides –
we remain positive that the category
will grow

thlANNUAL MEETING 2022
18
Outlook
Expectations remain for a net profit after tax above $30 million
•Strong outlook for upcoming high
season with positive yields
•Vehicle sales margin holding up
well but expect to see some
reduction in remainder of year
•Strong recovery with an
expectation of profitability in FY23
New Zealand
•Strong outlook for upcoming high
season with positive yields
•Vehicle sales margin holding up well
but expect to see some reduction in
remainder of year
•Business is set up to deliver a record
EBIT result in FY23
Australia
•High season has extended into a
strong shoulder season
•Continued international demand
in 2023, despite global uncertainty
•RV retail sales are declining across
industry – motorised vehicles less
impacted
United States
•Return of first cruise ship customers
and coach tours to Waitomo
recently, but summer may be
impacted by labour challenges
•Kiwi Experience is recovering
positively with strong yields
•Expected to deliver positive EBIT in
FY23
Tourism

thl
ANNUAL MEETING
2022
19
Chief
Executive’s
closing
remarks

thl
ANNUAL MEETING
2022
20
Q&A

thlANNUAL MEETING 2022
21
Voting
•Two 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

thlANNUAL MEETING 2022
22
Resolutions
Resolution 1
Re-election of
Rob Hamilton
That Robert David Hamilton, who retires by rotation and
is eligible for re-election, be re-elected as a Director of
the Company.

thlANNUAL MEETING 2022
23
Resolutions
Resolution 2
Auditor
remuneration
That the Directors are authorised to fix the remuneration
of the auditors for the ensuing year.

thl
ANNUAL MEETING
2022
24
General
business
and closing

thlANNUAL MEETING 2022
Let'srestartthosejourneys...
thlANNUAL MEETING 2022
DISCLAIMER
25
This presentation, dated 1 November 2022, 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. 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.

FY19
FULL YEAR RESULTS
PRESENTATION
THLONLINE.COM

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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





1 November 2022

MEDIA | NZX RELEASE
TOURISM HOLDINGS LIMITED (thl)

2022 ANNUAL MEETING ADDRESS

Chair’s address – Cathy Quinn ONZM

This is my first Annual Meeting as Chair, and I look forward to working with Grant and my Board colleagues
in leading
thl through the next growth phase as we move forward with the recovery from the pandemic.

Firstly, I must acknowledge and thank Rob Campbell, our previous Chair, for leading thl so effectively for
nearly 10 years. The important role Rob has stepped into at Te Whatu Ora Health New Zealand reflects his
extensive experience and exceptional skill. I would also like to thank Dr. Guorong Qian for his active
contribution to the
thl Board over recent years.

thl has a strong management team and Board of Directors who know the business well. Our focus is on
returning the business to profitability and growth in the coming year. It is our aim to reward our
shareholders for their commitment to
thl over the loss period. We appreciate your support for thl over this
challenging time.

This is a momentous meeting for thl. Not only have we reached significant milestones on the Apollo
transaction, we believe, with a degree of caution, that the COVID-19 pandemic impacts are now in the
rear-view mirror for tourism on a global basis. There may be further outbreaks, but we believe most of the
world has decided to live with COVID-19 and operate in a more normal manner. We do not expect to see
international border closures again anytime soon.

Economic conditions globally mean there are still headwinds the company faces, including labour
shortages, inflationary pressures, and supply chain disruption. In saying that I would note that tourism is
likely in a better place relative to other industries. We have been on the floor but have picked ourselves up
as an industry. While these global issues may impact on the rate of recovery in FY23, we expect that growth
in this business will continue over the coming 12 months, and beyond.

Throughout the pandemic period the business focused on how to protect shareholder value, protect our
crew and engage with new customer segments. This continuous focus on what is possible, finding new
opportunities and business improvement activities will drive the positive balance sheet position and speed
of recovery.

It is noteworthy that thl did not raise capital during this period, protecting your investment. This reflects
that the balance sheet and debt has been effectively managed by the Board and management team.

The proposed merger will be a historic moment for both companies, from a growth and resilience
perspective. The expanded global footprint will create a business which is a leader in the RV category with
a global position in rentals and a regional position in manufacturing and sales.

We believe this is a transformational opportunity that will create significant value for shareholders, both
through synergy realisation and greater business resilience. Apollo and
thl are two highly complementary
businesses, which if brought together, will create a diversified, leading RV travel company across the key
markets of Australia, New Zealand, North America, Europe and the United Kingdom.

In December 2021 we announced the proposed thl and Apollo merger. In September we obtained
clearance from the NZCC and ACCC. We understand that this was one of the longest successful processes
with these regulators. There are lessons for us, and also for the regulatory bodies to improve processes to
provide timely certainty to businesses.

While there remain other conditions to the proposed merger to be satisfied, clearance from the New
Zealand and Australian competition regulators were considered the most significant. We now have much
greater confidence that the merger will proceed.

As recently advised as part of Apollo’s Replacement Scheme Booklet, the merger is expected to create
material synergy opportunities that could deliver steady-state pre-t ax cash synergies of $27M to $31M per
annum. This is an even higher quantum of potential synergies than originally expected earlier in 2022.

In addition to the synergy benefits, the combined group will benefit from greater business resilience,
through geographic diversification and additional locations in the Northern Hemisphere. If the merger is
approved, the Board will be keenly focused on ensuring the merger integration plan and synergy
opportunities are achieved. We will be reviewing progress monthly and have high expectations that
management will deliver according to plan.

FY22 was another transition year, and we are pleased to have moved on from those losses. It was a year
with two distinct halves. The first part saw significant impacts from the Delta wave. Travel border
restrictions lifted later than initially anticipated. The global supply chain was increasingly challenging.

We saw a significant turnaround in the second part of FY22. Throughout, thl continued to adapt, identify
and grab hold of new opportunities. Revenue from non-tourism activities and vehicle sales have been
maximised. The Australian result in particular, is outstanding given the challenges in the first half year.

Action Manufacturing has also performed strongly and continued to grow in the first year of 100% thl
ownership, including laying the foundations for the early FY23 acquisition of the Freighter business. The
USA business has remained profitable throughout the pandemic period.

Given the overall result for FY22 was a loss, no dividend was declared.

A question you may have is what’s next for thl? The merger is obviously a major focus for the coming year.
The business is focused on meeting all the regulatory obligations around the transaction. Under the
current timeline, we expect the transaction to complete at the end of November. Work is underway to get

ready for change, including integrating key systems and looking after people to provide clarity and certainty
through the process of integration. Grant will provide more detail on this.

While our primary focus is successfully integrating thl and Apollo, we will continue to look for further
growth opportunities. The Apollo merger is a large transaction, creating more capacity and capability
within the group to focus on growth as opportunities arise. Discipline of balance sheet management
remains key, including achieving an appropriate return on funds and having a flexible balance sheet for
opportunities should they arise.

From a profitability perspective, we continue to expect that thl’s net profit after tax for FY23 will be above
$30 million. As we advised in our release last month, the guidance reflects
thl as a standalone entity and
includes the impact of an estimated $3.5 million in Apollo-related transaction costs incurred within this
financial year.

Assuming the merger with Apollo proceeds, we hope to be able to provide guidance on FY23 profit
expectations for the merged group in February, around the time of our half year result.


COVID-19 has provided thl with one of the toughest challenges it will hopefully ever face. It is pleasing that
the focus that the Board and management had on business fundamentals and preparing
thl to emerge
stronger is now showing through in a rapid return to profitability as global tourism re-opens.

As thl and the industry recovers, we hope that governments in all jurisdictions we operate continue to
support this industry. Tourism should be a key driver of economic prosperity in the coming years. Here in
New Zealand, we do hear situations where local and central governments consider tourism is back and
doesn’t need any further support, or can even become a target for increased levies and taxes. We operate
in a competitive market globally and we need to see complementary ongoing support.

From a thl perspective, we remain excited about what this industry can offer all stakeholders.

CEO’s address – Grant Webster

The COVID-19 period has been extremely challenging. Once again, the resilience in the thl crew and
business has been superb. It is hard to find adequate words to describe how proud, inspired and
appreciative I am of our amazing people. Our crew did a great job, delivering for our customers, seeking
new opportunities, supporting each other.

However, we are well aware we lost money for two years running, as did most tourism businesses globally.
We believe our actions as a company minimised that impact, and more importantly, we continued to focus
on the future in a manner which will set us up for significant growth into the future.

As the Chair noted, the year ended 30 June 2022 was a year of two halves. The first half remained strongly
impacted by the COVID-19 pandemic, particularly for our Australasian businesses due to ongoing domestic
and international travel restrictions. The fleet at the end of FY22 totaled 3,858 vehicles, a low position
compared to previous years. We look to grow from here.

In Australia, our results rebounded strongly. After a first half EBIT loss of $1.0M, we achieved a second half
EBIT profit of $7.6M. This represents an exceptional recovery.

Action also had a very positive year with an EBIT of $4.9M (before the elimination of margins generated on
the manufacture of
thl vehicles). The business had strong activity for specialist vehicle customers including
St John Ambulance, NZ Defence Force and organisations in the heavy transport sector.

The US business continued to be profitable throughout the COVID-19 pandemic with an EBIT result of
$12.7M. The 2022 calendar year high season was impacted by supply constraints, particularly our ability
to purchase fleet. The delivery of 200 vehicles originally scheduled to go on the fleet Q4 FY22 was delayed
into Q1 FY23, reducing the peak fleet size in that country over the key summer period.

In New Zealand with a domestic only environment for the majority of the year, we incurred an EBIT loss of
$9.0M. I note this is a $5.7M improvement on the FY21 loss. While a loss never feels impressive, we do
believe this was a positive achievement in this context.

Vehicle sales performance remained strong, both for sales quantity and margins across New Zealand,
Australia and the USA. High demand, combined with constrained supply due to the impacts of COVID-19,
created the conditions for
thl to deliver record vehicle sales margins in all three countries, well above
historical norms.

We retained appropriate talent for the regrowth phase, to be ready to respond to the tourism resurgence
as the pandemic impacts recede. We have also maintained a strong balance sheet. Our banking partners
continue to be supportive of our business and understand the need for our increasing investment in fleet.
We have worked with our lenders and have managed our fleet position well in order to reduce debt. When
we look at the
thl investment thesis published by analysts, we acknowledge the positive situation we are
in today with growth in revenue, an opportunity for cost reduction through the merger synergies, and both
inorganic and organic new business opportunities created over the last few years, which we look forward
to pursuing.

Alongside delivering the FY22 results and preparing for the coming recovery period, the last year has seen
extensive M&A activity, beyond the Apollo merger.

Changes to our travel technology business include thl acquiring 100% ownership of triptech, the sale of
mighway and SHAREaCAMPER, and the sale of our remaining interest in Togo Group. Non-tourism activity
is growing and being embedded as a core part of our business. I note the strong performance by Action
over the last year, the first full year under 100%
thl ownership.

The Freighter acquisition for Action has created a more streamlined, stronger manufacturing base with
greater diversification beyond motorhomes, which will enable more stable long-term performance, and
leverages expertise and supplier relationships for both tourism and non-tourism products. We have also
recently acquired 100% of Just go in the UK, building on our successful joint venture partnership. Just go
is the leading commercial RV rental business in the United Kingdom and we believe there is opportunity
for future growth in this market.

In addition to the M&A activity, work on numerous initiatives to improve the business and the experience
we deliver to customers is ongoing. We share these stories throughout the Integrated Report, and I will
highlight a few examples.

The TRX 25 customer experience development and improvement programme has been rolled out across
New Zealand and Australia. We have continued to invest in new fleet designs for our current fleet and new
models to provide enhanced customer experiences.

At RVSC, a new business expansion project started this year and is already delivering with revenue growth
of 42% on FY21.

R&D work continues for our Future Fleet programme to address our greatest future-fit sustainability
challenge, the carbon emissions from our fleet.

The relocation of the Albany site has also created opportunities to improve efficiencies as these activities
are consolidated into other sites including Action Manufacturing and the Auckland Airport location. Work
on the planning and development of our new Auckland branch continues.

With all these developments, we have come out of the pandemic period a different, better-rounded
business.

The Chair outlined the expected synergies and opportunities earlier and the comprehensive Replacement
Scheme Booklet which was released last week contains details on the merged group. We encourage those
shareholders who have not yet had a chance to read the Booklet to do so, in particular Section 9, that
provides an overview of the merged group.

The conditional clearance of the proposed merger by NZCC and ACCC has given us confidence to start to
get ready. There are still some steps required for the transaction to complete, including the Apollo Scheme
Meeting on 11 November and the final Supreme Court of Queensland approval, expected on 18 November.
Integration work required to bring the businesses together to realise the global opportunities and synergies
is underway.

Importantly, it will give us the ability for greater global diversification and scale to invest in the things that
matter and create greater efficiencies. We have the opportunity in this merger to bring together the best
of both businesses.

We know that a well-managed transition and integration stage will be critical for our crew, customers and
investors. This will be the biggest integration project for both companies. We are fortunate that between
both businesses we have significant experience in this space. We have learned the lessons from past
mergers well, which has guided our approach. We are also using external resources and expertise to ensure
our processes are robust and efficient.

To manage the complex task of the integration, we have established a project, aptly named Project Orange,
given the prominence of that color within both
thl and Apollo.

We see Project Orange as having five distinct phases as indicated on the screen. Currently we are operating
in phase two, the road to completion, where we are highly focused on addressing all items needed to get
to an expected completion at the end of November.

The two key milestones for the remainder of 2022 include completing the divestment to Jucy which also
involves combining
thl and Apollo sites in Perth, Auckland, Hobart, Darwin and Alice Springs. Following this,
the financial, people and systems integration planning becomes the next focus.

Australia and New Zealand rentals and group services are the initial areas where synergies will be realised.
Phase 3 will focus on operations over the summer period and delivering business operations for our
customers.

We are committed to giving all our crew as much clarity and certainty as possible so that our team’s focus
remains on delivering great experiences for our customers. There will be opportunities for our crew
globally, with a more diversified collective business enabling new training, development and career
pathways. As always, I am confident our amazing crew will respond well and be open, positive and
productive through this change process.

Moving on to sustainability, thl is focused on our highest priority sustainability issues, being the emissions
related to use of our vehicles and operations. We continue to work with a future-fit mindset and
methodology, to provide us with direction, as we embed our global sustainability goals into operational
activities at a country, business and branch level.

Decarbonising our fleet depends on technology and infrastructure not yet readily available. We are seeing
shifts in OEMs, the auto industry, governments, society and infrastructure providers, particularly in Europe
and the USA, but that’s not fast enough.

An exciting new Future Fleet development in FY23 will be Action’s work on the design and development of
a new eRV product. This will build on lessons from our previous eRV pilot.

FY22 was our first-year reporting on the Task Force on Climate-related Financial Disclosures, a year in
advance of reporting requirements. We have set a science-aligned carbon emissions reduction target,
committing
thl to an absolute reduction of Scope 1 and 2 greenhouse gas emissions by 50.4% by FY32. This
target is consistent with the aim of limiting global heating to 1.5°C. Further work is underway on how we
appropriately manage Scope 3 targets.

Tourism is about connections. Travelers are increasingly seeking deeper, more sustainable and authentic
connections with people and places they visit. Creating these unforgettable journeys is our purpose.

The growing focus on responsible and regenerative travel by the industry, globally and in each country, is
very welcome. We continue working with industry partners to create positive community and destination
impacts as travel rebounds, through responsible travel programmes like Tiaki Promise in New Zealand,
Travel with Heart in the US and our reconciliation action journey in Australia.

Long-term trends for more sustainable travel suit the experiences our vehicles provide, and we remain
positive that we will see growth in the category.

We recognise that as we are coming out of a loss-making year, it is more important to give guidance to our
shareholders on our expectations for financial performance in the coming year. This has led us to provide
a greater level of detail on our expectations for FY23 over the last few months. As such, I will briefly speak
to the outlook for our businesses that we have generally already touched on through our recent market
announcements. I should note that our guidance relates to
thl as a standalone business and excludes
Apollo.

Within Australasia, our rental businesses have performed above expectations to date and have a stronger
outlook for the upcoming high season than we anticipated some months ago. Rental yields have been
positive, up by more than 35% on FY19 levels in New Zealand and by more than 70% in Australia. This has
set up the Australian business well to deliver a record EBIT result in FY23, and for the New Zealand RV
business to have a strong recovery into profitability. Vehicle sales margins in these regions are also holding
up well, but as previously indicated, we do expect to see some reduction through the remainder of the
financial year.

The USA rental season has extended to a strong shoulder season. Despite the ongoing global economic
uncertainty, we continue to see international demand into the 2023 calendar year, however the key
booking period is expected to be late January, early February. RV retail sales in the USA are declining across
the industry, particularly for towable products. Vehicle sales pricing for motorised has remained higher
than anticipated due to ongoing shortages of supply. As a result, we expect our used vehicle sales margins
to decline at a slower rate than previously expected.

Chassis supply and vehicle delivery dates continue to remain uncertain on a global basis. While there are
indicators in some vehicle categories in the USA that these are easing, we are yet to see any such signs in
Australasia.

The Waitomo business has, in the last few weeks, seen the return of coach tours and positively the first
customers from cruise ships. Overall, the business continues to face a challenging environment and is also
facing recruitment difficulties leading into the upcoming summer period, given the remote location of the
business. Kiwi Experience is experiencing a positive return to operations with strong yields on bookings for
the upcoming period. Pleasingly, both tourism businesses are expected to deliver a positive EBIT result in
FY23.

From a group perspective, as highlighted by the Chair, our expectations remain for an FY23 net profit after
tax above $30 million.

In summary, over the last year we have tidied, reviewed, refocused and refreshed across all our business
operations and developed exciting new opportunities. We are well set up for the future and ready to grow.

The successful completion of the thl and Apollo merger will create transformational opportunities. We are
excited by the opportunity but staying sharply focused on the integration phase for the businesses to
successfully grow together.

We will not stop here. It is in the DNA of thl to always be looking ahead, focusing on continued growth.
After a challenging few years, we see a bright future, full of opportunity.

ENDS

Authorised by:

Cathy Quinn
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 commercial provider of RVs for rent and sale in
Australia and New Zealand, and the second largest in North America. In the USA, we own Road Bear RV Rentals & Sales and El
Monte RV Rentals & Sales, and in the United Kingdom, we own Just go Motorhomes. Within New Zealand, we own Kiwi Experience
and operate the Discover Waitomo group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The
Legendary Black Water Rafting Co.
thl also owns Action Manufacturing, a leading motorhome and specialist vehicle manufacturer
in New Zealand.