THL – Dividend Reinvestment Plan Strike Price

11 April 2017 NZX ANNOUNCEMENT TOURISM HOLDINGS LIMITED (thl) DIVIDEND REINVESTMENT PLAN - STRIKE PRICE FOR 2017 INTERIM DIVIDEND Tourism Holdings Limited advises that the strike price for the dividend reinvestment plan (DRP) operating in respect to the dividend payable on 13 April 2017 has been set at $3.515 per share. The strike price is inclusive of a 2% discount. This strike price will apply in calculating the number of shares to be issued to participants who have elected to receive additional shares rather than cash. The strike price has been determined in accordance with the DRP as the volume weighted average sale price for a thl share based on all trades of thl shares on the NZX Main Board over the period of 5 trading days immediately following the record date of 3 April 2017, less a 2% discount. END Authorised by: Mark Davis thl Chief Financial Officer Direct Dial: +64 9 336 4212 Mobile: +64 27 444 0199 End CA:00299730 For:THL Type:DRP Time:2017-04-11 14:21:57