SPH Notice – HB Holdings Limited

Disclosure of beginning to have substantial holding Section 276, Financial Markets Conduct Act 2013 To NZX Limited and To Tourism Holdings Ltd Date this disclosure made: October 17th, 2017 Date on which substantial holding began: October 16th, 2017 Substantial product holder(s) giving disclosure Full name(s): HB Holdings Limited Summary of substantial holding Class of quoted voting products: Ordinary Shares (NZX Code: THL) Summary for HB Holdings Limited For this disclosure,-- (a) total number held in class: 8,890,894 (b) total in class: 121,001,202 (c) total percentage held in class: 7.348% Details of relevant interests Details for HB Holdings Limited Nature of relevant interest(s): Registered holder and beneficial owner of securities. No relevant agreement document needs to be attached under regulation 139. For that relevant interest,-- (a) number held in class: 8,890,894 (b) percentage held in class: 7.348% (c) current registered holder(s): Unknown (d) registered holder(s) once transfers are registered: HB Holdings Limited Details of transactions and events giving rise to substantial holding Details of the transactions or other events requiring disclosure: From September 11th 2017 to October 16th 2017, HB Holdings Limited had the following aggregated on-market transactions in Tourism Holdings Ltd (NZX Code: THL): Acquisition of 8,749,314 ordinary shares for consideration of NZD $42,175,193 In addition, HB Holdings Limited was issued 141,580 ordinary shares on October 16th 2017 under Tourism Holdings Ltd's dividend reinvestment plan for aggregate consideration of NZD $680,433.48 (at a strike price of NZD $4.806 per share). Additional information Address(es) of substantial product holder(s): PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands Contact details: Dennis Wu, (852) 3710 6810, dennispwu@citiccapital.com Name of any other person believed to have given, or believed to be required to give, a disclosure under the Financial Markets Conduct Act 2013 in relation to the financial products to which this disclosure relates: N/A Certification I, Dennis Wu, certify that, to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00308828 For:THL Type:SHINTR Time:2017-10-18 08:30:17