Dividend reinvestment plan update

19 September 2018 NZX ANNOUNCEMENT TOURISM HOLDINGS LIMITED (thl) UNDERWRITE OF DIVIDEND REINVESTMENT PLAN FOR FINAL DIVIDEND In its annual results for the year ended 30 June 2018 released on 28 August 2018, Tourism Holdings Limited indicated its intention that the Dividend Reinvestment Plan (DRP) for the final dividend would be fully underwritten. thl wishes to advise that as part of its ongoing review of its business and activities, thl has decided to no longer seek to fully underwrite the DRP for the final dividend. As previously indicated, the final date for eligible shareholders to elect to participate in the DRP for the final dividend is 2 October 2018 and a discount of 3% is available to participating shareholders. END 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 End CA:00324076 For:THL Type:OFFER Time:2018-09-19 11:13:25