FY20 Market Update

5 February 2020 MEDIA | NZX RELEASE TOURISM HOLDINGS LIMITED (thl) MARKET UPDATE thl provides an update on its FY20 NPAT expectations in the context of the significant and uncertain events facing the tourism industry. Recognising the uncertainty of these events, our current expectation is that thl's FY20 NPAT will be around NZ$24M. The primary factors in the update include the previously disclosed USA vehicle sales weakness, the Australian bush fires cancellations and forward booking reduction, a forecast reduction in Chinese inbound customers over the next two months due to the Coronavirus containment measures and ongoing investment in TOGO group. We continue to assess the impact of these factors and our response. There is positive momentum in many areas of the business. New Zealand and Australia have had solid performances in vehicle sales from both a volume and margin perspective. Recent activity in the USA vehicle sales consumer shows has been positive and provides greater confidence of margin and volume recovery going into FY21. The performance over recent months in the rentals and tourism segments had been broadly in line with expectations, prior to these events. thl will provide a further update with its half year results, to be announced on Friday 28 February 2020. ENDS 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:00347998 For:THL Type:MKTUPDTE Time:2020-02-05 08:31:50