Market Update

20 March 2020 MEDIA | NZX RELEASE TOURISM HOLDINGS LIMITED (thl) MARKET UPDATE thl advises that it has cancelled the FY20 interim dividend of 10 cents per share that was announced on 28 February 2020, due to increasing uncertainty relating to the COVID-19 pandemic and associated travel containment measures. Chairman, Rob Campbell, said "the Board considers that the cancellation of the FY20 interim dividend is in the best interests of thl, as we face an unprecedented level of uncertainty across our businesses globally. It is one of a number of appropriate measures underway." Other measures implemented by thl to reduce expenditure and mitigate impact include: o all directors reducing their director fees' by 50% for the next four months; o the Chief Executive reducing his salary by 50% for the next four months; o the Executive team reducing their salaries by 30% for the next four months; o the cancellation of all uncommitted fleet capital expenditure, reduction in committed fleet expenditure where possible with suppliers, and a significant cost-out exercise being undertaken for all other uncommitted expenditure; o role reduction and other employment cost reductions will occur and are in the process of being enacted; and o generation of self-isolation and medical-related revenue across New Zealand, Australia and the United States. thl advises that it has approximately $109M of headroom currently available in its banking facilities, and had net tangible assets of $1.83 per share as at 31 December 2019. 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:00350294 For:THL Type:MKTUPDTE Time:2020-03-20 08:31:05