General market update

3 April 2020 MEDIA | NZX RELEASE TOURISM HOLDINGS LIMITED (thl) GENERAL MARKET UPDATE On 20 March 2020, thl advised that a number of appropriate measures were under way in response to the impact of COVID-19. thl now provides a general update, including the progress made in respect of those measures. o In New Zealand, Australia and the United States, our rentals businesses are deemed an 'essential service' for the purpose of providing motorhomes for COVID-19 related usage. o Globally, we continue to serve customers that are in lock-down situations in our vehicles. o Kiwi Experience and the Waitomo Group operations have been temporarily closed. o A significant number of employees have either been placed on discretionary leave, been furloughed, left the business or similar. The approach in each jurisdiction has been aligned to the business circumstances and government support structures available. o The enacted staff changes are expected to provide an approximately 60% reduction in labour expenses over the following 12 weeks. thl will be reviewing its ongoing crew requirements and will make further decisions towards the end of that period, taking into consideration the various government support schemes available and business outlook. o We have contacted landlords in each country requesting rental relief. To date, we have agreed reductions or deferrals in the payment of rent for a number of properties. o thl's current facilities provide for up to $306 million* of debt available and thl's current net debt is approximately $200 million. o Based on current expectations, which are for minimal revenue in the near-term, thl is confident that it will not breach its financial covenants in FY20. * Current facilities consist of NZ$190 million and US$70 million (converted at an exchange rate of 0.60). 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:00351244 For:THL Type:MKTUPDTE Time:2020-04-03 13:37:48