thl begins NZ restructuring process

26 May 2020 MEDIA | NZX RELEASE TOURISM HOLDINGS LIMITED (thl) thl BEGINS NEW ZEALAND RESTRUCTURING PROCESS thl advises that it has today commenced a consultation process across parts of its New Zealand business, with the intention of matching crew numbers to current activity levels and expectations for the coming months. thl Chief Executive, Grant Webster, said, "the COVID-19 restrictions have had a material impact on our business globally. Our USA business made staffing changes in April and our Australian business is utilising the six-month JobKeeper subsidy and reviewing ongoing crew structures. In New Zealand, we have been seeking alternative revenue since the COVID-19 restrictions were implemented, whilst accessing the COVID-19 Wage Subsidy scheme to support our people." The consultation process, which begins today, will involve employees from Waitomo, Kiwi Experience and group support. Around 140 people are expected to be impacted by the proposed changes in these businesses. The response to our large-scale motorhome rental campaign in New Zealand launched yesterday has significantly exceeded expectations and our initial campaign goals. As a result, we are reviewing resourcing for our New Zealand Rentals and Sales business and any potential changes that may be required. Our business has a clear and flexible roadmap to return to sustainable operations and earnings, as market conditions change, and will keep the market informed as each step is made." 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:00353699 For:THL Type:GENERAL Time:2020-05-26 09:56:58