Tourism Holdings Limited (thl) is a premier tourism company and the largest global provider of motorhome holiday experiences. With wholly owned motorhome businesses in New Zealand, Australia and the USA, a 49% holding in a UK business, and a franchise operation in South Africa and Namibia, thl has close to 4,000 rental motorhomes on the road. In New Zealand thl also operates two market leading guided tourism experience businesses; Discover Waitomo and Kiwi Experience, and a 50% joint venture motorhome and specialist vehicle manufacturing business.

About thl

PERTH

ALICE SPRINGS

BROOME

DARWIN

CAIRNS

BRISBANE

SYDNEYADELAIDE

MELBOURNE

HOBART

SAN FRANCISCO

LOS ANGELES

LAS VEGAS DENVER

NEW YORK

ORLANDO

QUEENSTOWN

AUCKLAND

CHRISTCHURCH

WAITOMO

AustraliaMotorhome Rental & Sale 19% FY15 EBIT 1

% Market Share Est.2 32%

Fleet size 1,297

EBIT FY15 $6.1M

Funds Employed 30 June 2015 $52M

New ZealandTourism Group – Discover Waitomo & Kiwi Experience 24% FY15 EBIT 1

EBIT FY15 $7.7M

Funds Employed 30 June 2015 $22M

New ZealandMotorhome Rental & Sale 38% FY15 EBIT 1

% Market Share Est.2 41%

Fleet size 1,787

EBIT FY15 $12.3M

Funds Employed 30 June 2015 $109M

United StatesMotorhome Rental & Sale 27% FY15 EBIT 1

% Market Share Est.2 9%

Fleet size 513

EBIT FY15 $8.9M

Funds Employed 30 June 2015 $44M

United KingdomMotorhome Rental & Sale

Fleet size 130

EBIT FY15n/a newly

acquired, equity accounted

Funds Employed 30 June 2015 $4M

Scale tourism business with diversification by geography & product offering

Leading market positions

Growth Industry

Ability to control debt levels through vehicle purchase & sale

*All financials in NZ dollars

Focus on growth through:

¡ Innovation in vehicle fleet optimisation

¡ Digital customer experience initiatives

¡ Value accretive acquisitions

Investment Highlights

fact sheet

TODDINGTON

(1) Group EBIT also includes Group Support Service Costs

(2) Management estimate

SEATTLE

www.thlonline.com

Having increased FY15 NPAT by 81% to $20M, thl has targeted achievement of $30M NPAT by FY19 from existing businesses and a focus on growth from value accretive acquisitions.

thl has a strong market position in the global motorhome/RV industry, which is still a small part of the world tourism market. thl is focusing on growing the share of RV holidays amongst the fast growing ‘experience seeker’ segment of the tourism market. These travellers are seeking unique travel experiences with the freedom to build their own itineraries as they go. In FY16 thl is rolling out a range of digitally driven innovations (branded ‘Total Customer Experience’) that both enrich the customer experience, but also generate new revenue streams.

Other drivers of growth for thl are new ‘flexible fleet’ initiatives, implementation of telematics and product development at Waitomo and Kiwi Experience.

Target $30M

Key Financials

Share Price

IN NZD MILLIONS FY15 FY14 FY13

Revenue 237 228 227

EBITDA 66 60 58

Operating Profit before financing costs (EBIT) 32 23 15

Net Profit after Tax (NPAT) 20 11 4

Total Equity 173 160 160

Total Funds Employed 318 296 330

Return on Funds Employed 13.3% 9.6% 5.2%

Basic Earnings per share (cps) 17.9 10.0 3.6

Dividends per Share (cents) 15 11 4

Debt/debt + equity ratio (excluding intangibles) 31% 36% 47%

20%

10%

0%FY13

Return on Funds Employed

FY14 FY15

25

20

15

10

5

FY13

NZD

$M

Net profit after tax

FY14 FY15

$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

Jun-

11

Dec-

11

Jun-

12

Dec-

12

Jun-

13

Dec-

13

Jun-

14

Dec-

14

Jun-

15

Share Register: NZX

Issuer Code: THL

Group: Services

Sector: Leisure & Tourism

Share Price: $1.98

Shares on Issue: 113.6M

Market cap: $224M

Share Registrar: Link Market Services

Balance date: 30 June

Share RegisterPE ratio:11.0

Gross dividend yield

7.8%

Net tangible assets/share

$1.34

CEOGrant Webster• CEO since Dec 2008• 10 years at thl, 15 in Tourism • Other experience in retail, gaming & hospitality

DirectorsChairmanRob Campbell• Independent Chairman since 2013• 30+ years in investment management

and governance.

IndependentChristina DomecqGráinne TrouteGraeme Wong

Non Independent Kay HoweDavid Neidhart

As at 10 Sept 2015

Head Office: The Beach House - 83 Beach Rd, Auckland, PO Box 4293 Shortland St, Auckland 1140 Tel: +64 9 336 4299 • Email: info@thlnz.co.nz • Web: www.thlonline.com

Contact Details