Tourism : 21Feb2017 - NZX Release - THL Interim Results to 31 December 2016

Tourism Holdings Limited Tel: +64 9 336 4299

The Beach House Fax: +64 9 309 9269

Level 1, 83 Beach Road www.thlonline.com

Auckland City

PO Box 4293, Shortland Street Auckland 1140, New Zealand

21 February 2017

thl half year NPAT up 38%, with a confident plan for the future

Highlights:

• NPAT of $11.3M compared to $8.2M prior corresponding period (pcp)

• Dividend declared of 10cps (partially imputed)

• Forecast full year NPAT expected to exceed $27.0M

thl today released its half year results to 31 December 2016 with a Net Profit After Tax of $11.3M, up 38% on the prior corresponding period. Total revenue is up $12.3M, or 9%, with operating earnings before interest and tax (EBIT) up 25%.

Chairman, Mr Rob Campbell, said, "we continue to deliver profit, ROFE and dividend growth through executing our plan effectively in a positive trading environment. The acquisition and announcements made in December 2016 provide another positive leap for the business.

thl has reset its aims to a true global platform. We have set the FY20 NPAT goal of $50M with conservative top line growth expectations based on the international trends."

The December announcement referred to includes the $91M acquisition of El Monte Rents Inc., the second largest RV rental business in the USA, the expansion of the Mighway platform into the North America market and a series of transactions with Roadtrippers USA.

CEO, Mr Grant Webster, said, "we have learnt that any acquisition needs a clear and simple plan in the first instance and we are working very effectively with the El Monte team to set some new goals and measures that align with how we operate. We have a real enthusiasm across the business to achieve the 2020 goal. "

The outlook and the full results presentation and commentary is available on the Company's website. END

This report has been based on the unaudited accounts which have been prepared in accordance with New Zealand equivalents to International Financial Reporting Standards (NZIFRS).

A dividend reinvestment plan is to be introduced for the interim dividend. Eligible shareholders can elect to reinvest the net dividend payable in new thl shares. The price of such shares will be the 5 day volume weighted average price following the record date less a discount of 2%. Details of the dividend reinvestment plan will be sent to eligible shareholders in early March and the last date for the registrar to receive election notices or changes to election notices is 5pm on the record date.

For further information contact:

Grant Webster

thl Chief Executive Officer Direct Dial: +64 9 336 4255

Mobile: +64 21 449 210

Mark Davis

thl Chief Financial Officer Direct Dial: +64 9 336 4212

Mobile: +64 27 444 0199

About thl (www.thlonline.com)