New Zealand Professional Investment Services Firm

Forsyth Barr

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

New Zealand Professional Investment Services Firm, Forsyth Barr

Equity Bottom-Up

<ul><li>Tourism Holdings (THL) reported a reduced underlying loss in FY22,driven by lower losses in New Zealand and a return to meaningful profitability in Australia</li><li>US profits modestly narrowed as fewer vehicles were sold in the year</li><li>THL won’t pay a final FY23 dividend and has suggested that dividends will be unlikely in FY23</li></ul>

Tourism Holdings (THL) reported a reduced underlying loss in FY22,driven by lower losses in New Zealand and a return to meaningful profitability in AustraliaUS profits modestly narrowed as fewer vehicles were sold in the yearTHL won’t pay a final FY23 dividend and has suggested that dividends will be unlikely in FY23

Tourism Holdings: FY22 Result Initial Thoughts