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) has acquired the remaining 51% interest in its UK JV, Just Go, for a purchase price of £5.4m (~NZ$10.7m).</li><li>The price has been satisfied through cash of £1.4m and the remainder in THL scrip.</li><li>The next newsflow from THL will be the publication of an updated scheme booklet for the ATL deal, likely over the next two weeks.</li></ul>

Tourism Holdings (THL) has acquired the remaining 51% interest in its UK JV, Just Go, for a purchase price of £5.4m (~NZ$10.7m).The price has been satisfied through cash of £1.4m and the remainder in THL scrip.The next newsflow from THL will be the publication of an updated scheme booklet for the ATL deal, likely over the next two weeks.

Tourism Holdings: Takes Full Control of UK JV