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>The final remaining major hurdle for Tourism Holdings' (THL) acquisition of Apollo Tourism and Leisure (ATL) has been satisfied, with the Australian competition agency, ACCC</li><li>The deal now appears almost certain (we assume a 95% probability), with largely box ticking type conditions remaining</li><li>We expect a scheme meeting (for ATL shareholders) to be scheduled for early December 2022 with the deal completing before calendar year end, in the absence of any better offers for ATL</li></ul>

The final remaining major hurdle for Tourism Holdings' (THL) acquisition of Apollo Tourism and Leisure (ATL) has been satisfied, with the Australian competition agency, ACCCThe deal now appears almost certain (we assume a 95% probability), with largely box ticking type conditions remainingWe expect a scheme meeting (for ATL shareholders) to be scheduled for early December 2022 with the deal completing before calendar year end, in the absence of any better offers for ATL

Tourism Holdings: Apollo Cleared for Launch