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 provided FY23 guidance including Apollo (ATL) consolidation for the first time, which points to upgrades to market expectations</li><li>FY23 underlying NPAT is expected to be greater than NZ$48m (FB: NZ$44.0m) including seven months of ATL</li><li>On a pro-forma basis including 12m of ATL, THL expects the combined business to generate more than NZ$75m of underlying NPAT</li></ul>

Tourism Holdings (THL) has provided FY23 guidance including Apollo (ATL) consolidation for the first time, which points to upgrades to market expectationsFY23 underlying NPAT is expected to be greater than NZ$48m (FB: NZ$44.0m) including seven months of ATLOn a pro-forma basis including 12m of ATL, THL expects the combined business to generate more than NZ$75m of underlying NPAT

Tourism Holdings: Consolidated Guidance; Upgrades