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) proposed acquisition of Apollo Tourism &amp; Leisure (ATL) will provide greater cost synergies than previously announced</li><li>Pre-tax annual EBIT synergy guidance in the updated ATL scheme booklet is for NZ$23m–NZ$24m, up from NZ$17m–NZ$19m when the deal was first announced last year.</li><li>Higher cost synergies helps to lift EPS accretion within three years to &gt;+20%, on our estimates</li></ul>

Tourism Holdings' (THL) proposed acquisition of Apollo Tourism &amp; Leisure (ATL) will provide greater cost synergies than previously announcedPre-tax annual EBIT synergy guidance in the updated ATL scheme booklet is for NZ$23m–NZ$24m, up from NZ$17m–NZ$19m when the deal was first announced last year.Higher cost synergies helps to lift EPS accretion within three years to &gt;+20%, on our estimates

Tourism Holdings

Tourism Holdings: Synergy Booster