Visitor Demand Mapping Demand Visitor for Queenstown for Published on Wednesday, June 17, 2020 Update 2

1 | Visitor Demand Mapping for Queenstown Recent developments to factors the report earlier 2024) 14, Thursday, May report on published 2020. You get can the full version of updateThis to an is for the Visitor Mapping Queenstown-Lakes (2020 Demand to Jones) are upalmost40percent sinceMarch. a“stockmarketThis bubble”andconcern iscausingsuspicionof The IMFispredicting a-5.6%real GDPgrowth thisyear withabouncebackto4.7%in2021, sothere isno doubt Turbulent timescontinueintheUSA asCOVID casesexceed twomillioninfectionsanda“secondwave”of The March quarter recorded a-0.3%declineinGDPgrowth withthebushfires and COVID outbreak stunting Australia economy Australia’s recovery like theworldsisvariedandformostpart therest veryslowwithmanyheadwinds likely of defying alloddsandcontinuingonanupward trend. All three majorUSindices(NASDAQ, S&P500andDow economic growth drop inGDPat least 160years andtheIMFisforecasting a-7.2%contraction inGDPgrowth in2020withthe and escalating tensionsbetween USandChinamake theroad torecovery fortheUSeconomy veryuncertain. around thedisconnectbetweenmarkets andtheactualeconomicdata whichhasshowntheUSA isofficially in a are rebounding (exhibit 3)andspendingcontracted 1.1%overtheMarch quarter withpatterns andsectorspend subsidy due to end on the 1st of September.subsidy duetoendonthe1stof redundanciesThis and hasthepotentialtocauseasecondwaveof recession (exhibit 4) recording newcasesmostdays thisexpected tofallinQ2,majority of 2020 COVID-19 willbefeltformanyyears. The NewZealand Reserve estimates Bankof 2020willseethebiggest wide spread protests supporting theBlackLivesMatter movement, inalmosteverystate week prioryear recorded, withindustriessuchasrepair services, homeandrecreational retailing andfood Similar toNewZealand, Australia appears tohavelargely containedtheCOVID outbreak, howevertheyare still While lifeinNewZealand maybereturning to“normal”inmanywaysthere isnodenyingtheramifications of In spitetheseturbulenttimes, theUSA economyisnotfairingasbadlyexpected. Stock pricesare rallying However, totalspendhastracked slightlyabovethesameperiodlastyear, witha2%increase inspendvssame New Zealand movedto Alert leveloneeffective midnight9th June. Highfrequency economicactivity indicators of liquor drivingthechange, likely the“revenge” buyingtrend New Zealand economy hard timesare here have remained steady overthepasttwoweeks (exhibit 1), tracking slightlybelowthesameperiodin2019. the Dow Jones slid-6.9%inaday otherinternational impactssuchastheUSA’stensions andavarietyof struggletocontainCOVID, theupcoming to constrictgrowth. These headwinds includehighunemployment, theongoingincrease in Australian/ China the industriesthat havebeenhardest themostlabourintensive hitare alsosomeof USA electionandBrexit USA Economy infections emerging. Lockdown protocols andsocialdistancing normshavebeenseverely impactedwiththe incredibly different mostlydrivenbypanicbuying. that impact visitation to Queenstown 5 . The IMFisprojecting a-6.7%real GDPchangefor2020 11 9 . The disconnect betweenshare prices andreality begantoshowlastFriday (12/06/2020)as . An electionyear, politicalunrest andprotest, newCOVID-19 outbreaks andvirushotspots 7 . here . 4 . The Australian economyhasofficial entered a recession, itsfirstsince1991. 10 . 2 . The labourmarket islikely tobeparticularly effected withthewage 1 . 6 . Consumer andbusinessconfidence

3 (exhibit 2). 8 .

2 | Visitor Demand Mapping for Queenstown “triggered themostsevere economicrecession innearly acentury”. Euro area ispredicted tosuffer themostwith

The movetoalert socialdistancing meaning levelonehasseentheremoval flightscanruntofullseating of The domesticvisitation welcomereturn at Level of 2provided awellneededboostovertheQueen’s Birthday The World Bankalsohavereleased theirreforecast expectations 2020. fortheremainder of Like theOECD The OECDreleased itslatest EconomicOutlookoutliningtwoscenarios. The firstassumesnosecondwave The ChineseEconomyisfirmlyonthe road toa recovery followingits COVID-19 slump. There are twoprojections China Economy capacity. Recent developments intheNewZealand domesticmarket include Air NewZealand and Jetstar enabling globaleconomicdevelopmentpointingoutthat uniquecity pairconnectivitywas67%lowerthanayear expecting -2.5%decline(exhibit 7). declines seeexhibit 6. thesescenarios–theyseethembothequallyaslikely tooccur.of OECDstate that theCOVID-19 pandemichas theoutbreak,of whichwouldequate toa-7.6%globalGDPgrowth (exhibit 5). The OECDdoesn’tfavoureither outbreak occurswhichwillresult ina-6%globalGDPgrowth vslastyear . The second assumesasecondwave expectations for2020withCOVID-19 impactsfactored in. Links tobothdocumentscanbefoundinthereference economy, andalazier V, depictingaweaker rebound, onthedemandside. Consumption hasbeenslowto Global Economy absolute lowon21st April 2020 ago. The onlypositivewasthedeclineinoilpriceswhichhas resulted inlowerprices forjetfuel. Global Aviation 20% lowerthanthesameperiodlastyear, 76%vssameperiodprior duringlevelfourthiswasdownanaverage of since 1st January 2020. theincreaseflightshasbeendrivenbydomesticmarketsA lotof inthenumber of section. projections are V shapedbutoneisasharp V shapeddepictingafastrebound, the onthesupplysideof pre pandemiccapacityover July/August and Jetstar expect tohaveanofficial update “soon”buthave released releasing theirdomesticschedulesforthecomingmonths. Air NewZealand expect tobeoperating its at 55%of recovering inthe Asia Pacific drivenbySouth Korea, China, Vietnam andNew Zealand (exhibit 10). recovered tobejust4%lowerthanthesameweeklastyear and thepastfourweeks havebeenanaverage of recover likely duetohighunemploymentbutitseems thisisturningacornerwithMayretail salesjust3%lower Queenstown Lakes EconomyQueenstown OECD, butitdoesgoonexpand, withadvancedeconomiesexpecting a-7%declineandemerging economies with oneinthecapitalBeijinglastfewdayswhichwilldriveChinatoward a W shapedrecovery. year andexpect lossestocontinueinto2021 year very competitive pricing. Weekend. SpendingintheQueenstownLakes Economyhasincreased. OverQueensBirthday spending for recovery, whichChinaissimultaneouslyexperiencing dependingonwhat industryyoulookat It seemsthoughthat aviation hasreached aturningpointinthecrisis, in April Traffic (RPKs)fell94%, withthe IATA released itssemiannualreport theairlineindustryandasexpected the ontheeconomicperformanceof It wasabigfortnight withtheInternational MonetaryFund andtheOECDbothreleasing theirreforecast Economic Prospects theyoutlinethat theyexpect toseea-5.2%globalGDPgrowth. This isslightlylessthanthe Economic OutlookReport, theyalsoexpect thedeepestrecession since World War 2. Intheir June 2020Global Domestic Aviation the UK havinglargest expected declinewitha-11.5%inthesinglewavescenario. For abreaktheGDP downof than Maylastyear. While therecovery isontrack there are stillisolated outbreaks COVID-19 of clustersemerging impact ontheaviation willbesevere. They are forecasting a-50.4%change inspendonairtransport from last 2 (exhibit 8).

16 . flightshasincreased Sincethenthenumberof 30%, butstilldown73% 15 (exhibit 9). This highlightstheimportance that aviation playsin 12 . Both

3 | Visitor Demand Mapping for Queenstown

126 candidate vaccinesinpreclinical evaluation 75% of theusual Air NewZealand75% of seat capacity toreturn overthe July/ August period June bythe Trans-Tasman SafeBorder Group The worldcontinuestowatch theChinesemarket closelyfortrends forwhat arestarted tourismindustrycould The NewZealand / Australian bubbleisalsosomewhere onthehorizonwithofficial blueprintforthe The increases recent announcementsof inflights are particularly encouraging fortheQueenstown region with Australia Market Aussie orNZsidefortheseflightstogoahead. According to WHO on9th June 2020there are 10candidate vaccinesinclinicalevaluation withafurther Africa (exhibit 11). The BostonConsulting Group haveconductedanin-depthexamination concludingthat the China enforcing a 14-dayquarantine onreturn. theEuropeanof area. Manycountries are restricting whichcountriestheirborders are opentoandBritain isstill compared tothesevendays priorovertheweekend (exhibit 12). crush andcontainmethod, whichwasadoptedinNewZealand, isthemosteffective forsuppressing COVID-19 theworldCOVID-19of casesare stillspiraling upwards withnewhotspotsemerging inSouth America, Russia and and allowingtravel betweenEUcountries, BritainandtheSchengenzonebutnotmany are extending outside and Yunnan. stated that theyare “unlikely tobeeffective” Victoria andNewSouth Wales state neverclosedoff borders up assoonpossible”suggesting thenext weekwasagooddate . Manycountriesare followingthat advice safe resumption of Trans-Tasman travel giventothe Australian andNewZealand Prime Ministersonthe5th re-opened, with10.5millionintendingtotake adomesticholiday Queenstown AviationQueenstown China Eastern Airline, China’s secondlargest airline, iskeen tocapitalizeontheemerging demandfordomestic theirhomeregions andQueenstownsawa76%increase520,000 peopleoutof indomesticvisitornumbers Christchurch. theyear.Jetstar’s usual at thistimeof newscheduleindicates flightcapacitytoabout60%of will provide 47weeklyservicesbetweenQueenstownand Auckland, 19between Wellington and18between Wellington in July hasbeenreleased byCanberra Airport butthere hasbeennoofficial approval oneitherthe Europe islookingtoward reopening theirborders withtheEuropean Uniontellingmemberstheyshould “open Domestic tourismissettoboomin Australia according toaRoy Morgan Research report oncestate borders are MRTE April spendwasreleased andasexpected spendwaspractically nonexistent duetolevelfourlockdown Multiple newtestingtechnologiesare ontrack tobeingapproved, international whichwillaidtheopeningof Now that NewZealand hasmoved toleveloneandthenewnormalitcouldbeeasy toforget that inmanyparts look like. McKinseyhasbeentracking consumersentimenttoward travelApril andrecently sincethebeginningof Epidemiology Europe Domestic Market have begun seeing a return of familiesandolder demographicshave begunseeingareturn interested of inleisure travel being inplaceforthewholemonth. On a more positivenote, QueensBirthday provided aboosttothetourism borders. These includea“breathalyser” whichcandetectCOVID-19 inunderoneminute hydroxychloroquine andchloroquine thedrugsthat USA president Donald Trump heavily promoted. The F.D.A. travel andhavelaunchedanewairlinewithschedulefocusingonconnections toleisure destinations like Hainan withSouth too faroff Australia reopening on20th July and Tasmania inmid-July, Queenslandon10th July. ACT, industry with1in10NewZealanders hitting the road orsky overtheperiod

20 25 . . A register forinterest forthefirstflightbetween Canberra and 19 . The F.D.A. recently withdrew emergency approval for 24 . 23 . The state re-opening borders of isn’tlooking 22 . This peakedMaywith on31st of 17 . Air NewZealand alone 21 . 26 . 18 .

4 | Visitor Demand Mapping for Queenstown “Global GuidelinestoRestart Tourism” outliningtheroadmap andprioritiesforthesector. The UnitedNations World Tourism Organisation (UNWTO) iscallingforarestart totourismandhascreated a detection, health readiness, andgovernmentefficiency . The numberonespotwastaken outbySwitzerland, with qualitative parameters andover11,400data pointsincategories like quarantine efficiency, monitoringand Global released areport detailingthetop100safestcountriesfortravelling, These are basedon130quantitative and New Zealand ranking numbernineonthelist. For thefulllistseeexhibit 13. Deep Knowledgegroup companiesandnonprofits (aconsortium ownedbyDeepKnowledge of Ventures) has

5 | Visitor Demand Mapping for Queenstown Queenstown – Queenstown All markets Scenarios Queenstown Destination in Updates such astheUSA andUK, openbyMarch 2021(exhibit 14). Queenstown’s Asia–Pacific withthemajorityof borders openbyNovemberandthenfurther longhaulmarkets, March 2024. Their assumptionsaround longhaulborder reopening are optimisticincomparisontoDestination International Tourism Recovery andare expecting toseeareturn topre COVID international visitorarrivalsuntil There are noupdates totheDestination QueenstownScenarios. TECNZ havereleased theirroad maptoNZ Scenario Updates Assumptions $100m $150m $200m $250m $300m $350m $50m 0

JAN 2017

APR 2017

JUL 2017

OCT 2017 Historic

JAN 2018

APR 2018

JUL 2018

OCT 2018

JAN 2019

APR 2019

JUL 2019

OCT 2019

JAN 2020

APR 2020

JUL 2020 Optimistic

OCT 2020

JAN 2021 Conservative Forecast APR 2021

JUL 2021

OCT 2021

JAN 2022

APR 2022

JUL 2022

OCT 2022

JAN 2023

APR 2023

JUL 2023

OCT 2023

JAN 2024 Mid

6 | Visitor Demand Mapping for Queenstown Queenstown – Queenstown All Markets Conservative Scenario – Queenstown All Markets Optimistic Scenario $100m $150m $200m $250m $300m $350m $100m $150m $200m $250m $300m $350m $50m $50m 0 0

APR 2020 APR 2020

JUL 2020 JUL 2020

OCT 2020 OCT 2020 Optimistic

JAN 2021 JAN 2021

APR 2021 APR 2021

JUL 2021 JUL 2021

OCT 2021 OCT 2021 Forecast JAN 2022 Forecast JAN 2022

APR 2022 APR 2022

JUL 2022 JUL 2022

OCT 2022 OCT 2022

JAN 2023 JAN 2023

APR 2023 APR 2023 Conservative

JUL 2023 JUL 2023

OCT 2023 OCT 2023

JAN 2024 JAN 2024

7 | Visitor Demand Mapping for Queenstown Region) Percentage of Market Spend Recovery Compared to MBIE2019–2024Forecasts (Monthly, Queenstown

8 | Visitor Demand Mapping for Queenstown The NewZealand Treasury: Weekly EconomicUpdate. 5th June 2020 Exhibit 1. Exhibits June 2020. Westpac: Westpac Market Outlook June 2020. Australia andtheglobal economy. Published 11th Exhibit 3. ANZ Research: NewZealand Weekly Focus, Great job, but... . Published 8th June 2020 Exhibit 2. (Link) -100 -20 -15 -10 Weekly Economic Update – Economic Update Weekly MSDSource: SeekerJob Support Authority Electricity Source: Demand Electricity Source: KotahiWaka NZ Transport Agency Traffic High 100 120 140 10 -80 -60 -40 -20 -5 40 60 80 20 % 20 0 5 T 0 % 0 h 10 Jan o u JS sa

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9 | Visitor Demand Mapping for Queenstown Statista: Are weinastockmarket Bubble?Published 11th June 2020. Exhibit 4. June 2020. be Hitin2020. Published 10th Statista: Howhard willGDP Exhibit 6. OECD: OECDEconomicOutlook, Volume 2020Issue1:Preliminary Version. Published 10th June 2020. Exhibit 5. (Link). (Link) (Link)

10 | Visitor Demand Mapping for Queenstown Response. Pulled 15th June 2020. The Business, NewZealand Misistryof Innovation andEmployment:Consumer SpendingDashboard –COVID-19 Exhibit 8. The World Bank:GlobalEconomicProspects, June 2020. Published 8th June 2020. Exhibit 7. 4 Click hereClick to download data. Bank is notcurrently publishing economic output, income, or growth data for Venezuela, and Venezuela is excluded from cross-country macroeconomic aggregates. and developing economies (EMDEs) are presented Table 1.2.in BRICS include: Brazil, Russia, India, China, and Africa.South Due to of lack reliable data of adequate quality, the World from contained those other in Bank World documents, even if assessmentsbasic of countries’ prospects do not differ at any given date. Country classifications and of lists emerging market Note: PPP purchasing= power parity; estimate; e = forecast. f = World forecastsBank are frequently updated based on new information. Consequently, projections presented here may differ agricultural commodities). For additional details, please http://www.worldbank.org/commodities.see 6.price Oil is the simple average of Brent, Dubai, and Texas West Intermediate prices. The non-energy index is the weighted average of 39 commodity prices (7 metals, 5 fertilizers, 27 trade World volume of goods and non-factor services. 5. growth World rates are calculated using purchasing power parity (PPP) 4. weights, which attribute a greater share of global GDP to EMDEs than market exchange rates. The column labeled 2018 refers to FY2018/19. 3. GDP at factor cost. The column labeled 2019 refers to FY2018/19. 2. GDP growth rates are on a fiscal year basis. Aggregates that include these countries are calculated using data on compiled a calendar year Pakistan'sbasis. growth rates are based on Headline aggregate growth rates are calculated using GDP weights at 2010 prices1. and market exchange rates. WorldSource: Bank. ( TABLE 1.1 1.1 TABLE Percent change from previous year) year) previous from change Percent Real GDP Real items: Memorandum World Emerging market and developing economies 4.5 4.3 4.3 4.5 economies developing and market Emerging economies Advanced Commodity prices Commodity volume trade World Non-energy commodity price index index price commodity Non-energy South Asia Asia South Caribbean the and America Latin Pacific and Asia East BRICS BRICS Africa Sub-Saharan Middle East and North Africa Africa North and East Middle Asia Central and Europe Japan Area Euro States United World (2010 PPP weights) PPP (2010 World countries Developing O High-income countries countries High-income

CHAPTER 1 CHAPTER il price price il Egypt Iran Argentina Brazil Poland Turkey Russia Indonesia China EMDEs Other EMDEs Commodity-exporting Low-income countries countries Low-income Angola Nigeria Saudi Arabia Arabia Saudi Mexico Thailand South Africa Africa South Bangladesh Pakistan India 1 Other EMDEs excluding China China excluding EMDEs Other

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(Link) 2017 2017 23.3 29.4 29.4 23.3 01-2.0 -0.1 072.4 -0.7 5.4 5.8 5.8 5.4 1.9 0.8 -4.7 3.8 -2.5 1.3 2.7 5.3 1.3 2.8 2.5 4.9 7.5 1.8 5.2 6.6 5.1 4.8 6.8 5.7 2.1 5.4 6.1 2.2 3 . 5.5 5.2 5.5 1.8 1.8 5.5 2.1 2.2 2.2 2.1 4.2 4.1 . 6.5 6.5 1.7 1.9 6.3 6.5 5.3 5.3 5.3 5.3 0.8 2.6 1.4 2.6 . 6.1 7.0 . 7.9 7.3 . 5.3 4.2 5.9 4.0 4.0 5.9 . 0.9 1.1 3.3 4.1 0.3 1.9 2.9 2.2 2.1 2.5 2.4 2.5 4.8 4.4 4.4 4.8 3.9 3.6 3.6 3.9 2.4 2.2 2.2 2.4 .3 3.0 3.0 .3 2018 2018 2019e 2019e -10.2 -8.2 -0.2 -2.2 -0.3 -4.2 -0.9 5.6 0.3 1.1 0.8 4.1 0.9 1.3 2.2 2.4 5.0 6.1 5.9 3.2 4.8 1.5 3.5 0.7 1.2 2.3 1.6 2.4 0.8 0.8 2.9 4.7 5.0 3.7 1.7 0.2 2.2 2.2 8.2 1.9 4.2 4.7 GLOBAL ECONOMIC ECONOMIC | GLOBAL PROSPECTS 2020 JUNE 2020f 2020f -47.9 -13.4 -5.3 -3.8 -4.2 -7.3 -7.5 -8.0 -7.2 -4.2 -3.8 -6.0 -4.7 -5.0 -3.6 -1.1 -4.8 -2.5 -6.1 -9.1 -6.1 -7.0 -5.2 -5.9 -4.1 -1.7 -2.4 -6.8 -4.0 -7.1 -3.2 -2.8 -2.6 -3.2 -2.7 3.0 0.0 1.0 0.5 1.0 1.6 2021f 2021f 18.8 18.8 -0.2 2.1 2.1 2.1 2.5 2.3 2.1 3.0 2.2 2.8 2.8 5.0 2.7 3.6 4.1 4.8 6.9 6.6 3.6 5.5 3.1 4.6 2.5 4.5 4.0 3.9 4.2 3.0 3.0 5.3 4.3 5.3 4.6 4.7 3.8 3.1 2.9 1.7 3.1 1.0 3.1 2.8 (Link) d ifferences from January January from ifferences 2020f 2020f -10.0 -10.1 -42.5 -15.3 -2.8 -5.3 -5.7 -6.6 -6.0 -8.7 -9.0 -7.8 -6.8 -7.6 -7.3 -7.7 -5.1 -4.9 -5.2 -7.6 -6.2 -7.4 -6.6 -6.8 -7.9 -8.4 -7.7 -6.0 -7.3 -6.6 -4.4 -6.7 -8.3 -5.5 -8.0 -5.3 -5.8 -5.6 -5.0 -9.0 -8.2 Percentage point point Percentage 2020 projections projections 2020 2021f 2021f 16.9 16.9 -3.9 -0.4 -0.3 -0.5 -0.4 -0.8 -0.9 -0.4 -6.3 -3.2 -3.0 -3.1 1.1 0.3 0.7 1.2 0.4 1.0 0.9 0.7 1.3 1.1 1.0 0.3 0.2 0.3 1.9 3.2 2.3 2.4 1.6 1.3 1.3 2.8 1.0 0.4 0.2 2.3 0.7 1.6 0.0

11 | Visitor Demand Mapping for Queenstown Statista: Where Coronavirus Cases Are Still Growing Fast. Published 3rd June 2020 Exhibit 11. IATA: EconomicPerformance the Airline Industry. of Published 9th June 2020. Exhibit 9. IATA: COVID-19: Air Travel reaching aturningpoint. Published 3rd June 2020. Exhibit 10. Domestic Asia Pacific recovery pointstoimproving demandinMay (Link) (Link) (Link)

12 | Visitor Demand Mapping for Queenstown Data Ventures/ TNZ: Queen’s Birthday Domestic Visitor Report. Published 4th June 2020. Exhibit 13. Data Ventures/ TNZ: Queen’s Birthday Domestic Visitor Report. Published 4th June 2020. Exhibit 12. Rank 1 WEEK AGO vs WEEK BEFORE 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 1 2 3 4 5 6 7 8 9 COVID-19 Ranking of200 Countries andRegions Switzerland Germany Israel Singapore Japan Austria China Australia Luxembourg Finland Bahrain Iceland Kuwait Vietnam Netherlands Hungary Saudi Arabia Taiwan Denmark Norway Hong Kong Canada United Arab Emirates Korea South New Zealand Region Score 752 749 748 744 738 726 717 716 576 584 592 600 633 637 651 656 657 667 671 685 698 699 700 712 715 Rank 50 49 48 47 46 45 44 43 42 41 40 39 38 37 36 35 34 33 32 31 30 29 28 27 26 Greenland Bulgaria Thailand Portugal Spain Malta Czech Republic Montenegro Chile Cyprus Georgia Ireland Turkey Croatia Estonia Greece Oman Slovenia Latvia Malaysia Lithuania Poland Liechtenstein Qatar Mexico Region Score 538 541 541 542 543 544 545 548 549 550 550 551 556 556 556 560 562 564 564 565 566 570 572 575 537 QUEENSTOWN Rank 59 58 57 56 55 54 53 52 51 75 74 73 72 71 70 69 68 67 66 65 64 63 62 61 60 Azerbaijan Ecuador Iran Bosnia andHerzegovina Kazakhstan San Marino Africa South United Kingdom Gibraltar Ukraine Sweden Monaco Belarus Argentina Russia France Slovak Republic USA Romania India Philippines Serbia Italy Vatican City Uruguay Region Score 499 505 505 508 508 509 512 513 518 520 522 523 523 524 525 529 530 530 531 532 532 532 533 535 536 Rank (Link) (Link) 100 99 98 97 96 95 94 93 92 91 90 89 88 87 86 85 84 83 82 81 80 79 78 77 76 Bahamas Laos Cambodia Indonesia Peru Paraguay Honduras Algeria Morocco Brazil Panama Jordan Albania Tunisia Egypt Sri Lanka Bangladesh Myanmar Moldova Armenia Cayman Islands Andorra Belgium Lebanon Mongolia Region Score 440 442 448 450 453 455 457 461 465 470 471 475 476 478 480 482 482 482 483 484 491 498 498 499 499

13 | Visitor Demand Mapping for Queenstown 4 Australia New Zealand Global Tourism Ticker: TECNZ mapsreturn topre-Covid arrivals. Published 15th June 2020. Exhibit 14. (World Health Organisation: WHO Coronavirus Disease (COVID-19) Dashboard. Covid-19 02-06-2020)WHO bellcurves(Current asof Exhibit 15. Link (Link)

14 | Visitor Demand Mapping for Queenstown Germany Japan South Korea United States China United Kingdom

15 | Visitor Demand Mapping for Queenstown India Singapore

16 | Visitor Demand Mapping for Queenstown 25Radio NewZealand: Trans-Tasman bubbleplanfrom expert group giventoprimeministers. Published 5th June 2020. (Link) 24 The NewDaily: Australia isbordering onopen: These states are leading the way. Published 13th June 2020. (Link) 23Roy Morgan: More than2millionthwarted overseas holiday-makers ready tobewooedbydomestictourism. Published 5th June. (Link) 22Data Ventures/ TNZ: Queen’s Birthday Domestic Visitor Report. Published 4th June 2020. (Link) 21 The Australian Jewish News. Israel inventsone-minutecoronavirus breath test. Published 28th May 2020. (Link) 20 The New York Times: The F.D.A. withdrew emergency approval formalariadugspromoted by Trump. Published 16th June 2020. (Link) 19 World Health Organisation: COVID-19 DRAFT landscapeof candidate vaccines–9th June2020. Published 30th May2020. (Link) 18BostonConsulting Group. Three Paths totheFuture. Published 27thMay2020. (Link) 17 Air NewZealand Press Releases: Air NewZealand updates domesticschedulefor July and August. Released 4th June 2020. (Link) 16IATA: COVID-19: Air Travel reaching aturningpoint. Published 3rd June 2020. (Link) 15IATA: EconomicPerformance the Airline Industry. of Published 9th June 2020. (Link) 14 The World Bank:GlobalEconomicProspects, June 2020. Published 8th June 2020. (Link) 13OECD:OECDEconomicOutlook, Volume 2020Issue1:Preliminary Version. Published 10th June 2020. (Link) 12 The Economist: V Shapes:China’s Economy. Published 15th June 2020. (Link) 11International MonetaryFund: UnitedStates Country At aGlance. Pulled 15th June 2020(Link) 10 Trading Economics:Dow Jones Industrial Average 1896-2020data. Pulled 15th June 2020. (Link) 9 The New York Times. Forgetting Contagion, Stocks recover theirLosses. Published 8th June 2020. (Link) 8Bloomberg: SecondU.S. Virus Wave Emerges asCases Top 2Million. Published 11th June 2020. (Link) 7 Westpac: Westpac Market Outlook June 2020. Australia andtheglobaleconomy. Published 11th June 2020. (Link) 6International MonetryFund: Australia Country At aGlance. Pulled 15th June 2020(Link) 5 The Guardian: Australia entersfirst recession in29years after blowfrom bushfires andcoronavirus. Published 3rd June. (Link) 4 Australian Health: Coronavirus GovernmentDepartment of (COVID-19) current situation andcasenumbers. Pulled 16.06.2020. (Link) 3 ANZ Research: NewZealand Weekly Focus, Great job, but... . Published 8th June 2020(Link) 2International MonetryFund: NewZealand Country At aGlance. Pulled 15th June 2020(Link) 1 The Business, NewZealand Misistryof Innovation andEmployment:Consumer SpendingDashboard –COVID-19 Response. Pulled 15th June 2020. (Link) Sources and Sources

References

17 | Visitor Demand Mapping for Queenstown 29 Tourism Ticker: TECNZ mapsreturn topre-Covid arrivals. Published 15th June 2020. (Link) 28DeepKnowledgeGroup: Big Data 200Countries andRegionsAnalysis of COVID-19 SafetyRanking andRisk Assessment. Published June 2020. (Link) 27 AP News:Europe reopens manyboarders butnotto Americans, Asians. Published 14th June 2020. (Link) 26 McKinsey:China’s travel recovery gainssteam: Howfamiliesare planningtheirsummervacations. Published 12th June 2020. (Link)

18 | Visitor Demand Mapping for Queenstown