Thank you Keith.

This is the 25th Annual Meeting of thl a company that could be considered “restless” in a positive manner. We have clearly changed significantly over those 25 years and been part of varied segments of the industry here in and abroad.

Ibelievetherestlessnatureisakeyculturalpillar within the business today and reflects our willingness to change and adjust based on the needs of the business.

Over the past three years we have transformed the product, experience delivery and business model of thl to set ourselves apart and create wealth for you the shareholders. We are now recognised in the industry for what we deliver to our customers.

We are clear as an organisation that we need further change to see the improved financial results we all expect.

1 The Chairman has provided an overview of the results of the company which are on the screen. From my perspective the EBITDA performance of the business at $47m was key at only $2.0m lower than the previous year and $2.0m higher than the 2009 financial year.

EBIT decreased by $6.0m. The difference is depreciation where the increase was the biggestimpacttotheresult.

Higher build costs in 2007 and 2008 flowing through, more larger vehicles (which obviously cost more) and excess fleet to requirements have been the driver of the increased depreciation costs.

Depreciation for thl is a real cost and reflects the need to rotate fleet just as a retailer rotates stock.

There are some distinct measurable strategies we have in place to see this cost reduce significantly over the coming two years which I will discuss today.

2 As the results on the screen show, from a business unit perspective the year was financially unacceptable, however there were a couple of highlights in trends. Rentals New Zealand was most affected by a drop in revenue which was primarily due to the lower than expected numbers from the UK market. Despite the drop of $2.3m in revenue, pleasingly the result was held at the EBIT level with the prior year. This last year was the first for a few years where we have seen costs within the business decline.

The Australian rentals business managed to grow revenue primarily through strong fleet sales. The rentals market had been growing from a revenue perspective for a number of years until this last financial year. The forward booking position at the start of the financial year and market indicators suggested that there would continue to be revenue growth. The appreciation of the Australian dollar through 2010 and the start of 2011 affected both inbound arrivals and also encouraged the domestic tourist, which is one of our key markets, to travel abroad to long haul destinations such as the USA. This effect compounded by the natural disasters created a dramatic decline in bookings which simply left us with too much fleet and all the associated costs of holding that fleet.

The USA business performed well in its first six months of thl ownership.

Thetourismbusinessessawthefallinrevenuedroptothebottomlineastherearefew variable costs that can be saved as revenue drops.

3 This year with the Target Company Statement, various market updates and the Annual Report we have clearly summarised the previous year’s performance and the Chairman has indicated the broad direction we are taking as an organisation. As such I would like to provide another insight into what is occurring within the business and industry.

4 We have good reason today to be pleased with the early progress of the Road Bear business within the thl group.

Now approaching the anniversary of the acquisition we have had no negative surprises with the business and Daniel has delivered everything he committed to at the start of the year. From a trade customer perspective the change has been well received.

As CEO of Road Bear, Daniel will today provide you with his view on the business. Daniel has a passion for the business and our industry that has enabled him to fit in with thl very effectively. Daniel has also provided some useful insights into aspects of the New Zealand and Australian rentals business. We having him and his team as part of the broader thl crew.

5 Based on a December 2011 calendar year rental revenue for Road Bear will likely exceed the previous year by over 25%. This has been driven by our commitment to expand the business from a peak fleet last year of 355 vehicles to 440 this year. Vehicle sales in the USA remain well below the 2008 peak, pre the Global Financial Crisis however the market has stabilised.

The 2011 trading season for Road Bear is now complete and the business will effectively move into winter mode from now until Easter next year. Early indications for the 2012 calendar year (which will flow into the thl’s 2013 financial year) are positive and the early bird booking special has exceeded previous year’s intakes.

6 For thl the move into the USA was one which was well forecast for a number of years. We planned on two key areas of integration in the first months of operation, online activity and traditional trade sales activity. The picture on the slide is the new Road Bear website that went live within six weeks of the acquisition. This is a perfect example of the benefit of the investment in the online space that thl has made over the past few years.

7 The rotation of fleet within thl is paramount to controlling depreciation costs, the debt position and customer proposition. As you can see on the slide, revenue, margin and total number of fleet sold increased year on year.

Inclusive of Road Bear we sold 940 motorhomes.

We have a strong and dedicated dealer network in Australia and New Zealand and a broad network we access within the USA. We also have a dominant retail presence within the New Zealand market which we intend on growing into the future.

I will discuss in more detail shortly the plan to see vehicle sales become an even more important part of thl’s business model moving forward.

8 We have discussed the turnaround in the manufacturing business within thl and this year we achieved the targeted profitability.

The diversification of the specialist vehicle sector of the business has provided a good base to leverage overheads. I would like to take this opportunity to congratulate the crew at Motek in Hamilton on securing the St John ambulance contract which was in my view achieved because of the design led, customer focussed approach the crew took from the outset of the tender process.

The challenge for this business into the future is how to operate in a profitable manner whilst demand remains slow.

9 One of the pillars of the operational success in the business has been our product development.

All the products on the screen have been introduced new over the past two years. The designs have all been targeted for different rentals and retail ownership markets. Daniel will discuss how he operates with manufacturers in the USA to achieve the same goals as New Zealand and Australia.

The Maui Platinum range has been well received and the new Britz product has rejuvenated that brand. Britz is no longer regarded as just old Maui products but a different style of product that suits a broader range of customers. We have seen the new products grow new categories of customers, predominantly in an incremental fashion.

The need to continue to innovate in product design and reduce build cost is critical and we have aggressively sought cost reductions. As we have transitioned from the old range we have created some complexity with too many product categories. The range we offer is being simplified for the rentals market over the coming year as the old ranges are rotated out of the fleet.

10 We have also recently re‐launchedtheOxfordcaravanrangeinNewZealandandhavean example outside for you to view today. This is an exciting re‐entry into the market where thl has previously held a sizeable market share.

11 The online market has continued to grow for thl albeit at a slower pace. The focus today is on conversions.

Overthepastyearwehavecompletedasignificantprojectfocussedonincreasing conversions. We now have the capability for automated alternative availability, automated cross sell between our brands, and the ability to save and return quotes.

The online world continues to evolve at pace and we are confident we are keeping up with developments.

The social media strategy continues to be a focus as well. There are many stories of the power of social media and in May this year Black Water Rafting had its own experience. We were very fortunate to have the singer Katy Perry experience our Black Water Rafting product. Whilst we weren’t able to conduct any direct PR, Katy tweeted to over 7 million followers about the experience and as a result our following month’s sales were up over 50% with no other changes to the marketing mix.

12 Last month New Zealand experienced possibly one of the largest events in our tourism history with the Rugby World Cup. There has been close to three years of significant planning by many of the thl crew. The focus was to secure as many customers as possible and prepare the business to deliver on new record high pick up days.

I am very pleased to say that the thl crew across the board in New Zealand were engaged in the event, ensuring its success.

13 Let’s see a very short video of how we looked.

14 From a financial perspective we exceeded our expectation of $3.0m incremental EBIT from the event.

As you can see on the graph September and October EBIT results were well ahead of last year. The incremental EBIT attributed to the event for thl rentals operation was $4.5m.

Six months out from the Cup it was clear that October was not going to achieve our visitation targets as the normal October business had been put off by the perceptions of overcrowding.

A very specific plan and effective use of non‐front line crew enabled costs to be well controlled which converted the revenue to EBIT at a higher rate than plan.

Our business suffered from the lack of traditional tour business however it was partially offset by the strong support to Black Water Rafting.

MoreimportantlytherearetwokeyfuturebenefitsweexpecttoseefromtheRugby World Cup. Firstly there was a strong presence and positive feedback from the high value UK market. This market has struggled for the last three years and we believe New Zealand may see some benefit into the coming year as a result of the high exposure. The second future benefit is the focus the event created within France for New Zealand. We were pleasantly surprised with the number of French bookings for the event and the feedback on New Zealand as a touring destination was superb.

15 I would like to move on to some of the key challenges in the business, which need to be resolved.

Visitation from our key markets has continued to decline over the last year for Australia and New Zealand. As you can see in this table the USA had growth and is presently a destination of choice. In absolute numbers taking the UK as an example, Australia and New Zealand last year had a combined decline of about 29,000 visitors yet the USA had growth of over 65,000 visitors from the UK in just the five months up to May 2011 (which are the latest available figures).

The most recent travel update from the UK noted that outbound visitation from the UK in the 12 months to the end of September was broadly in line with the previous year.

Our target markets are still travelling.

The challenge for the New Zealand and Australian markets is to recognise that the exchange rate is having an impact and find ways to compensate. A very retail approach is required in the market and the on‐going support of the national tourism bodies is critical. The focus by these organisations on growing volume from Asia we believe is correct however there are indicators that this is currently at the expense of the profitable high spending UK and European markets. They need to keep both opportunities in perspective.

16 We have already highlighted today the issues that excess capacity in the rentals business can have on profitability.

The graph here shows the Australian revenue and fleet over the past two years. As noted on the graph when the decision was made to increase fleet we had a forward book position that was well ahead of the previous year, a strong utilisation, strong vehicle sales and revenue forecasts endorsed that position.

As the forward trend did not eventuate, the actual revenue achieved was static; we have simply ended up with too much fleet.

As a guide on average, the cost of each extra vehicle on fleet in Australia (assuming the revenue generated would be achieved on other vehicles) is close to $20k per vehicle.

We will reduce our total fleet size however as I will discuss shortly the focus on selling vehicles at all stages of life will ensure we don’t impact the customer proposition.

This change is one of the key drivers behind our confidence in gaining further momentum in earnings into the 2013 financial year.

17 Last year I spoke about the development of our brands, product, customer experience and business model. The fundamental direction hasn’t changed so I would like to briefly update you on a few key items of note.

We have refocused on what are the right brands and positioning for the future. As a resultwewillreviewourBackpackerandExploreMorebrandsoverthenextyearto ensure we are maximising the market penetration and spend. They may be consolidated. As you know we have been focussed on the business model being Build (or buy), rent and sell. This model is obvious but it is critical that all three elements are treated equally in importance.

We are a retailer and distributor of new, near new and older recreational vehicles.

19 Up until recently we have been disjointed in the approach to marketing our retail vehicles.

On the screen you can see three different ads that we would regularly use within the business. In New Zealand we have used Maui Vehicle Sales as a brand yet we sell Maui, Britz and Backpacker product. In Australia we have left the marketing solely to our dealer network who have rightly pushed their own brand often with a variety of product and brand names. We have also used Ci Munro and Action Motor Bodies in New Zealand as manufacturers brands for new vehicle sales.

There is a substantial opportunity to consolidate these brands and create significant presence in the retail market place. There are likely to be over 5000 ex thl owned or manufactured vehicles roaming New Zealand and Australia and we have historically had little in the way of brand and service connection with those customers.

20 To achieve that presence we have recently launched the Motek brand for all our manufacturing and vehicle sales in New Zealand and Australia.

21 Taking Australia as an example we believe based on our dealer and market information that there is approximately $69m in new or near vehicle sales per year.

We started selling into this market with some of our new and younger fleet last year with a successful start of 50 vehicles. You can see given we have gone from 0% to 5% market share in a year that the future opportunity is meaningful.

We see no reason why we can’t see significant increases in our sales in the new and near new markets within a two year period.

Every vehicle we sell at an earlier stage of life at a margin enables another vehicle to be built and reduces the average age of our fleet.

We will obviously still sell a large number of vehicles at older stages of life as well which service a different customer base.

22 This month we met with our dealers in Australia who unanimously endorsed the strategy and are eager to assist in building the Motek brand across all states.

It was not that long ago that as a business we labelled our vehicle sales as “disposals”. Today we need to focus on “Creating an Unforgettable Holiday” for our retail customers as our rentals customers.

You can imagine the state of our vehicles when we label them disposals. As we grow this focus I am confident we will improve our positioning and more importantly create the opportunity to improve the resale values.

We have set the challenge to our vehicle chassis suppliers as well. For our Maui product we have for some time only used Mercedes and Volkswagen product. The challenge we have set them is to ensure that we can confidently improve our vehicle sales margins through leveraging the quality of the chassis. Greater marketing support, after sales service benefits and retail sales training are all on the list of expectations.

23 Road Bear has provided us with some interesting learning’s in the vehicle sales space as well. Daniel purchases the right product, holds it for just the right amount of time and ensures it is in the condition for sale that will minimise the time to sell and maximise the sale value.

The Road Bear business and the North American market is clearly a focus for this business and will be a pillar of our growth over the coming 3 years.

24 We have invested strongly in our IT development over the past four years. This year we have a new finance system. Implementation has been completed this month on time and within budget.

In the online space we will continue to develop our sites and launch the new Motek website.

25 Over the last year we have had a number of property leases expire. We have taken this opportunity to create a new customer offer which can cater for the next ten years requirements and create efficiencies in the operations.

By the end of this financial year Hobart, Cairns, Melbourne, and Queenstown will all have new purpose built sites or additions.

ThenewMelbournesitehasbeenthehighlightwherewehavebeenabletoconsolidate the Australian support centre, assembly factory and Melbourne rentals branch into one site.

26 With total visitor arrivals down in this part of the world we need to continue to create as much value from each rental sale as possible whilst enhancing the experience.

Earlier this year we launched Britz bikes in New Zealand to coincide with the on‐going positive trend towards cycling tourism within New Zealand. The initial response has been positive and it provides another reason to book a thl product.

We have some further new add‐on initiatives underway which we are trialling at present and will look to launch in 2012.

As with so many other industries headline pricing and margins are being squeezed and we need to continue to add value where possible.

A focussed effort in this area during the Rugby World Cup was a key contributor to the result exceeding our forecast. There are some good learning’s that are being taken forward for future growth.

27 Given the competitive market, even in the high season, customers have significant power and choice. This year we were pleased that we reached new lows in our customer complaint ratios which are a key measure within the international trade market.

Two of the largest German wholesalers have just released their new season brochures and feature thl product with a brand new special Top Quality status. TUI has featured Road Bear and DER features both Road Bear and Maui. This is a significant change from our performance a few years ago and I believe is creating pressure on competitors.

28 There are a number of new market opportunities we have plans for at present

For Waitomo we are focussed on the Chinese market and growing the domestic market further. The events and campaign strategy is working well. New school holidays programmes such as Cave Kids essentially sold out in the first two school holiday periods. The pick up from the Chinese market has been slower than desired for Waitomo and we have a plan in place to turn this around.

ForRoadBearwherewearefocussedongrowingtheUKandAustralianmarketswhich have strong growth into the USA. These markets have not been targeted by the Road Bear business in the past.

For Kiwi Experience we are just launching a new product targeting the Asian market in New Zealand. I am very pleased with the approach the crew have taken in designing a product and approach that should engage the market.

Within the core rentals business in New Zealand and Australia we have two new growth market plans. We still have a belief that the French market will grow to this part of the world and motorhome holidays are a perfect fit for those customers preferred holiday style. The Rugby World Cup has given us some great leads which have been factored into our sales and marketing planning.

And finally we are working with different partners on both sides of the Tasman to explorehowwecaneffectivelyseemotorhomesgaintractionwithintheAsianmarkets. This focus is not just on China but the broader Asian market.

29 We have been focussed on reducing our build cost without compromising on quality for some time. The picture on the screen is our new Britz Navigator 4 Berth where we have managed to create a new product for a build cost not seen in the business since 2006. The 2010 Maui range achieved its target of a 10% reduction in build cost. We are in the final stages of designing the next evolution of that range and are on track to achieve another 8% to 10% reduction in total build cost. This range will commence on fleet in 2012.

As discussed right at the start of my presentation reducing the real cost of depreciation in the business is a must. The gains from these lower build costs only provide their full benefit once the expensive 2007/08/09 build fully rotate out of the fleet.

30 Keith spoke about the outlook for the company and I have covered some of our views regarding visitor arrivals.

In summary what we see as at today is that there is still a strong desire to travel. The number of people who want to visit our destinations has not reduced. The conversion and competition from alternative destinations is the key difference.

Price is a factor.

When we see good airline marketing activity we see a direct spike in bookings. The trend in bookings over the last year for Australia and New Zealand has been very late yet in the USA the trend has been early.

We are partnering with other parts of the industry to leverage as much presence as possible.

31 From a forecast perspective the breakdown of the profit increase for this year is in the profitbridgeonthescreen.TherisksweseearewithWaitomowherewehaveseena dropoffingroupandseatincoachtouringbusiness,andcontinuingmomentuminfleet sales.

Clearly Road Bear will be providing some upside based on results year to date.

32 So in summary we have a clear agenda as an executive, we are meeting the internal operational targets however have some significant work to do to deliver the financial results required.

We are now focussed mainly on these key elements:

1. Maintain and grow the advantages we have created with product and the customer experience. 2. Continue the progress with Road Bear and provide you all with confidence regarding those results. 3. Create more flexibility and accuracy in the forecasting of fleet size, whilst in the short term reducing fleet in Australia and New Zealand. 4. Development of the next step in vehicle sales to create greater profitability and flexibility in the business and 5. Generate overhead cost savings. We will continue to drive cost savings from process and design improvements in our infrastructure and manufacturing.

33 In conclusion we are aware of the need to deliver improved results and are on track to do so.

The crew at thl have only but improved over the past few years; we have less people but are doing more and delivering a far more sustainable product in an extremely difficult market. I personally would like to thank the crew and in particular my executive team.

34 I would now like to introduce you to Daniel Schneider.

Daniel is a Swiss and US citizen with close to 20 years’ experience in the RV industry within the USA. He has already in the past year demonstrated to thl his expertise in sales, operations management and product design. His previous ownership of the Road Bear business has provided him with a broad business strategic understanding. Daniel is the perfect balance of a trader and strategist. He holds a degree in Automotive Engineering from Biel in Switzerland.

[ Daniel ….]

35 Thank you Daniel.

As you can see Daniel is knowledgeable, experienced and focussed. His approach to the Road Bear business epitomises what we are about today “Creating Unforgettable Holidays”. Please feel free to chat with Daniel after the meeting.

….. I will now pass you back to Keith to move onto today’s agenda items.

END

Grant Webster Chief Executive Direct Dial: +64 9 336 4255 Mobile: +64 21 449 210

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