Investor Presentation Holdings Limited

October 2014 – Presented to Australian Fund Managers CUSTOMER PROPOSITION thl today INTERNATIONAL BUSINESS

• NZSX listed since 1986

• Market Cap circa $160m

• Operations in NZ, Australia, USA. Franchise in South Africa

• Top 50 shareholders own 73%

• Over 4,000 investors

• Gross dividend yield 10%

• Improvement in ROFE from 5.2% in FY13 to 9.6% in FY14

• 3,900 vehicles – Over $200m

*South Africa is a franchise model FY2009 - FY2014

FY09 FY11 FY13 GFC Impacts. Road Bear (USA) purchased. NZ merger and New purpose - AU and NZ experience industry consolidation. ‘Unforgettable holiday demand decline. Australian fleet experiences’. New New vehicle build cost downsized vehicle build design lowered commences. Manufacturing turnaround

$22.8M

$16.0M $14.6M EBIT* $9.9M $4.3M $1.1M

FY10 FY12 FY14 New low build cost Full year of Road Bear RV. First full year of NZ achieved. Manufacturing post-merger. Australian AU fleet build consolidation/JV performance improving from increased Rugby World Cup (est’d H2. Manufacturing EBIT impact + $4.5M) performing well. All business units in growth.

* Excluding Impairment WORLD TRAVEL TRENDS

• Travelling is a global mega-trend • Modest growth from the developed world – higher travel frequency • Fast growth from emerging markets – ‘new world middle class’ to double by 2030 = 1.5 billion more middle class people eager to travel around the world • Travel from Asia, Middle East and BRIC countries will grow strongly “One Third of Humanity is Travelling But Two Thirds Are Not Yet Travelling”

> 70%

40% - 69%

< 40%

Source: ITB World Travel Trends Report 2013 RENTALS BUSINESS MODEL – BUILD RENT SELL

FOCUS ON MAXIMISING VALUE OVER TOTAL LIFE OF VEHICLE

BUILD / BUY RENT SELL

Model • Build well designed • Maximise the rental returns • Create further value in the vehicles to robust from the vehicle fleet. ownership market with rental standards. Depreciate vehicles over the strong sale networks and Where appropriate life on fleet to residual value dedicated product buy using market that allows for small profits on scale. sale

Business • RVMG Manufacturing JV • NZ-AU Vehicles rotated • NZ vehicle sales mainly with owner operator through rental brands 2-6 Structure through RV Super Centre supplies NZ and AU years • AU and US sales through vehicles • US Rentals 1-2 years fleet independent dealer • US vehicles externally rotation networks sourced

Value Drivers • Long experience • Established multi-channel • Growing demand for • Strong design focus that distribution private ownership of meets rental and owner • Experience driven motorhomes –baby needs • Largest player in the world boomer segment • Relentless focus on lowering • Global operation • NZ retail, trade-ins and cost of build servicing • Economies of scale MEETING OUR COMMITMENTS - 2013-14

Commitment Outcome Deliver NPAT above $10.5M Achieved $11.1M 

Reduce debt to sub $90M from $120M Achieved $79M (plus Line of Credit for manufacturing facility of $6M) 

Address Australia Cost Structure Delivered 2 H run rate to achieve FY15 –  Achieve respectable ROFE in FY15 we are on track

Fix Manufacturing Delivered $1.0M profit vs (1.4M) pcp.  (thl share)

FY15 Commitments Deliver NPAT above $15M

Achieve acceptable returns in Australia and

Commence a plan for growth FY14 PROFIT BRIDGE CURRENT DIRECTION

Summarized by Positive Change: • Industry has been consolidated in NZ and AU • Debt reduction has been ahead of targets • Turnaround on track and underlying business model improving

Why and what's next … • New blood and focus • Strategic decisions delivering to plan • Market recovery

Annual Meeting will be the opportunity to share a glimpse of where to next … • Create the new and compelling • Grow the underperformers to target • Create growth from existing businesses FINANCIAL STRENGTH

• Business Metrics broadly aligned NET DEBT to Moody’s Baa/S&P BBB grade rating or above.

• Debt levels were increased to fund purchase of United and KEA in 2012.

• Debt levels reduced as fleet has been downsized to match demand. To be maintained below Ratio June 13 June 14 Debt:EBITDA of 2x. Debt/Debt + Equity 47% 36% Debt:EBITDA 2.1 1.4 • Sale of fleet has proven the ability to reduce capital employed as EBITDA:Interest 7.9 10.6 required to respond to demand cycles. RENTALS NEW ZEALAND BUSINESS SUMMARY: Rentals NZ

Financial FY13 FY14 r Current Focus % thl EBIT 38% 33% (5%)  Lifting ROFE to an acceptable return Fleet Size 2,210 2,019 (9%)  Further downsize of fleet to lift ROFE EBIT $M 5.5 7.4 35%  Business simplification underway Funds Employed $M 128 111 (13%)  Operational improvements to lift consistency of service offering Return on Funds Employed 4.3% 6.7% 2.4%  Development of growth opportunities Market Context within vehicle sales Estimated rental market (vehicles) 4,500 Outlook thl estimated market share (vehicles) 45% Total market fleet capacity steady Main competitors Apollo Jucy Inbound visitors +4.9% YTD Sep14 thl vehicle sales circa 450 pa +4.5% MBIE forecast 434 FY14 for 2015 “Strong EBIT growth to acceptable performance levels in a positive market” RENTALS AUSTRALIA BUSINESS SUMMARY: Rentals AU

Current Focus Financial FY13 FY14 r  Building on performance improvement % thl EBIT 9% 16% 7% commenced in H2 FY14 arising from Fleet Size 1,421 1,336 (6%) strategic review. Lifting ROFE to an EBIT $M 1.3 3.7 185% acceptable return Funds Employed $M 72 58 (19%)  Application of smart and disciplined Return on Funds Employed 1.8% 6.3% 4.5% logistics practices  Strong new management team over the past 18 months Market Context Estimated rental market (vehicles) 3,500 thl estimated market share (vehicles) 40% Outlook Main competitors Apollo Total market fleet capacity steady Jucy Inbound visitors +8.2% YTD Aug 2014 TAB thl vehicle sales circa 250 pa +5.6% year to June (292 FY14) 2015 Tourism Research Australia Forecast “Model changes near completion and delivering gains. Consolidate” RENTALS USA BUSINESS SUMMARY: Rentals USA

FINANCIAL FY13 FY14 r Current Focus % thl EBIT 45% 33% (8%)  Transition of CEO to executive director role Fleet Size 541 537 (1%) and new CEO  EBIT $M 6.5 7.6 17% Modest and stable growth in fleet  Grow new Orlando site (2013) Funds Employed $M 34 30 (12%)  Explore growth opportunities following Return on Funds Employed 19.3% 25.4% 6.1% Camping World exit

Market Context Outlook Estimated rental market (vehicles) 6,000 Total market fleet Steady-falling thl estimated market share (vehicles) 8% capacity Camping World (est. 400 Main competitors vehicles) exiting the market El Monte Inbound visitors +8.7% YTD Jun14 Camping World thl vehicle sales circa 500 pa +4.0% year to Dec15 forecast (514 FY14) US National Travel & Tourism Office

“Maintain outstanding ROFE and look for growth” RV MANUFACTURING GROUP (JV) BUSINESS SUMMARY: RV Manufacturing Group (JV)

Current Focus FINANCIAL FY13 FY14 r  RVM • Production including new product: 4 berth thl share of JV earnings $M (1.4) 1.0 171% non toilet shower and 3 berth toilet shower van product. Net thl interest in JV 7.1 7.5 0.4 • Ongoing focus on lowering production cost.

 Action Motor Bodies • Full production schedule • New product development for the RVMG Joint Venture emergency vehicle market RVM Manufacture of motorhomes for thl NZ and AU. Outlook Action Motor Bodies Specialist commercial vehicle RVM Increased production for thl manufacturer including emergency fleet FY15 vehicles, mobile medical units, Action Motor Bodies Increased production refrigerated vehicles and minivans. Debt to thl Repayment of advances “Return loans to thl, grow and maintain build cost reductions” VISITOR CENTRE

AWARDS: KIWI EXPERIENCE BUSINESS SUMMARY: Tourism Current Focus  Kiwi Experience Financial FY13 FY14 r • New fleet and efficiencies % thl EBIT 27% 29% 2% • New product development EBIT $M 4.0 6.6 66% • Growing the market Funds Employed $M 28 26 (7%)  Waitomo Return on Funds Employed 14.3% 25.4% 11.1% • Gaining growth in Chinese market • Leveraging Hobitton/Trilogy product • New product development

Tourism Businesses Outlook Glowworm Caves Iconic guided experience Inbound Visitors +4.9% YTD Sep14 Aranui Top 10 Lonely Planet total Forecast Ruakuri ‘world’s most illuminating +4.5% MBIE forecast for 2015 experiences’ 2014. Wide market appeal. Inbound visitors +6.1% 15-34yr inbound YTD to youth sector Aug14 The Legendary Black Water Adventure tourism guided Rafting Co. experience. Youth focus. Inbound visitors +7.2% Peoples Republic of Kiwi Experience Flexible coach services Peoples Republic of China inbound YTD Aug14 facilitating experiences for China +11.9% MBIE forecast for 2015 the FIT youth market. “Growing strongly” EXECUTIVE MANAGEMENT

Grant Webster Mark Davis Grant Brady Keith Chilek Chief Executive Officer Chief Financial Officer Managing Director Chief Technology Officer RV Manufacturing Group Joining thl in 2005 as Chief Joining thl in February 2014, Joining thl in August 2014, Keith Operating Officer – Attractions Mark leads the finance function After a successful career in the is responsible for the technology division, Grant was appointed to the including reporting to the Board construction industry in New direction, product development role of Chief Executive Officer in of Directors, external reporting, Zealand, Australia and the USA and creating a best in class online December 2008. Appointed internal and external auditing, Grant co-founded KEA Campers in user experience for thl Chairman, RV Manufacturing Group investor relations and banking 1995. As the primary shareholder customers. Keith spent the joint venture in 2012. Grant is also relationships. He also fulfils the within the KEA Group, Grant previous 12 years in the USA on the board of Tourism Industry New Zealand Stock Exchange maintained 100% ownership of building consumer facing Association. requirements of thl as a listed KEA Manufacturing and supplied products in the education space, Grant’s background includes senior entity. Mark’s background product to KEA New Zealand, KEA holding various positions ranging executive roles across the tourism, includes senior finance roles in Australia and KEA South Africa. from Co-founding partner to hospitality, gaming and retail the media, gaming and Grant is Managing Director of Senior Vice President of industries where he held director entertainment, and thl’s vehicle manufacturing joint Engineering. Keith holds a and general management roles telecommunications venture, RV Manufacturing Group Bachelor of Business within the retail sector before sectors. Prior to joining thl, Mark LP of which he owns 50%. In Administration degree with an moving into tourism. Prior to joining was CFO of The Radio Network. addition to these responsibilities emphasis in Information and thl Grant was a General Manager at Mark holds a Bachelor of Grant also leads the vehicle sales Operations Management from SKYCITY . Grant holds a Management Studies (Hons) business for thl in New Zealand Texas A&M University. Bachelor of Commerce degree from degree from Waikato University and has a particular focus on the Victoria University and has and is a member of the New newly formed RV Super Centre completed executive studies at the Zealand Institute of Chartered based in Albany, Auckland. Insead Advanced Management Accountants. Programme in Fontainebleau, and Monash University, Melbourne Australia. EXECUTIVE MANAGEMENT

Matt Harvey Mike Horne Kate Meldrum Daniel Schneider General Manager General Manager General Manager Group Revenue, CEO & President Australian Operations New Zealand Rentals Operations Brand & Customer Experience Road Bear RV Rentals & Sales Matt joined thl in April 2010 as Mike leads the New Zealand Kate joined thl in 1991 in the Following the acquisition of Los Commercial Operations Manager Rentals Operation having rejoined Sales and Marketing team as Angeles based RV rentals and progressed through to the thl in September 2010. Prior to Account Manager for North company, Road Bear, Daniel role of National Operation this, Mike had two years as Chief America. She left in 1996 and joined thl 31st December 2010. A Manager for NZ Rentals in Executive of Auckland Aquarium held several part-time and Swiss and US citizen, Daniel January 2012. In August 2013 Limited, running Village contract marketing roles whilst has over 20 year’s experience in Matt moved across to Melbourne Roadshow’s New Zealand raising a family before re-joining the USA rental RV industry with and now leads the Australian attractions business. Mike was the company again in 2003 as expertise in sales, operations, Operations. Matt’s background previously with thl as General Sales & Marketing Manager for product design and business includes a number of operation Manager of Fullers Bay of Islands New Zealand. Kate joined the general management/ownership. management roles within the with general responsibility for the executive team in November Daniel holds a Bachelor degree in SKYCITY Group in New Zealand Northland region. Previous 2009 as General Manager Automotive Engineering from Biel and financial analyst roles within experience included senior Marketing & Customer Switzerland. the Gaming industry in London. management roles within the Experience and as of April 2014, Matt holds a Bachelor of Hospitality and Events sector has assumed responsibility for Commerce degree from Auckland both here and in Australia. Mike Group Revenue for the self-drive University. holds a Bachelor of Business experience businesses, and Studies from Massey University. overall responsibility for marketing and sales channels. Kate holds a Post Graduate Diploma in Business from Auckland University. BOARD OF DIRECTORS

Rob Campbell (Auckland) Chairman Chair, Market Disclosure Committee Independent Director appointed in May 2013. Appointed Chairman of thl in August 2013 and Chair of Market Disclosure Committee in April 2014. Rob has over 30 years’ experience in investment management and corporate governance. Currently Chair of Summerset Group Holdings Limited (NZ), and a director of Guinness Peat Group Limited (UK), Precinct Properties and Turners and Growers. He is a director of substantial private companies based in Australia and New Zealand. In addition he is a director of or advisor to a number of hedge and private equity funds in a number of countries. Rob trained as an economist and has worked in a variety of capital market advisory and governance roles over a long period.

Graeme Bowker (Melbourne) Chairman, Audit & Risk Committee

Independent Director appointed in February 200​3. Appointed Chairman of thl Audit & Risk Committee 31st October 2012. Currently is Chair of Silverstripe Australia Pty Limited and acts as a mentor to executives. Formerly the Victorian Managing Partner for Deloitte Touche Tohmatsu and prior to this, Country Managing Partner in New Zealand.

Christina Domecq (Auckland) Chair, Marketing & Customer Experience Committee Independent Director appointed in February 2014. Appointed Chair of Marketing & Customer Experience Committee in February 2014. Currently the CEO of Ora, winner of the Supreme Business Excellence Award in 2013. Christina has operated internationally as a technology entrepreneur as well as an investor and a director in a variety of premium New Zealand brands, including Stolen Rum, Umajin , Localist and The Market NZ. Starting her first company at the age of 20, Christina has owned and invested in a large variety of companies around the world. Christina has broad skills in strategic assessment, monetising ideas from concept to viable commercial entities and decisively seizing competitive advantage. Christina holds a Bachelor of Arts & Science from Boston College and Master of Finance from Notre Dame University and has won a raft of awards including Ernst & Young UK, ‘Young Entrepreneur of the Year' and ‘Science and Technology Entrepreneur of the Year’ in 2006 and CNBC Entrepreneur of the Year in 2009. BOARD OF DIRECTORS

Kay Howe (Auckland)

Non Independent Director appointed in October 2012. With a background in a variety of industries Kay entered into the tourism market in 1978 starting her first motorhome rental business as a small family operation. An industry pioneer, Kay is experienced in the operational, financial, sales and marketing of a rental motorhome business in New Zealand and has established strong industry relationships in many European markets. Kay founded United Vehicle Rentals in 1994 which was sold to thl on the 31st October, 2012. Kay is a non independent director under the NZX listing rules due to being a director of an entity that is a substantial security holder in thl.

David Neidhart (Switzerland)

Non Independent Director appointed in June 2013. David was proposed for appointment by the Sterling Grace funds, an entity that is a substantial security holder in thl. David accumulated more than 4 years of experience in vehicle rental industry as a Director of Strategy for the International business unit of Hertz. During his professional career, David has operated across a number of international markets across various disciplines and industries. David has managed Strategy and M&A for large International companies such as Hertz as well as being active in Asset Management and Private Equity industries, Valartis and Bisange. David holds a Master of Finance of the Sciences-po University in Paris and a Diploma of the Geneva University.

Graeme Wong (Wellington) Chairman, Remuneration & Nomination Committee Independent Director appointed in November 2007. Appointed Chairman Remuneration & Nomination Committee October 2013. Background in stock broking, capital markets and investment. Founded and became Executive Chairman of Southern Capital Limited which listed on the NZX and evolved into Hirequip New Zealand Limited. The business was sold to private equity interests in 2006. Previous directorships include New Zealand Farming Systems Uruguay Limited, Sealord Group Limited, Tasman Agriculture Limited, Magnum Corporation Limited, and At Work Insurance; alternate director of . Currently Chairman of Harbour Asset Management Limited; Director of Areograph Limited, Precinct Properties New Zealand Limited and shareholder and Director of Southern Capital Partners (NZ) Limited. Member of the Trust Board of Samuel Marsden Collegiate School and Member of the Management Board of The Bible Society Development (New Zealand) Incorporated.