SSH: THL: SSH Notice (Blair Tallott)

6 Apr 2010 8:56 am

THL 06/04/2010 SSH

REL: 0856 HRS Tourism Holdings Limited

SSH: THL: SSH Notice (Blair Tallott)

Disclosure of beginning to have substantial holding Section 22, Securities Markets Act 1988

To: NZX Limited announce@nzx.com

And: Tourism Holdings Limited

Date this disclosure made: Mar 31, 2010

Substantial security holder(s) giving disclosure

Name(s): Blair Tallott

Contact details (name of person for queries, if not the substantial security holder, and telephone and email details): Kym Nijsse +64 4 918 7067 kym.nijsse@acc.co.nz Date on which substantial security holder(s) began to have substantial holding: -

Summary of substantial holding to which disclosure relates

Class of listed voting securities: Tourism Holdings Limited Ordinary Shares ( THL ) Summary for: Blair Tallott

For this disclosure,--

(a) Total number held in class: 6,874,093

(b) Total in class: 98,180,723

(c) Total percentage held in class 7.001%

Details of relevant interests currently in substantial holding

Details for: Blair Tallott

Nature of relevant interest(s): Beneficial owner of securities under s 5 (1) (b) of the Securities Markets Act.

No relevant agreement document needs to be attached under regulation 11.

For that relevant interest,

(a) Number held in class: 100,000

(b) Percentage held in class: 0.102%

(c) Current registered holder(s) of securities:

100,000 shares held by Blair Tallott either directly or indirectly

(d) Registered holder(s) of securities once transfers registered: n/a

Nature of relevant interest(s): Qualified powers to exercise control of rights to vote and of acquisition or disposal of some or all of the securities of which the Accident Compensation Corporation ("ACC") is the beneficial owner under ss 5(1)(c)and 5 (1)(d) of the Securities Markets Act. Further to regulation 11(2)(b), the material terms of this arrangement are that powers are subject to ACC investment policies and the decisions of the ACC Investment Committee.

For that relevant interest,

(a) Number held in class: 6,774,093

(b) Percentage held in class: 6.900%

(c) Current registered holder(s) of securities:

6,774,093 shares held by Accident Compensation Corporation directly via New Zealand Central Securities Depository Limited (NZCSD) (d) Registered holder(s) of securities once transfers registered: n/a

Details of transactions and events giving rise to person beginning to have substantial holding Details of the transactions or other events requiring disclosure under the instructions to this form: Aggregation of interests in securities held by Blair Tallott and ACC.

Additional information

Blair Tallott is an employee and portfolio manager for ACC. Under current ACC investment policies, he has the discretion to exercise control over the rights to vote and acquisition or disposal of some or all of the securities of which ACC is the beneficial owner.

Address(es) of substantial security holder(s): ACC: 81-83 Molesworth Street, Wellington

Name of any other person believed to have given, or believed to be required to give, a disclosure under the Act in relation to the securities to which this disclosure relates: ACC SSH notice dated Sep 25, 2007 6.23%

Declaration I, Blair Tallott , declare that to the best of my knowledge and belief, the information contained in this disclosure is correct and that I am duly authorised to make this disclosure by all persons for whom it is made. End CA:00193361 For:THL Type:SSH Time:2010-04-06:08:56:08

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