ACC Accepts MFS Takeover Offer

Accident Compensation Corporation Accepts Mfs Living And
Leisure Nz’s Takeover Offer

Acceptance takes MFS Living and Leisure NZ to 30.09%

Accident Compensation Corporation (ACC), which has a 4.62% shareholding in Tourism Holdings Limited (THL) has accepted MFS Living and Leisure NZ Pty Limited’s (MPY NZ) takeover offer.

ACC’s acceptance takes the total number of beneficial and non-beneficial acceptances for the THL offer, including the Cushing family’s sale of its shares, to 30.09%.

The offer closes on Saturday, 21 July. The deadline will not be extended.

MPY NZ Chief Executive Officer Marshall Vann said shareholders should accept the offer and return their forms today, to ensure they do not miss the deadline for acceptances.

“We need enough acceptances to take us to 90% by this Saturday to ensure the offer is successful,” Mr Vann said.

“The offer price of NZ$2.80 cash per share will not be increased.”

THL recently declared a 6 cents per share fully imputed dividend to be paid to THL shareholders with a record date of 20 July 2007 and payment on 25 July 2007.

THL’s shares have not traded above the NZ$2.80 offer price for seven years. THL’s independent directors have described the offer as the “most value-creating option available to shareholders” and have unanimously recommended that shareholders accept MPY NZ’s offer.

If successful, MPY NZ will retain THL’s management and staff and invest in the further development of some of New Zealand’s iconic leisure attractions.

“The recent listing of MPY NZ on the New Zealand Stock Exchange represents our company’s long term commitment to participating in and growing New Zealand’s tourism and leisure sectors,” Mr Vann said.

Marshall Vann
Chief Executive Officer
16 July 2007

About MFS Living and Leisure Group

MFS Living and Leisure Group is a stapled group comprising MFS Living and Leisure Trust and MFS Living and Leisure Limited and is listed on the Australian and New Zealand stock exchanges (ASX/NZX:MPY).

MFS Living and Leisure operates in the leisure industry, through Australian Alpine Enterprises Holdings Pty Ltd (‘AAE’) and the Oceanis Group (‘Oceanis’).
MFS Living and Leisure is a worldwide diversified leisure business owner and operator committed to delivering naturally inspiring experiences. The group’s attractions comprise aquariums, ski fields and tree top walks.

MFS Living and Leisure operates its aquarium assets through its business, Oceanis. The Group’s assets include Melbourne Aquarium and UnderWater World (Mooloolaba) in Australia, Siam Ocean World in Bangkok Thailand, Busan Aquarium in Korea and Shanghai Ocean Aquarium in China.

MFS Living and Leisure’s ski resorts are operated through AAE and comprise Hotham and Falls Creek in Victoria, Australia. The resorts collectively account for approximately 26% of the Australian skier market (by number of skier days).
Recently, the Group acquired the rights to develop and operate tree-top walkways in Australia, through its purchase of the Otway Fly tree-top walk in Victoria. MFS Living and Leisure is currently developing a second tree-top walk at Illawarra in New South Wales.

Further diversifying the Group’s operations, MFS Living and Leisure recently finalised the acquisition of the Northbank Place site in Melbourne’s CBD. MFS Living and Leisure purchased this site through its transaction to acquire the Oceanis Group in 2006.

MFS Living and Leisure plans to develop the site into a three-tower, mixed use project with an expected end value of approximately A$200 million, in a joint venture with property developer Far East Consortium (a subsidiary of the Hong Kong-listed Far East Consortium). While property developments are not considered central to the business of MPY, the Group is always seeking opportunities to expand its core leisure offerings through such synergistic property projects in joint venture with experienced developers.

About Tourism Holdings Limited

Tourism Holdings Limited (NZX: THL) is a leading owner and operator of New Zealand’s tourism and leisure attractions. THL’s attractions span leisure hire services, holiday packaging and a comprehensive portfolio of tourism and leisure attractions located on the North and South islands.

THL’s portfolio of tourism and leisure assets in New Zealand is operated through its Tourism Leisure Group and includes the following iconic attractions:

- Fullers Bay of Islands
- Awesome Adventures
- Kelly Tarlton’s Antarctic Encounter and Underwater World
- Waitomo Glow worm Caves including Aranui Cave and Ruakuri Caves
- The Legendary Black Water Rafting Co.
- Milford Sound Red Boats
- Milford Deep Underwater Observatory
- Johnston’s Coachlines including Ski Shuttle
- Great Sights, including Discover New Zealand retail.

THL’s Leisure Hire division operates assets in Australia and New Zealand under the Maui, Britz, Skiwi and Backpacker brands, while CI Munro manufactures motor homes and camper vans for the tourism markets in both countries, primarily servicing the needs of its internal businesses.

THL’s KX Group operates in New Zealand and Fiji, providing nation-wide coach and charter services including Airbus, Kiwi and FeeJee Experience and Tourist Transport Fiji.

ENDS

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