Tourism International : JOINT ANNOUNCEMENT FURTHER DELAY IN DESPATCH OF COMPOSITE OFFER DOCUMENT

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this joint announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this joint announcement.

This joint announcement appears for information purposes only and does not constitute an invitation or offer to acquire, purchase or subscribe for securities of Tourism International Holdings Limited, nor is it a solicitation of any vote or approval in any jurisdiction. This joint announcement is not for release, publication or distribution into any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

SPEARHEAD LEADER LIMITED TOURISM INTERNATIONAL HOLDINGS LIMITED 旅 業 國 際 控 股 有 限 公 司

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 01626)

JOINT ANNOUNCEMENT

FURTHER DELAY IN DESPATCH OF COMPOSITE OFFER DOCUMENT

Reference is made to (i) the joint announcement dated 23 November 2018 jointly issued by the Offeror and the Company in respect of, among other things, the Offers; and (ii) the joint announcement dated 14 December 2018 jointly issued by the Offeror and the Company in relation to the delay in despatch of the Composite Offer Document (collectively, the ''Joint Announcements''). Unless otherwise defined, capitalised terms used herein shall have the same meanings as those defined in the Joint Announcements.

As disclosed in the joint announcement dated 14 December 2018, the Composite Offer Document is expected to be despatched on a date no later than 4 January 2019. However, as additional time is required to finalise certain information to be included in the Composite Offer Document, including but not limited to, (i) a valuation report in relation to the fair value of the Convertibles Notes as at 31 October 2018 pursuant to Rule 11 of the Takeovers Code; and (ii) reports from the Independent Financial Adviser and the auditors of the Company in relation to the change of fair value of the Convertible Notes which constitutes profit forecast under Rule 10 of the Takeovers Code, an application has been made to the Executive and the Executive has indicated that it is minded to grant consent under Rule 8.2 of the Takeovers Code to further extend the latest time for despatch of the Composite Offer Document (accompanied by the Forms of Acceptance) to no later than 25 January 2019.

A further announcement will be made jointly by the Company and the Offeror when the Composite Offer Document together with the Forms of Acceptance in respect of the Offers is despatched.

By order of the sole director of	By order of the Board
Spearhead Leader Limited	Tourism International Holdings Limited
Yang Yoong An
Sole Director	Chairman
Hong Kong, 4 January 2019

Li Tie

As at the date of this announcement, the Board comprises Mr. Li Tie, Mr. Liu Daoqi and Mr. Huang Erwei as executive Directors, Mr. Yang Yoong An as non-executive Director and Mr. Gong Jinjun, Mr. Zeng Shiquan and Mr. Wang Ping as independent non-executive Directors.

All Directors jointly and severally accept full responsibility for the accuracy of the information contained in this announcement (other than any information relating to the Offeror and parties acting in concert with it), and confirm, having made all reasonable enquires, that to the best of their knowledge, opinions expressed in this announcement have been arrived at after due and careful consideration and there are no other facts not contained in this announcement, the omission of which would make any statement contained in this announcement misleading.

As at the date of this joint announcement, the sole director of the Offeror is Mr. Yang Yoong An.

The sole director of the Offeror accepts full responsibility for the accuracy of the information contained in this joint announcement relating to the Offeror and parties acting in concert with it and confirm, having made all reasonable enquiries, that to the best of his knowledge, opinions expressed in this joint announcement (other than those expressed by the Company and the Group) have been arrived at after due and careful consideration and there are no other facts not contained in this joint announcement the omission of which would make any statements in this announcement misleading.