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Investor Presentation July, 2017 Disclaimer This material has been prepared exclusively for informational and promotional purposes. Its intention is to inform about the business strategy of Tatry mountain resorts, a.s., with its registered

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Investor Presentation

July, 2017

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This material has been prepared exclusively for informational and promotional purposes. Its intention is to inform about the business strategy of Tatry mountain resorts, a.s., with its registered office at Demänovská Dolina 72, Liptovský Mikuláš 031 01, Identifications Number: 31 560 636, registered in the Commercial Registry of District Court of Žilina, Section: Sa, Insertion No. 62/L (hereinafter referred to as “TMR”).

TMR’s shares are listed on the parallel market of the Bratislava Stock Exchange and on the main markets of the Prague Stock Exchange and the Warsaw Stock Exchange. The company’s share capital consists of 6 707 198 bearer shares booked on the bearer with a nominal value of 7 € per share. TMR has been allocated ISIN SK11 20010287.

Information contained in this material is based on historical data and may contain forecasts of future performance. Predictions are based on rational expectations supported by objective data. Predictions are not reliable indicators of future performance and they are not binding. TMR is not liable for any of the predictions contained in this material. Future figures of TMR can differ from predictions given in this presentation.

This material is owned exclusively by TMR. Any distribution, duplication, publishing, copy or record of this information, or any part of it contained in this material is forbidden without prior approval ofTMR. Any distribution

  • f this presentation or any part of it beyond the territory of the Slovak Republic can be either restricted, or

prohibited by law of the third state.

Disclaimer

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We are here to revolutionize tourism in Central Europe!

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TMR at a Glance

 Leading and the only “Alpine style” mountain tourism services

provider in the CEE region

 Natural monopoly – no mountains comparable to the Tatras in the

region

 Increasing quality with infrastructure investments of EUR 230

million during the last 10 years

 Significant (double digit) increases in revenues (cum. 103%) and

EBITDA (cum. 124%) in the last 5 years as a result of investments, acquisitions, and strong pro-customer orientation

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TMR’s Strategy

Who We Are and What We Do

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Our Potential

 Long History of Tourism in the Tatras  Cultural and Natural Heritage 6

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Challenges

7  Mountain Resorts in 2005

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Who We Are Today

8

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74% 25% 1,0%

Revenues by Segments*

M&L Hotels Real Estate

9

Business Model Overview

  • I. MOUNTAIN & LEISURE Segment (M&L)

Mountain Resorts – 3 resorts in the High and Low Tatras (SK), and Poland (97%)

Leisure Parks –

Aquapark Tatralandia (SK)

Silesian Amusement Park (75%, PL)

Dining – 27 dining facilities on and off the slopes

Total chair capacity of 3,630

Sports Stores & Services –Tatry Motion

Ski schools, 1,577 m2 of total retail space, 1,259 rental skis & snowboards

* FY 2015/16

57% 17% 18% 8%

M&L Segment Breakdown

Mountain Resorts Leisure Parks Dining Sport Services & Stores

  • II. HOTELS Segment

12 owned and/or managed hotels

774 rooms, 2,000 beds

Luxurious wellness spa facilities

Ongoing hotel upgrades, additions

  • III. REAL ESTATE Segment

4 hotels leased to third parties

Sale of recreational real estate

Holiday Village Tatralandia, Chalets Jasná de Luxe Center

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Mountain Resorts

Vysoké Tatry (The High Tatras, SK) Tatranská Lomnica – Starý Smokovec – Štrbské Pleso

24 km of ski trails

20 cableways and lifts

  • Max. transportation capacity of

more than 21,615 persons/hour

20 km of ski trails with snowmaking

Summit elevation: 2,625 m a.s.l.

Base elevation: 805 m a.s.l.

Vertical drop: 1,820 m

8 dining facilities

Tatry Motion stores & services

Jasná Nízke Tatry (The Low Tatras, SK) Chopok North – Chopok South

49 km of ski trails

28 cableways and lifts

  • Max. transportation capacity of

32,684 persons/hour

33 km of ski trails with snowmaking

Summit elevation: 2,004 m a.s.l.

Base elevation: 880 m a.s.l.

Vertical drop:1,124 m

13 dining facilities

Tatry Motion stores & services

10

Szczyrk (Szczyrkowski ośrodek narciarski, Beskids, PL)

97% interest

EUR 60m of investments planned

25 km of ski trails

13 cableways and lifts

  • Max. transportation capacity of

8,700 persons/hour.

11 km of ski trails with snowmaking

Summit elevation: 1,211 m a.s.l.

Base elevation: 620 m a.s.l.

Vertical drop: 591 m

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Leisure Parks

Aquapark Tatralandia (Liptov, SK)

14 (10 year-around) swimming pools with thermal, sea, and clear water

21 steam, water and masage saunas, baths and procedures

26 toboggans and waterslides (6 year-round) and 300 other attractions

Tropical Paradise, Wellness Paradise, Funpark Tatralandia

Hotel – HolidayVillage Tatralandia

5 dining facilities

11

Legendia - Silesian Amusement Park/ Śląskie Wesołe Miasteczko (75%, PL)

Location: Park Śląski (Silesian Park) at Chorzów, PL

Area: 26 ha

42 attractions

The largest and oldest park in Poland

Planned investments EUR 30 mil.

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Hotels

Hotels -The High Tatras

Grandhotel****, Starý Smokovec

Grandhotel Praha****, Tatranská Lomnica

Hotel FIS***, Štrbské pleso

Mountain hotel Hrebienok

Hotel Kukučka**** (managed)

12

Hotels –The Low Tatras

Wellness Hotel Grand Jasná****

Chalets Jasná De Luxe****

Tri Studničky Hotel****

HolidayVillage Tatralandia

Hotel Srdiečko**

Hotel Rotunda

Hotel Pošta

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Real Estate

Lease of hotels and lodging facilities to third parties

Hotel Liptov

Hotel Ski & Fun Záhradky

Kosodrevina Lodge

Otupné

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Sale of recreational real estate

HolidayVillage Tatralandia

Chalets Jasná de Luxe Center – construction, sale, operation

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Our Market

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Potential

“Natural monopoly” position (no other similar places in the region to provide the “Alpine resorts feel” except for the Tatras)

No competition within 1000 km east of TMR resorts

7.5 million people living within 200 km

Long tradition of visitors from CEE

Easy access by plane

More affordable than Alpine resorts

Target Groups (through):

Slovaks (massive marketing campaigns)

Polish (massive marketing campaigns)

Czech (still benefiting from the common past; no language barrier)

Russian-speaking (driving distance unlike Alpine resorts)

New markets (Baltic & UK via new airline connections)

Segmentation

Affluent clientele

Luxury and prestige of the hotels in the High Tatras

Mainstream

Jasná, Nízke Tatry tailored to the young, families, and sports enthusiasts

68% 14% 8% 3% 7%

TMR Mountain Resorts’ Visitors in SK During Winter 2016/17

Slovakia Poland Czech Rep. Hungary Other

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Great Potential in Regional Mountain Tourism

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0% 5% 10% 15% 20% 25% 30% 35% 40% 2 000 4 000 6 000 8 000 10 000 12 000 14 000 16 000 Slovakia Poland Czech Republic Ukraine Russia Austria Switzerland Germany Thousands

Skiers by Country

  • No. of National Skiers

Skiers as % of Population

Source: Vanat, Laurent. 2016 International report on mountain tourism

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Client Target Area in SK, Neighbors, and East

16

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Our Strategy Based on 3 Pillars

17

  • EUR 230 million over 10

years

  • New modern cableways
  • Renovating hotels
  • Expanding resorts
  • Capitalizing on completed

investments

  • Modernization of SON

and Silesian Amusement Park

  • Aquapark Tatralandia 2011
  • Špindlerův Mlýn ski resort

(9.5%, CZ)

  • Korona Ziemi (7%, PL)
  • Szczyrk ski resort, PL

2014

  • Silesian Amusement Park

(75%, PL) 2015

  • Enhancing customer

experience through synergies

  • Focus on affluent clientele
  • Trendsetter in the region
  • Quality management
  • GOPASS loyalty program

and e-shop

  • Innovative technologies

Increasing quality with investments Strategic acquisitions and expansion of

  • peration in CEE

Constant operations & services enhancement

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Our Assets Grow through Capital Investments

 Total of EUR 230 million invested into

development of our resorts and hotels in the last 10 years

 2013 ends Investment phase I –

“The New Era of the Tatras”

EUR 190 mil. invested

Transportation capacity increased by 17,000 to total 54,069 persons/ hour

10 newly built ski lifts, total 50

Additional 25 km of snowmaking, total 50 km

671 snow guns

25 dining facilities built on slopes

18

81% 4% 5% 1% 9% 0%

CAPEX Breakdown Investment Phase I

Mountain Resorts Aquapark Dining Sport Services & Stores Hotels Real Estate 0 € 50 000 € 100 000 € 150 000 € 200 000 € 250 000 € 300 000 € 350 000 € 2008 2009 2010 2011 2012 2013 2014 2015 2016 thousands

Fixed Assets

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EUR 230 million CAPEX in last 10 years

15-seat Kosodrevina, Chopok, Jasná Nízke Tatry Funitel Jasná Nízke Tatry Tropical ParadiseTatralandia Tropical ParadiseTatralandia

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EUR 230 million CAPEX in last 10 years

20 Surf Wave, Aquapark Tatralandia Chalets Jasná de Luxe**** Rotunda, Jasná 15-seat gondola, Vysoké Tatry

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 A customer card offering customized products:  Accommodation - Ski Pass - Dining - Aquapark - Rental - Ski School  A personalized online ski pass / aqua pass at more favorable rates without queuing at cash desks  Registration takes just 2 minutes  For purchase – bonus points – loyalty program  A direct marketing tool  An efficient sales channel www.gopass.sk – 27% of all skier days sold in Jasná and VT in 2015/16  Mobile app GOPASS  Uplift – additional revenues from GOPASS: 2,2 mil. EUR

21

Quality in Business and Marketing - CRM

Customer Card Ski Pass Direct Marketing Sales Channel

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Operational Overview

What We Have Achieved and How

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What Drives Our Revenues Revenue Growth KPIs

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Stable Growth in Annual KPIs, Increased Visit Rate 15/16 Despite Mild Winter

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500 1 000 1 500 2 000 2 500 3 000 3 500 2011/12 2012/13 2013/14 2014/15 2015/16 Thousands

Visit Rate in Mountains and Leisure*

Leisure Parks Mountain Resorts 0 € 2 € 4 € 6 € 8 € 10 € 12 € 14 € 16 € 2011/12 2012/13 2013/14 2014/15 2015/16

Average Revenues per Visitor**

Mountain Resorts Leisure Parks Dining Sports Services & Stores 10 20 30 40 50 60 70 2011/12 2012/13 2013/14 2014/15 2015/16 Occupancy (%), Price (EUR)

KPIs of Hotel Portfolio

Occupancy (%) ADR (EUR)

* Aquapark Tatralandia was acquired on 01/04/11, Silesian Amusement Park on 01/05/2015 ** per given period – fiscal year

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Growing Visit Rate in 1H 2016/17 As a Result of Favorable Winter

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200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 1H 2012/13 1H 2013/14 1H 2014/15 1H 2015/16 1H 2016/17 Thousands

Visit Rate in Mountains and Leisure*

Leisure Parks Mountain Resorts

* Aquapark Tatralandia was acquired on 01/04/11, Silesian Amusement Park on 01/05/2015

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Impact of Ticket Pricing on TMR’s Growth

26  Annual increase of ticket prices is

justified with extensive CAPEX invested into development of TMR resorts and hotels

 5-year cumulative growth:

Operating revenues* +103%

EBITDA* +124%

Average ticket price +34%

 5-year CAGR:

Operating revenues* +15%

EBITDA* +17%

Average ticket price +6%

*Operating results are adjusted for one-off and non-operating items

0 € 5 € 10 € 15 € 20 € 25 € 30 € 35 € 40 € 0 € 10 000 € 20 000 € 30 000 € 40 000 € 50 000 € 60 000 € 70 000 € 80 000 € 90 000 € 2011/12 2012/13 2013/14 2014/15 2015/16

  • Avg. ticket price in resorts Jasná

and Vysoké Tatry thousands

Operating Revenues vs. Ticket Pricing

M&L Hotels Real Estate 1-day ticket price 0 € 5 € 10 € 15 € 20 € 25 € 30 € 35 € 40 € 0 € 5 000 € 10 000 € 15 000 € 20 000 € 25 000 € 30 000 € 2011/12 2012/13 2013/14 2014/15 2015/16

  • Avg. ticket price in resorts Jasná

and Vysoké Tatry thousands

EBITDA vs. Ticket Pricing

M&L Hotels Real Estate 1-day ticket price

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Strategic Product Position, Closing in on Alpine Resorts

27

Jasná -TMR ; 49 Vysoké Tatry - TMR; 24 PKL / Kasprowy Wierch; 16 Špindleruv Mlýn; 25 Stubaier Gletcher; 62 Livigno; 115 Val Gardena; 175 Gastein; 86 Ischgl; 238 Białka Tatrzańska ; 17 Pec pod Sněžkou ; 15 Szczyrk; 25 15 20 25 30 35 40 45 50 55 60 65 0,000 20,000 40,000 60,000 80,000 100,000 120,000 1-day Ticket Price (€) Capacity ('000 persons/hour)

Market Positioning in Europe in Winter 2016/17

Trails (km)

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Financial Overview

How We Look Like in Numbers

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81 202 25 111 30,9% 10% 15% 20% 25% 30% 35% 40% 0 € 10 000 € 20 000 € 30 000 € 40 000 € 50 000 € 60 000 € 70 000 € 80 000 € 90 000 € 2011/12 2012/13 2013/14 2014/15 2015/16p 2015/16 thousands

Key Operating Results*

Revenues EBITDA EBITDA Margin

29

Growth Results Confirm Our Strategy

* For better evaluation of the operating performance, the operating results are adjusted for one-off items and non-

  • perating items.

Plan

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Operating Results by Segments

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0 € 10 000 € 20 000 € 30 000 € 40 000 € 50 000 € 60 000 € 70 000 € 80 000 € 90 000 € 2011/12 2012/13 2013/14 2014/15 2015/16 thousands

Revenues

Mountain Resorts Leisure Parks Dining Sports Services & Stores Hotels Real Estate

CAGR +15%

0 € 5 000 € 10 000 € 15 000 € 20 000 € 25 000 € 30 000 € 2011/12 2012/13 2013/14 2014/15 2015/16 thousands

EBITDA

Mountain Resorts Leisure Parks Dining Sports Services & Stores Hotels Real Estate

CAGR +17%

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Financial Position

 Liquidity

 Current liquid funds* EUR 7.5m

 Assets

 T

  • tal assets EUR 375.7m

 Fixed assets EUR 283.1m

 Level of Debt

 T

  • tal debt EUR 229.8m

 T

  • tal debt-to-capital (D/C) ratio

68.4%

 Bonds issued EUR 184.7m used to

finance share capital decrease

 Bank debt EUR 45.1m

 Equity

 Total equity EUR 106.0m  Share capital EUR 47.0m

* Current liquid funds include cash & cash equivalents

0% 10% 20% 30% 40% 50% 60% 70% 80% 0 € 50 000 € 100 000 € 150 000 € 200 000 € 250 000 € 300 000 € 350 000 € 400 000 € thousands

Financial Position

Total Assets Fixed Assets Debt D/C Fixed Assets 75,4% Other Non- Current Assets 6,7% Current Assets 17,9%

Assets Breakdown as of 31/10/2016

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Overall Financial and Market Performance

TMR Market Overview at BSSE*:

One-year max.: EUR 24.60

One-year min.: EUR 22.90

One-year return: 3.4%

Dividend yield: N/A

Key Cons. Data in EUR FR 2015/ 16 FY 2014/ 15 FY 2013/ 14 FY 2012/ 13 FY 2011/ 12 Revenues 81.2m 70.9m 56.3m 54.3m 43.8m EBITDA 25.1m 24.4m 18.4m 18.6m 14.0m Net Profit 2.7m

  • 0.8

0.7m 6.6m 10,2m EBITDA margin 30.9% 34.4% 32.7% 34.2% 31.9% EPS 0.46

  • 0.10

0.11 0.98 1.52 Net Dividend 7.1m DPS 1.06 D/E ratio 216.8% 215.3% 223.0% 210.0% 5.8%

* As of 31/10/2016

22 € 23 € 23 € 24 € 24 € 25 € 25 €

TMR Stock Performance at BSSE

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Outlook & Future Growth

Where We Go from Here

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Strategic Goals for Medium Term

  • Customer loyalty

program GOPASS

  • Client Relationship

Management

  • Add ancillary services
  • Hotel upgrades
  • Hotel capacity

addition (Jasná)

  • Awakening of real

estate market in the Tatra region

  • Chalets in Jasná
  • Holiday

Village Tatralandia

  • Jasná Center
  • Operation of

mountain resorts and leisure parks in Czechia and Austria

  • Investments in

development of the Polish operations:

  • Silesian Amusement

Park EUR 30m

  • Szczyrkowski
  • šrodek narciarski

EUR 60m in 2 phases

Increasing quality with investments Acquisitions and expansion of

  • perations in

the region Focus on quality improvement in our resorts Future potential in real estate projects

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Appendices

 Shareholder Structure  Key Operating Results  Consolidated Income Statement  Financial Position

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Shareholder Structure

24,3% 18,8% 15,4% 13,4% 9,9% 9,5% 8,8% Retail investors <5% C.I. CAPITAL INDUSTRIES LIMITED FOREST HILL COMPANY, s.r.o Nikroc Investments Limited KEY DEE LIMITED TINSEL ENTERPISES LIMITED RMSM1 LIMITED

* As of 30/04/2017

 TMR is listed on 3 stock exchanges – Bratislava, Prague, Warsaw

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Key Annual Operating Results by Segments*

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Key Operating Results Revenues EBITDA in €'000 1H 2016/17 1H 2015/16 FY 2015/16 FY 2014/15 1H 2016/17 1H 2015/16 FY 2015/16 FY 2014/15 Mountains & Leisure 39 224 32 564 60 449 52 951 17 734 13 574 19 593 19 669 Mountain Resorts 26 221 21 516 34 120 30 118 14 385 10 563 12 510 12 566 Leisure Parks 3 031 2 617 10 527 9 207 660 442 3 735 3 988 Dining 6 596 5 456 11 132 10 018 1 912 1 814 2 402 2 379 Sports Services & Stores 3 376 2 975 4 670 3 608 776 756 946 737 Hotels 11 374 9 759 19 910 16 751 3 092 2 681 4 402 4 482 Real Estate 139 4 457 843 1 213 429 818 1 116 259 Total 50 738 46 780 81 202 70 915 21 256 17 073 25 111 24 410

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Consolidated Income Statement

Selected Audited Consolidated Results (IFRS) For the Half-year Ended April 30 For the Year Ended October 31 in €'000 1H 2016/17 1H 2015/16 FY 2015/16 FY 2014/15 Sales 50 428 46 419 80 577 69 991 Other Operating Revenues 310 361 625 924 Total Revenues 50 738 46 780 81 202 70 915 Cost of Sales

  • 7 860
  • 7 170
  • 13 062
  • 11 327

Personnel and Operating Costs

  • 22 170
  • 22 962
  • 43 671
  • 35 355

Other Gain/ Loss 547 425 642 177 EBITDA 21 256 17 073 25 111 24 410 EBITDA Margin 41,9% 36,5% 30,9% 34,4% Depreciation & Amortization

  • 5 642
  • 6 583
  • 13 036
  • 13 298

EBIT 15 615 10 490 12 075 11 112 Interest Income 662 677 1 336 1 403 Interest Expense

  • 5 650
  • 5 414
  • 10 958
  • 11 072

Income from Financial Instruments, net 395

  • 262

1 605

  • 1 566

Pre-tax Income 11 021 5 491 4 058

  • 123

Income Tax 19

  • 9
  • 1 312
  • 628

Net Profit 11 040 5 482 2 746

  • 751

Revaluation of available-for-sale securities to fair value 25

  • 6

Foreign Currency Translation Reserve 405

  • 454
  • 75
  • 505

Total Comprehensive Income 11 470 5 022 2 671

  • 1 250

EPS (€) 1,691 0,817 0,456

  • 0,101
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Financial Position

April 30 October 31 Financial Position in €'000 (audited) 1H 2016/17 1H 2015/16 FY 2015/16 FY 2014/15 Total Assets 400 292 354 914 375 701 360 921 Non-current Assets 325 064 312 875 308 365 313 766 Fixed Assets 307 402 272 352 283 133 272 831 Other Non-current 17 663 40 523 25 232 40 935 Current Assets 75 228 42 039 67 336 47 155 Liquid Assets 4 245 5 613 7 493 8 219 Equity 117 473 108 355 106 003 103 331 Liabilities 282 821 246 560 269 697 257 590 Non-current Liabillities 258 578 226 459 239 197 227 426 Current Liabilities 24 243 20 101 30 500 30 164 Total Debt 246 881 214 818 229 804 222 421