Parques Reunidos Corporate PresentationJune 2017

2

Disclaimer

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This document may include, in addition to historical information, forward-looking statements about revenue and earnings of Parques Reunidos and about matters such as its industry, business strategy, goals and expectations concerning its market position, future operations,margins, profitability, capital expenditures, capital resources and other financial and operating information. Forward-looking statements include statements concerning plans, objective, goals, strategies, future events or performance, and underlying assumptions and otherstatements, which are other than statements of historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “will”, “may”, “should” and similar expressions may identify forward-looking statements. Other forward looking statementscan be identified from the context in which they are made. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of Parques Reunidos and the environment in which Parques Reunidos expects to operate in thefuture. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Parques Reunidos, or industry results, to be materially different from those expressed or implied bythese forward-looking statements. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which suchfuture projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. Many factors could cause the actual results, performance or achievements of Parques Reunidos to bematerially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results mayvary materially from those described herein as anticipated, believed, estimated, expected or targeted. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual resultsor otherwise.

Current and future analysts, brokers and investors must operate only on the basis of their own judgment taking into account this disclaimer, as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public informationhaving taken all such professional or other advice as its considers necessary or appropriate in the circumstances and not reliance on the information contained in the Presentation. In making this Presentation available, Parques Reunidos gives no advice and makes norecommendation to buy, sell or otherwise deal in shares in Parques Reunidos or in any other securities or investments whatsoever. These analysts, brokers and investors must bear in mind that these estimates, projections and forecasts do not imply any guarantee of ParquesReunidos ´s future performance and results, price, margins, exchange rates, or other events, which are subject to risks, uncertainties and other factors beyond Parques Reunidos ´s control, such that the future results and the real performance could differ substantially from theseforecasts, projections and estimates.

The information in this document, which does not purport to be comprehensive, has not been independently verified and will not be updated. The information in this document, including but not limited to forward-looking statements, applies only as of the date of thisdocument and is not intended to give any assurances as to future results. Parques Reunidos expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data and any forward-looking statements, containedin this document, and will not publicly release any revisions that may affect the information contained in this document and that may result from any change in its expectations, or any change in events, conditions or circumstances on which these forward-looking statements arebased or whichever other events or circumstances arising on or after the date of this document.

Market data and competitive position used in this document not attributed to a specific source are estimates of Parques Reunidos and have not been independently verified. In addition this document may contain certain financial and other information in relation to othercompanies operating in the leisure sector. This information has been derived from publicly-available sources and Parques Reunidos accepts no responsibility whatsoever and makes no representation or warranty expressed or implied for the fairness accuracy, completeness orverification of such information.

Certain financial and statistical information contained in this document is subject to rounding adjustments. Accordingly, any discrepancies between the totals and the sums of the amounts listed are due to rounding. Certain management financial and operating measures includedin this document, including number of visitors or revenues per capita, have not been subject to a financial audit or have been independently verified by a third party. In addition, certain figures contained in this document, which have also not been subject to financial audit,are combined and pro forma figures.

None of Parques Reunidos nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising fromany use of this document or its contents or otherwise arising in connection with this document.

The information contained in this presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation orparticular needs. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the information. You are solely responsible for seeking independent professional advice in relation tothe information contained herein and any action taken on the basis of the information contained herein. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents orassociates on the basis of such information.

By attending the presentation or receiving this document you agree to be bound by the foregoing limitations.

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Leading global leisure operator of regional parks

Animal Parks

Water Parks

ThemeParks

Other

Notes1. Includes five MECs underdevelopment

20 MM visitors Revenues of €584 MM EBITDA of €188 MM

Global platform of 61 parks Presence in 14 countries One of the 3, truly global operators

2016 Revenue Geographical Split

40%

24%

7%

6%

7%

4%4%

8%

Italy

Spain

USA

France

Germany

Norway

Belgium

Other(1)

USASpain

21%

60%80%

20%14%

5%

2016 Revenue Split by Park

4

Well-diversified portfolio of regional parks

Note1. Other includes Netherlands, UK, Denmark, Argentina

We benefit from a truly diversifiedportfolioRegional park business model resilient to

adverse macro economic conditions

Strong regional brands

Stable, predictable local demand

Low dependence on tourism

Non destination parks

Good value for money proposition

8%

Park2

Park3

Park4

Park5

Park7

Park10Park11

Park55Park1

Park6

Park8Park9

Best in class operators

5

Our parks are consistently operated at

high margins

Continuous benchmarking and sharing of best practices across the entire portfolio

Over 300 cost / cash flow KPIs monitored on a park level monthly

State-of-the-art IT systems

Proven capacity to operate all type pf parks across multiple regions

Our ability to benchmark is a

unique management

tool

0 500 1,000 1,5000%

15%

30%

45%

60%

75%

0 250 500 750 0 250 500 750 1,000 Visitors

2016 Parks EBITDAR margin

Water Parks Theme Parks Animal Parks

Highly regarded park portfolio with strong local brands and access to global IPs

6

Oldest park in North America (1846)

Spain’s largest urban park

Second largest leisure park in Italy

A leading park in Germany

Designated a US National Historic Landmark

Largest New York area water park and one of America’s top water parks

Highly regarded strong local brands

Proven ability to obtain global IPs

Growing market with highly attractive fundamentals

Proportion of income dedicated towards leisure and recreational activities is gradually increasing

Growing middle class

More than half of the world's population is aged below 30: the main target group for leisure parks

Tourism is expected to continue growing

Scarcity of suitable locations without strong incumbent players

Significant initial capex requirements and time to build a new park and long lead time to reach breakeven

Scarcity of management know-how

Lack of economies of scale from a single park

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High barriers to entry

Strongstructural

growth drivers

Fragmented market with significant

potential for consolidation

Market largely composed of small to medium individual parks and independent operators

Family and state-owned companies, whose owners are expected to be sellers overtime

Limited number of competitors targeting similar acquisition targets

Positive recent market trends

Ongoing macroeconomic and consumer spending recovery

Increasing number of new developments of greenfield projects in Asia and the Middle East that require industry

management skills

Introduction of new entertainment concepts: Mall Entertainment Centers (“MECs”)

29

188

2003 2016

Proven track record becoming a truly global and diversified player

€MM

8

15 parks

1 country

100% Revenue in Spain

61 parks

14 countries

24% Revenue in Spain-76

…whilst de-risking the business model

Delivering growth and improving efficiency…

Parques Reunidos 2003 Parques Reunidos TODAY

Parques Reunidos EBITDA

+13

+46

Clear and well-defined strategy focused on growth

4 new projects

€33 MM capex

20% ROIC

Dubai

Vietnam

China

Ongoing active negotiations

5 lease agreements signed

Strong pipeline

Lionsgate agreement

New potential licensing agreements

2 3 4

9

Multiple top line growth initiatives Expansion Capex

2Management

Contracts

32MECs Selective

Acquisitions32 4 5

Season Passes

IPs

Off season events

Ticketing and In-Park revenue

New attractions

Virtual Reality

Operational discipline

1Unique track record

Fragmented market with potential opportunities

Penetration of Season passes

% of 2016 TicketingRevenue

Key Initiatives

Launch multi-tier season passes with differentadvantages and prices

Up-selling initiatives

Marketing campaigns

Black Friday sale Christmas campaign Exclusive events targeting pass holders

10

Strong potential to continue growing in season passes, bringing more loyal customers, enhancing visibilityofearnings and reducing the impact of weather on the business

Include entry level passes with limited advantages

Top Line iniciatives

Season passes1

11%

13%

5%

16%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Group Spain RoE US

11

Star Trek IP license @ Movie Park (Germany)

Top Line iniciatives

New IP Licensing Agreements1

Licensing agreement with Lionsgate

10 year agreement in connection with a themed area at Movie Park Germany

The first and only Star Trek themed coaster worldwide

2nd largest coaster at Movie Park

Launched in May 2017

Strategic agreement to develop Lionsgate branded entertainment centers

Bring to life some of Lionsgate top film and TV brands

12

Off season revenues are growing on the back of off season events

Halloween Season

Extend length of the events

(more days)

Extend length of stay (more

hours)

Develop and roll-out new off season events: Spring and late Summer

Continue to roll-out existing off season events

+16% Revenue Growth achieved in 2016-2017 Halloween and Christmas CampaignsKey Initiatives

Top Line iniciatives

Expand the season – Off season events1

Christmas Season

Yield Management Dynamic Pricing

Push high yield channels and increase percaps in each channel

Reduce discounts along the season

Control and restrict number of coupons launched

Include Blackout dates in promotions for high attendance days

Reduce period to redeem promotions to create a sense of urgency

Increase prices associated to new attractions or events

Flexible pricing structure

Price established per day according to visitor demand

Five different scenarios

Price adjusted depending on booked demand

Status of implementation (direct channels)

In 2015: 5 parks in Spain in 2015

In 2016:

-Rest of Spanish portfolio and rest of Europe

-US: Flexible calendar pricing at Splish Splash

In 2017:

-Spain and rest of Europe: 2nd / 3rd season with dynamic pricing

-US: Flexible calendar pricing

Top Line iniciatives

Ticketing Revenues

13

1

Parques Reunidos is always pursuing new ways to raise in-park per caps

Introduce all-inclusive offers

Offer VIP products and services

CRM initiatives

14

ExamplesKey actions

Top Line initiatives

In Park revenues

Enhance throughput

Introduce new upcharge experiences

Develop branded partnerships

Improve facilities

1

15

New attractions are a key factor to drive attendance and increase percapsRecurrent capex (maintenance and new rides) represent 10-11% of annual revenues

Extension ofNickelodeon

Area

Top Line initiatives

New attractions coming in 2017

Merlin’s Mayhem Magical Flying

Coaster

Coaster GoldRush

Phobia Coaster (2016)

1

Top Line initiatives

New Virtual Reality Coasters1

Improves guest experience

Reduces capital needs

Flexibility to easily update VR themes every season or during the same season

Potential extend VRcapabilities to other rides

Upcharge experience

Bobbejaanland – Belgium (2016 season) Mount Mara Revolution Vekoma roller coaster 1st VR coaster in the Benelux

Mirabilandia – ITALY (2017 Season) Master Thai double roller coaster

Warner Park Madrid – SPAIN (2017 Season) Batman Escape suspended roller coaster 1st VR coaster in Spain

Kennywood – USA (2017 Season) Sky Rocket roller coaster Located at Kennywood Park in Pittsburg, PA

Parque Atracciones de Madrid – SPAIN (2017 Season)

TNT roller coaster

1st roller coaster in Spain with interactive VR

Key Benefits

16

Examples

2nd gate parks, lodging facilities, or new areas in available space within or adjacent to an existing park

Low operational risk and high visibility of targeted attendance (vs. a greenfield project)

Efficient use of unexploited space (c.400 acres of available land)

Significant cross selling opportunity within main park

Tangible cost synergies by leveraging on the structure of the main park

Lower investment requirements by leveraging on existing facilities and rides

Strong and visible growth opportunity

Expansion capex projects

Expansion capex projects: Maximizing the value of the existing portfolio2

17

Expansion capex projects

Expansion capex projects: Maximizing the value of the existing portfolio2

3 different types of expansion projects already successfullyproven

2nd Gate Parks Transformational areasLodging Facilities

Mirabeach water park (Mirabilandia)

Aquamexicana water park (Slagharen)

Marineland Lagoon

Marineland Resort Côte d’Azur

Bear Creek Campground (Lake Compounce)

Star Trek themed area (Movie Park)

Nickelodeon area (Parques de Atracciones de Madrid and Movie Park)

18

Investment: c.€4MM

2018 Season

Strategic rationale

Indoor aquarium in the New Hampshire White Mountains

Strong product bundling options (2 day stay, hotel packages and annual passes)

Year round operation

Expected ROIC: +20%

Investment: c.€8MM

2017 Season

Strategic rationale

Extend length of stay with more content for a 2 dayvisit

Expand catchment area

Enhance product offering

Expected ROIC: +20%

Investment: c.€8MM

2017 Season

Strategic rationale

Expand capacity of the existing lodging

Increase off season attendance onthe back of the new indoor water park

Improve story telling experience and upgrade existing facility

Expected ROIC: +20%

19

4 projects identified and approved for development in 2017 and are expected to open in 2017 /18Represent c.€33 MM of investment to be incurred in 2017 and 2018

Expansion of Warner Beach Extension of lodging facilities Living Shores Aquarium

Expansion capex projects

Expansion capex: 2017 projects2

20

Dubai: Motiongate & Bollywood

Management Contracts3

China: Strategic Agreement with Harves

A €3,400 MM premier year-round regional leisure and entertainment destination

Motiongate and Bollywood parks represent the largest investment in the entire leisure destination

Both parks opened in 2016

Vietnam: Dragon & Typhoon parks

10-year management contract with Sun Group

Dragon Park opened in January 2017; Typhoon Water Park opened in April 2017

First class theme park and water park located in Ha Long City with 214 hectares

Strategic agreement for the future development across China of:

Theme parks

Indoor entertainment centers

Parks to be strategically selected and designed to address market demands, local urban planning and environmental strategy

The agreement encompasses full cooperation from preliminary consultancy phase all the way to the management and operation of the future parks

Harves brings along a strategic partnership with China Development Bank Capital

New ad-hoc leisure concepts located in high-traffic areas developed in partnership with the owner of the facility

Small indoor facilities, of c.4,000 – 7,000 sqm, located in urbancenters

Win–win opportunity

21

Large number of opportunities worldwide

Attractive value proposition for shopping mall developers globally

Very limited competition and with limited product overlap

Indoor parks that further hedges PQR seasonality exposure

Strong, visible and growing pipeline of opportunities

…with strong growth fundamentals

Simple business model… The feasibility analysis works

Visitors (‘000) 300

Percap (€) 16.0

Revenue (€MM) 4.8

EBITDAR (€MM) 1.9

% Margin 40.0%

Rent paid to real estate developer (€MM) 0,8

% Revenue 17.0%

EBITDA (€MM) 1.1

% Margin 23.0%

Required investment (€MM) 10.0

PQR investment (€MM) 5.0

Developer investment (€MM) 5.0

PQR ROIC 22.1%

MECs

The roll-out of MECs, a highly attractive growth opportunity4

Illustrative example: Financing shared 50% / 50% with Real Estate Developer

Atlantis Aquarium

Lionsgate Centre Nickelodeon Adventure Splash Water Park Rainforest Adventure ParkAtlantis Aquarium

MECs

Designed MEC concepts

22

(1) Illustrative figures and features. Actual figures will vary site by site.

Area 3,500-5,000 sqm

Visitorcapacity 1,000-1,200 (max)

Main Attractions

Horror Walkthrough

Interactive Dark Ride Media/VR Simulator Branded Escape

Rooms Media-Enhanced

challenge course Live Stage Show

Key Features(1)

Area 5,000-7,500 sqm

Visitorcapacity 1,000-1,200 (max)

Main Attractions

Playground Mini rides and

Attractions

4D Cinema Photo Call Driving school

Play stage Big space with more

than 20 interactive games

Party rooms

Key Features(1)

Area 6,000 sqm

Visitorcapacity 1,700 (max)

Main Attractions

Wave Pool Spa Area Slides and loops

Lazy River Children’s area

Key Features(1)

Area 6,000 sqm

Visitorcapacity 1,500 (max)

Main Attractions

Mangrove Sea Lemur Interaction Otter Habitat

Jungle Trail Interactions

and pavilions

Tropical birds

Key Features(1)

Area 5,000 sqm

Visitorcapacity 1,500 (max)

Main Attractions

Coral Reef Experience

Shark Experience

Penguin Encounter Big Main Tank Touch pools

Interactions and pavilions

VIP Diving experience

Key Features(1)

4

Over 20 additional situations being discussed and at different stages

Provides high visibility to accomplish our targets for the period 2017-20

MECs Location Real Estate Operator ConceptLease Agreement

Signed Expected Opening

THADER Murcia, Spain Merlin Properties Nickelodeon Mar-16 Q4-17

LAKESIDE London, UK Intu Nickelodeon May-16 Q1-19

LISBON Lisbon, Portugal Intu Nickelodeon Jul-16 Q4-18

XANADU Madrid,Spain Intu Nickelodeon Jul-16 Q4-18

XANADU Madrid,Spain Intu Aquarium Jul-16 Q1-18

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Already accomplished our 2017-18 goals Large and growing pipeline

Ongoing conversations to analyse new potential projects are taking place

MECs

MECs: Strong pipeline of opportunities

SignedContracts

Pipeline

4

24

Acquisition #Parks Country YearAcquired ImpliedEBITDAmultiplepaid(1)

Bobbejaanland 1 Belgium 2004

BoSommarland 1 Norway 2006

Marineland 1 France 2006

Mirabilandia 1 Italy 2006

Warner 1 Spain 2007

Aqualud 1 France 2007

GrantLeisure 3 UK 2007

BonBonLand 1 Denmark 2007

Tusenfryd 1 Norway 2008

Faunia 1 Spain 2008

Palace Group(FECs) 31 US 2008

Hawaii 1 US 2008

Kennywood Group 5 US 2008

Movie Park 1 Germany 2010

Dutch Wonderland 1 US 2010

Slagharen 1 Netherlands 2012

Noah’sArk 1 US 2012

Miami Seaquarium 1 US 2014

Total 54 5.8x

All elements are in place to continue being the leading consolidator

Notes1. Based on EBITDA after 2 full seasons under Parques Reunidos operation

18 transactions successfully completed across 10 countries since 2004

Implied EBITDA multiple paid(1) post integration of 5.8x

Target average EBITDA improvement of c.50% after 2 full seasons under Parques Reunidos management

Selective acquisitions

Unique track record sourcing, executing and creating value through acquisitions5

167 170

195 188

2013 2014 2015 2016

25

Attractive financial profile delivering growth

541 543

606584

2013 2014 2015 2016

Revenue(€MM)

EBITDA(€MM)

19,417 20,637 20,962 19,813

10,000

20,000

30,000

2013 2014 2015 2016

Visitors (‘000)

26

17%

42%

Variable Costs

Operating Costs

Relentless attention to detail and continuous reconsideration of every item of the cost structure

EBITDA Margin Evolution

Margins improvement driven by i) high drop through of incremental revenues, ii) operating leverage and iii) relentless focus on efficiency and benchmarking

% of total costs 2016Cost item

3%

38%

COGS

PersonnelCosts

Other

Operating

Costs

Rents

30.9%

31.2%

32.2% 32.3%

2013 2014 2015 2016

27

Strong and visible cash flow generation

Stable and resilient cash flow withhigh conversion rates of 65-70%

Group reported operating free cash flow(1)

Notes1. Defined as EBITDA – Recurrent Capex 2. Defined as EBITDA – Recurrent Capex /EBITDA

Group reported recurrent capex

Cash

Conversion

Rates (2)

57.8% 68.0%

% of revenue 13.2% 10.3% 12.4% 61.5%

10 –11% Recurrent capex as % of revenues

No year-on-year operating working capital requirements

€MM €MM

54

7162

72

0

50

100

150

2013 2014 2015 2016

4.4

(1.6) (2.4)

-50

0

50

100

150

2014 2015 2016

113

98

133

116

0

50

100

150

2013 2014 2015 2016

€MM

10.0%67.5%

Cash generated from change in working capital

Capital structure designed to allow delivery of business plan

Target capital Structure

DividendPolicy

Current leverage of 2.9x Net debt /EBITDA

On average 2.0x-2.5x target net debt / EBITDA in the medium term

20-30% pay-out ratio

2016 dividend: €20 MM or 26% pay-out ratio on the back of 2016 pro-forma Not Income

DebtStructure

€575 MM term loan facility (60%/40% €/$ denominated)

€200 MM multi currency revolving credit facility

Natural hedged to act against currencyfluctuations

Local currency expenditures at each location

Balanced capital structure between US debt and European debt

28

Strong current trading performance

4,7965,248

YTD FY16 YTD1 FY17

145157

YTD FY16 YTD FY17

29

Delivered strong YTD performance as of May 7th

+8.4% like-for-like revenue growth at group level

Achieved record performance in Spain (+19% like-for-like YTD revenue growth)

Rest of Europe is on track with higher visibility from season passes

Reached record pre-sales figures in US (24% growth)

Our growth strategy for the year is paying off Achieved record in season passes (+21%

growth vs. prior year) Continued expanding the season through off-

season events (+16% revenue growth achieved in Halloween and Christmas events)

Delivered strong results during Easter holidays

YTD as of May 7th like-for-like Performance

Revenue (€MM)Visitors (‘000)

Why Parques Reunidos?

30

1

2

34

5

Best in classoperator

Leading global player with

strong regional brands

Positioned in a growing market

with highly attractive

fundamentals

Solid and visible organic growth potential

Clear and well-defined strategy

focusedon growth

Experienced andcommitted

managementteam

6