Investor Presentation

March, 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 of 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

Our Potential

Long History of Tourism in the Tatras

Cultural and Natural Heritage

6

Challenges

7

Mountain Resorts in 2005

Who We Are Today

8

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

11 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

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

Szczyrkowski ošrodek narciarski /

SON (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

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 – Holiday Village Tatralandia

5 dining facilities

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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.

Hotels

Hotels - The High Tatras

Grandhotel****, Starý Smokovec

Grandhotel Praha****, Tatranská

Lomnica

Hotel FIS***, Štrbské pleso

Mountain hotel Hrebienok

Hotel Kukučka**** (managed)

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Hotels – The Low Tatras

Wellness Hotel Grand Jasná****

Chalets Jasná De Luxe****

Tri Studničky Hotel****

Holiday Village Tatralandia

Hotel Srdiečko**

Hotel Rotunda

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

Holiday Village Tatralandia

Chalets Jasná de Luxe Center –

construction, sale, operation

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

63%

17% 9% 4%

2% 1%

4%

TMR Mountain Resorts’ Visitors in SK

During Winter 2015/16

Slovakia

Poland

Czech Rep.

Hungary

Russia

U.K.

Other

Great Potential in Regional Mountain Tourism

15

0%

5%

10%

15%

20%

25%

30%

35%

40%

0

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

Th

ou

san

ds

Skiers by Country

No. of National Skiers Skiers as % of Population

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

Client Target Area in SK, Neighbors, and East

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Our Strategy Based on 3 Pillars

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• 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)

• SON 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 operation in CEE

Constant operations & services

enhancement

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

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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

tho

usa

nd

s

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 Paradise Tatralandia

Tropical Paradise Tatralandia

EUR 230 million CAPEX in last 10 years

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Surf Wave, Aquapark Tatralandia Chalets Jasná de Luxe****

Rotunda, Jasná 15-seat gondola, Vysoké Tatry

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 – 20%

of all skier days sold in Jasná and VT in 2014/15

Mobile app GOPASS

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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

Stable Growth in Annual KPIs, Increased Visit

Rate 15/16 Despite Mild Winter

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0

500

1 000

1 500

2 000

2 500

3 000

3 500

2011/12 2012/13 2013/14 2014/15 2015/16

Th

ou

san

ds

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

0

10

20

30

40

50

60

70

2011/12 2012/13 2013/14 2014/15 2015/16

Occu

pan

cy (

%),

Pri

ce (

EU

R)

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

Impact of Ticket Pricing on TMR’s Growth

25

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. ti

cket

pri

ce in

reso

rts

Jasn

á

an

d V

yso

ké T

atr

y

tho

usa

nd

s

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. ti

cket

pri

ce in

reso

rts

Jasn

á

an

d V

yso

ké T

atr

y

tho

usa

nd

s

EBITDA vs. Ticket Pricing

M&L Hotels Real Estate 1-day ticket price

Strategic Product Position, Closing in on Alpine

Resorts

26

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

SON, Szczyrk; 25

15

20

25

30

35

40

45

50

55

60

0,000 20,000 40,000 60,000 80,000 100,000 120,000

1-d

ay T

icket

Pri

ce (

€)

Capacity ('000 persons/hour)

Market Positioning in Europe in Winter 2015/16

Trails (km)

27

Financial Overview

How We Look Like in Numbers

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

tho

usa

nd

s

Key Operating Results*

Revenues EBITDA EBITDA Margin

28

Growth Results Confirm Our Strategy

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

operating items.

Plan

Operating Results by Segments

29

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

tho

usa

nd

s

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

tho

usa

nd

s

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

Total assets EUR 375.7m

Fixed assets EUR 283.1m

Level of Debt

Total debt EUR 229.8m

Total 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 €

tho

usa

nd

s

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

31

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

0 0 0 0 7.1m

DPS 0 0 0 0 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

32

Outlook & Future Growth

Where We Go from Here

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 ošrodek narciarski EUR 60m in 2 phases

Increasing

quality with investments

Acquisitions and

expansion of operations 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

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 13/03/2017

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

Key Annual Operating Results by Segments*

36 * Operating results 2013/14 are adjusted for one-off items and non-operating items.

Key Operating Results Revenues EBITDA

in €'000 2015/16 2014/15 Change yoy (%) 2015/16 2014/15 Change yoy (%)

Mountains & Leisure 60 449 52 951 14,2% 19 593 19 669 -0,4%

Mountain Resorts 34 120 30 118 13,3% 12 510 12 566 -0,4%

Leisure Parks 10 527 9 207 14,3% 3 735 3 988 -6,3%

Dining 11 132 10 018 11,1% 2 402 2 379 1,0%

Sports Services & Stores 4 670 3 608 29,4% 946 737 28,4%

Hotels 19 910 16 751 18,9% 4 402 4 482 -1,8%

Real Estate 843 1 213 -30,5% 1 116 259 330,9%

Total 81 202 70 915 14,5% 25 111 24 410 2,9%

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Consolidated Income Statement

Selected Audited Consolidated Results (IFRS) For the Year Ended October 31

in €'000 2015/16 2014/15

Sales 80 577 69 991

Other Operating Revenues 625 924

Total Revenues 81 202 70 915

Cost of Sales -13 062 -11 327

Personnel and Operating Costs -43 671 -35 355

Other Gain/ Loss 642 177

EBITDA 25 111 24 410

EBITDA Margin 30,9% 34,4%

Depreciation & Amortization -13 036 -13 298

EBIT 12 075 11 112

Interest Income 1 336 1 403

Interest Expense -10 958 -11 072

Income from Financial Instruments, net 1 605 -1 566

Pre-tax Income 4 058 -123

Income Tax -1 312 -628

Net Profit 2 746 -751

Foreign Currency Translation Reserve -75 -505

Total Comprehensive Income 2 671 -1 250

EPS (€) 0,456 -0,101

38

Financial Position

October 31

Financial Position in €'000 (audited) 2015/16 2014/15

Total Assets 375 701 360 921

Non-current Assets 308 365 313 766

Fixed Assets 283 133 272 831

Other Non-current 25 232 40 935

Current Assets 67 336 47 155

Liquid Assets 7 493 8 219

Equity 106 003 103 331

Liabilities 269 697 257 590

Non-current Liabillities 239 197 227 426

Current Liabilities 30 500 30 164

Total Debt 229 804 222 421