Parques Reunidos Corporate Presentation June 2017 Disclaimer

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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 this document 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, contained in 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 are based 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 other companies 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 or verification 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 included in 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.

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By attending the presentation or receiving this document you agree to be bound by the foregoing limitations. 2 Leading global leisure operator of regional parks

. 20 MM visitors . Global platform of 61 parks . Revenues of €584 MM . Presence in 14 countries . EBITDA of €188 MM . One of the 3, truly global operators

ThemeParks AnimalParks WaterParks Other

Notes 1. Includes five MECs underdevelopment 3 Well-diversified portfolio of regional parks

Regional park business model resilient to We benefit from a truly diversifiedportfolio adverse macro economic conditions 2016 Revenue Geographical Split 2016 Revenue Split by Park

8% (1) Park55 . Strong regional brands Other Park1

Belgium Park2 8% USA 4% 4% Park3 Germany 7% 40% Park4 . Stable, predictable local demand France 6% 7% Park5 Italy Park6

24% Park7 Spain Park8 . Low dependence on tourism Park9 Park11 Park10

Spain USA . Non destination parks 5%

60% 80% 21%

20% 14% . Good value for money proposition

Note 1. Other includes Netherlands, UK, Denmark, Argentina 4 Best in class operators

. Proven capacity to operate all type pf parks across multiple regions

Our ability to . Continuous benchmarking and sharing of best practices across the entire portfolio benchmark is a unique management . Over 300 cost / cash flow KPIs monitored on a park level monthly tool

. State-of-the-art IT systems

2016 Parks EBITDAR margin 75%

60%

Our parks are 45% consistently 30% operated at high margins 15% 0% 0 250 500 750 0 500 1,000 1,500 0 250 500 750 1,000 Visitors Water Parks Theme Parks Animal Parks

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

Highly regarded strong local brands

Spain’s largest urban park A leading park in Germany

Oldest park in North America (1846) Designated a US National Historic Landmark

Largest New York area and Second largest leisure park in Italy one of America’s top water parks

Proven ability to obtain global IPs

6 Growing market with highly attractive fundamentals

. Proportion of income dedicated towards leisure and recreational activities is gradually increasing Strong . Growing middle class structural growth drivers . 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 High barriers . Significant initial capex requirements and time to build a new park and long lead time to reach breakeven to entry . Scarcity of management know-how

. Lack of economies of scale from a single park

Fragmented market . Market largely composed of small to medium individual parks and independent operators with significant potential for . Family and state-owned companies, whose owners are expected to be sellers overtime consolidation . Limited number of competitors targeting similar acquisition targets

. Ongoing macroeconomic and consumer spending recovery

Positive recent . Increasing number of new developments of greenfield projects in Asia and the Middle East that require industry market trends management skills

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

7 Proven track record becoming a truly global and diversified player

Delivering growth and improving efficiency…

Parques Reunidos EBITDA

€MM

188

29

2003 2016

…whilst de-risking the business model

Parques Reunidos 2003 Parques Reunidos TODAY

15 parks +46 61 parks

1 country +13 14 countries

100% Revenue inSpain -76 24% Revenue in Spain

8 Clear and well-defined strategy focused on growth

32 Multiple top line 2 432 Expansion Capex Management MECs Selective 1 growth initiatives 2 3 Contracts 4 5 Acquisitions . Season Passes . 4 new projects . Dubai .5 lease agreements .Unique track record signed . IPs . €33 MM capex . Vietnam .Fragmented market with .Strong pipeline potential opportunities . Off season events . 20% ROIC . China .Lionsgate agreement . Ticketing and In-Park . Ongoing active revenue negotiations .New potential licensing . New attractions agreements . Virtual Reality . Operational discipline

9 Top Line iniciatives 1 Season passes

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

Penetration of Season passes Key Initiatives % of 2016 TicketingRevenue . Include entry level passes with limited advantages 18% 16% 16% . Launch multi-tier season passes with different advantages and prices 14% 13%

12% 11% . Up-selling initiatives 10%

8% . Marketing campaigns 6% 5% . Black Friday sale 4% . Christmas campaign . Exclusive events targeting pass holders 2%

0% Group Spain RoE US

10 Top Line iniciatives 1 New IP Licensing Agreements

Star Trek IP license @ Movie Park (Germany) Licensing agreement with Lionsgate

. 10 year agreement in connection with a themed area at . Strategic agreement to develop Lionsgate branded entertainment centers . The first and only Star Trek themed coaster worldwide . Bring to life some of Lionsgate top film and TV brands . 2nd largest coaster at Movie Park . Launched in May 2017

11 Top Line iniciatives 1 Expand the season – Off season events

Off season revenues are growing on the back of off seasonevents

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

Halloween Season

. Continue to roll-out existing off season events

. Extend length of the events (more days) . Extend length of stay (more Christmas Season hours)

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

12 Top Line iniciatives 1 Ticketing Revenues

Yield Management Dynamic Pricing

. Push high yield channels and increase percaps in each channel . Flexible pricing structure . Price established per day according to visitor demand . Five different scenarios . Reduce discounts along the season . Price adjusted depending on booked demand

. Control and restrict number of coupons launched . Status of implementation (direct channels) . In 2015: 5 parks in Spain in 2015

. Include Blackout dates in promotions for high attendance days . In 2016: -Rest of Spanish portfolio and rest of Europe -US: Flexible calendar pricing at . In 2017: . Reduce period to redeem promotions to create a sense of urgency -Spain and rest of Europe: 2nd / 3rd season with dynamic pricing -US: Flexible calendar pricing . Increase prices associated to new attractions or events

13 Top Line initiatives 1 In Park revenues

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

Key actions Examples

. Develop branded partnerships

. Improve facilities

. Introduce new upchargeexperiences

. Enhance throughput

. Introduce all-inclusiveoffers

. Offer VIP products and services

. CRM initiatives

14 Top Line initiatives 1 New attractions coming in 2017

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

Extension of Nickelodeon Coaster Gold Area Rush

Merlin’s Mayhem Magical Flying Phobia Coaster Coaster (2016)

15 Top Line initiatives 1 New Virtual Reality Coasters

Key Benefits Examples

. Bobbejaanland – Belgium (2016 season) . Improves guest experience . Mount Mara Revolution roller coaster . 1st VR coaster in the Benelux

. – ITALY (2017 Season) . Upcharge experience . Master Thai double roller coaster

. Warner Park – SPAIN (2017 Season) . Reduces capital needs . Batman Escape suspended roller coaster . 1st VR coaster in Spain

. Flexibility to easily update VR . – USA (2017 Season) themes every season or during . Sky Rocket roller coaster the sameseason . Located at Kennywood Park in Pittsburg, PA

. Parque Atracciones de Madrid – SPAIN (2017 Season) . Potential extend VR . TNT roller coaster capabilities to other rides . 1st roller coaster in Spain with interactive VR

16 Expansion capex projects 2 Expansion capex projects: Maximizing the value of the existing portfolio

Strong and visible growth opportunity

. 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

17 Expansion capex projects 2 Expansion capex projects: Maximizing the value of the existing portfolio

3 different types of expansion projects already successfullyproven

2nd Gate Parks Lodging Facilities Transformational areas

. Mirabeach water park . Marineland Resort Côte d’Azur . Star Trek themed area (Movie Park) (Mirabilandia) . Bear Creek Campground (Lake . Nickelodeon area (Parques de . Aquamexicana water park Compounce) Atracciones de Madrid and Movie (Slagharen) Park) . Marineland Lagoon

18 Expansion capex projects 2 Expansion capex: 2017 projects

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

Expansion of Warner Beach Extension of lodging facilities Living Shores Aquarium

. Investment: c.€8MM . Investment: c.€8MM . Investment: c.€4MM . 2017 Season . 2017 Season . 2018 Season . Strategic rationale . Strategic rationale . Strategic rationale . Extend length of stay with . Expand capacity of the existing lodging . Indoor aquarium in the New Hampshire more content for a 2 dayvisit . Increase off season attendance onthe White Mountains . Expand catchment area back of the new indoor waterpark . Strong product bundling options (2 day stay, hotel packages and annual passes) . Enhance productoffering . Improve story telling experience and upgrade existing facility . Year round operation . Expected ROIC:+20% . Expected ROIC:+20% . Expected ROIC:+20%

19 3 Management Contracts

Dubai: Motiongate & Bollywood Vietnam: Dragon & Typhoon parks China: Strategic Agreement with Harves

. A €3,400 MM premier year-round regional . 10-year management contract with Sun . Strategic agreement for the future leisure and entertainment destination Group development across China of: . Motiongate and Bollywood parks represent . Dragon Park opened in January 2017; . Theme parks Typhoon Water Park opened in April 2017 the largest investment in the entire leisure . Indoor entertainment centers destination . First class theme park and water park . Parks to be strategically selected and located in Ha Long City with 214 hectares . Both parks opened in 2016 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

20 MECs 4 The roll-out of MECs, a highly attractive growth opportunity

Simple business model… The feasibility analysis works

. New ad-hoc leisure concepts located in high-traffic areas developed in Illustrative example: Financing shared 50% / 50% with Real partnership with the owner of the facility Estate Developer

. Small indoor facilities, of c.4,000 – 7,000 sqm, located in urban Visitors (‘000) 300 centers Percap (€) 16.0

. Win–win opportunity Revenue (€MM) 4.8

EBITDAR (€MM) 1.9

…with strong growth fundamentals % Margin 40.0%

Rent paid to real estate developer (€MM) 0,8 . Large number of opportunities worldwide % Revenue 17.0%

. Attractive value proposition for shopping mall developers globally EBITDA (€MM) 1.1

% Margin 23.0% . Very limited competition and with limited product overlap Required investment (€MM) 10.0

. Indoor parks that further hedges PQR seasonality exposure PQR investment (€MM) 5.0

Developer investment (€MM) 5.0 . Strong, visible and growing pipeline of opportunities PQR ROIC 22.1%

21 MECs 4 Designed MEC concepts

Lionsgate Centre Nickelodeon Adventure Splash Water Park Atlantis Aquarium Rainforest Adventure Park

Key Features(1) Key Features(1) Key Features(1) Key Features(1) Key Features(1) Area 3,500-5,000sqm Area 5,000-7,500 sqm Area 6,000 sqm Area 6,000 sqm Area 5,000 sqm

Visitor Visitor Visitor Visitor Visitor capacity 1,000-1,200 (max) capacity 1,000-1,200 (max) capacity 1,700 (max) capacity 1,500 (max) capacity 1,500 (max)

. Horror Atlantis Aquarium. Playground . Wave Pool . Mangrove Sea . Coral Reef Main Main Main Main Main Experience Walkthrough . Mini rides and . Spa Area . Lemur Interaction Attractions . Attractions Attractions Attractions Attractions Attractions . Shark Experience Interactive . Slides and loops . Otter Habitat . Media/VR Simulator . 4D Cinema . Penguin Encounter . Lazy River . Jungle Trail . Branded Escape . Photo Call . Big Main Tank . Children’s area . Interactions . Driving school Rooms and pavilions . Touch pools . Media-Enhanced . Play stage . Tropical birds . Interactions and challenge course . Big space with more pavilions . Live Stage Show than 20 interactive . VIP Diving games experience . Party rooms

(1) Illustrative figures and features. Actual figures will vary site by site. 22 MECs 4 MECs: Strong pipeline of opportunities

Already accomplished our 2017-18 goals Large and growing pipeline Ongoing conversations to analyse new potential projects are taking place

Lease Agreement MECs Location Concept Real Estate Operator Signed Expected Opening

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

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

. Over 20 additional situations being discussed and at different stages Pipeline . Provides high visibility to accomplish our targets for the period 2017-20

23 Selective acquisitions 5 Unique track record sourcing, executing and creating value through acquisitions

ImpliedEBITDA Acquisition #Parks Country YearAcquired multiplepaid(1) . 18 transactions successfully completed across Bobbejaanland 1 Belgium 2004 10 countries since 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 . Target average EBITDA improvement of c.50% BonBonLand 1 Denmark 2007 after 2 full seasons under Parques Reunidos 1 Norway 2008 management 1 Spain 2008 Palace Group(FECs) 31 US 2008 Hawaii 1 US 2008 Kennywood Group 5 US 2008 Movie Park 1 Germany 2010 DutchWonderland 1 US 2010 . Implied EBITDA multiple paid(1) post integration Slagharen 1 Netherlands 2012 of 5.8x Noah’sArk 1 US 2012 1 US 2014 Total 54 5.8x

All elements are in place to continue being the leading consolidator

Notes 1. Based on EBITDA after 2 full seasons under Parques Reunidos operation 24 Attractive financial profile delivering growth

30,000

19,417 20,637 20,962 19,813 Visitors 20,000 (‘000) 10,000 2013 2014 2015 2016

606 584 Revenue 541 543 (€MM)

2013 2014 2015 2016

195 188 170 EBITDA 167 (€MM)

2013 2014 2015 2016 25 Relentless attention to detail and continuous reconsideration of every item of the cost structure

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

Cost item % of total costs 2016 EBITDA Margin Evolution

Variable Costs COGS 17%

32.2% 32.3%

Personnel 42% Costs 31.2% 30.9%

Operating Costs

Other Operating 38% Costs

Rents 3% 2013 2014 2015 2016 26 Strong and visible cash flow generation

10 –11% Recurrent capex as No year-on-year operating Stable and resilient cash flow with % of revenues working capital requirements high conversion rates of 65-70% Cash generated from change in working (1) Group reported recurrent capex capital Group reported operating free cash flow

€MM €MM €MM 150 150 150 133 113 116 98 100 100 100 71 72 62 54 50 50 50

4.4

0 0 0 2013 2014 2015 2016 (1.6) (2.4) 2013 2014 2015 2016 % of Cash 10.0% 13.2% 10.3% 12.4% revenue Conversion 67.5% 57.8% 68.0% 61.5% -50 Rates (2) 2014 2015 2016

Notes 1. Defined as EBITDA – Recurrent Capex 2. Defined as EBITDA – Recurrent Capex /EBITDA 27 Capital structure designed to allow delivery of business plan

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

. €200 MM multi currency revolving credit facility Debt . Natural hedged to act against currencyfluctuations Structure . Local currency expenditures at each location

. Balanced capital structure between US debt and European debt

. Current leverage of 2.9x Net debt /EBITDA Target capital Structure . On average 2.0x-2.5x target net debt / EBITDA in the medium term

. 20-30% pay-out ratio Dividend Policy . 2016 dividend: €20 MM or 26% pay-out ratio on the back of 2016 pro-forma Not Income

28 Strong current trading performance

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

. Delivered strong YTD performance as of May 7th Visitors (‘000) Revenue (€MM) . +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 5,248 4,796 157 visibility from season passes 145 . 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 YTD FY16 YTD1 FY17 YTD FY16 YTD FY17 achieved in Halloween and Christmas events) . Delivered strong results during Easter holidays

29 Why Parques Reunidos?

6 1 Experienced and Leading global committed player with management strong regional team brands 5 2 Clear and well- Positioned in a defined strategy growing market focused with highly on growth attractive fundamentals

4 Solid and visible organic Best in class 3 growth potential operator

30