Parques Reunidos Corporate Presentation January 2018 Disclaimer

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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 over 60 parks ▪ Revenues of €579 MM ▪ Presence in 14 countries ▪ EBITDA of €174 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 2017 Revenue Geographical Split ▪ Strong regional brands Other (1) Belgium 11% USA Norway 4% Germany 4% 38% 7% ▪ Stable, predictable local demand France 5% 7% Italy 25% Spain ▪ Low dependence on tourism

Spain USA ▪ Non destination parks 5%

60% 80% 21%

20% 14% ▪ Good value for money proposition

Note 1. Other includes Netherlands, UK, Denmark, Argentina, Dubai, Vietnam 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

2017 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 Animal Parks Water Parks Theme Parks

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

Highly regarded strong local brands Proven ability to obtain global IPs

A leading park in Germany

Designated a US National Historic Landmark

Second largest leisure park in Italy

Spain’s largest urban park

Oldest park in North America (1846)

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

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: Indoor Entertainment Centers (“IECs”)

7 Proven track record becoming a truly global and diversified player

Delivering growth and improving efficiency…

Parques Reunidos EBITDA

€MM

174

29

2003 2017

…whilst de-risking the business model

Parques Reunidos 2003 Parques Reunidos TODAY

15 parks +46 Over 60 parks

1 country +13 14 countries

100% Revenue inSpain -75% 25% Revenue in Spain

8 Clear and well-defined strategy focused on growth

32 Multiple top line 2 432 Expansion Capex Management IECs Selective 1 growth initiatives 2 3 Contracts 4 5 Acquisitions ▪ Season Passes ▪ Developing new projects ▪ Dubai ▪7 lease agreements ▪Unique track record within or adjacent to an signed ▪ IPs ▪ Vietnam ▪Fragmented market with existing park ▪Strong pipeline of potential opportunities ▪ Off season events ▪ China ▪ Different types: water potential new IECs ▪ Ticketing and In-Park ▪ Ongoing active parks, lodging facilities ▪New potential licensing revenue negotiations or camping agreements ▪ New attractions ▪ €55 MM projects under ▪ Virtual Reality execution over 2018-19 ▪ Operational ▪ Target of c.20% ROIC 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 2017 TicketingRevenue ▪ Include entry level passes with limited advantages 18% 16.5% 15.4% 16% ▪ Launch multi-tier season passes with different advantages and prices 14% 12.2% 12% ▪ Up-selling initiatives 10%

8% ▪ Marketing campaigns 6% 4.9% ▪ 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

Ducati @ (Italy) Licensing agreement with Discovery

▪ Investing €25 MM to develop the 1st themed are of the ▪ Strategic agreement to develop Discovery branded indoor Ducati Brand entertainment centers ▪ The area will include the latest technologies including a ▪ Developing innovative family friendly, adventure, new generation roller coaster and simulators to replicate educational experiences the experience of riding a Ducati ▪ Target is to expand in North America, Western Europe ▪ Expected to open in the 2019 season and Asia Pacific Regions

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

Off season revenues are growing on the back of off seasonevents

Key Initiatives Important Revenue Growth achieved in 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 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

13 Top Line initiatives 1 New attractions coming in 2018

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

Raja Bombs Away The Worlds Largest & King Cobra Riptide Racer

14 Top Line initiatives 1 New Virtual Reality Coasters

Key Benefits Examples

▪ Warner Park – SPAIN (2017 Season) ▪ Improves guest experience ▪ Batman Escape suspended roller coaster ▪ 1st VR coaster in Spain

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

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

▪ Parque Atracciones de Madrid – SPAIN (2017 Season) ▪ Flexibility to easily update VR themes every season or during ▪ TNT roller coaster the sameseason ▪ 1st roller coaster in Spain with interactive VR

▪ 4 new VR attractions to open in the 2018 season ▪ Potential extend VR ▪ Europe: Bobbejaland, BonBonLand capabilities to other rides ▪ USA: Castle Park,

15 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 ▪ Bear Creek Campground (Lake ▪ Ducati Land (Mirabilandia) (Mirabilandia) Compounce) ▪ Nickelodeon area (Parques de ▪ Aquamexicana water park ▪ Raccoon Lodging facility (Slagharen) Atracciones de Madrid and Movie (Slagharen) Park) ▪ Warner Beach water park (Warner)

18 Expansion capex projects 2 Expansion capex: 2018-19 projects

C. €55 MM of projects announced and under execution to be opened over 2018-19 Target of a c.20% ROIC

Expansion of Warner Beach New Nickelodeon Area Expansion of Mirabeach

▪ Investment: c.€8MM ▪ Investment: c.€5MM ▪ Investment: c.€4MM ▪ 2018 Season ▪ 2018 Season ▪ 2018 Season ▪ Strategic rationale ▪ Strategic rationale ▪ Strategic rationale ▪ Extend length of stay with ▪ Phase 2 of successful first Nickelodeon ▪ Extend length of stay with more content more content for a 2 dayvisit area launched in 2014 for a 2 dayvisit

▪ Expand catchment area ▪ Reinforce penetration of families with ▪ Expand product offering to attract all kids segments (families, kids and teenagers) ▪ Enhance productoffering ▪ Enhance product offering

▪ Boost in-park consumption

18 Expansion capex projects 2 Expansion capex: 2018-19 projects

C. €55 MM of projects announced and under execution to be opened over 2018-19 Target of c.20% ROIC

New branded kids area Ducati World Living Shores Aquarium

▪ Investment: c.€7MM ▪ Investment: c.€25MM ▪ Investment: c.€4MM ▪ 2018-19 Season ▪ 2019 Season ▪ 2018 Season ▪ Strategic rationale ▪ Strategic rationale ▪ Strategic rationale ▪ Targeting families with kids ▪ Unique location close to ▪ Indoor aquarium in the New Hampshire Bologna, Ducati’s hometown, White Mountains ▪ IP strong brand awareness to attract motorcycle fans providing a great opportunity ▪ Strong product bundling options (2 day to bring new demand ▪ Includes new generation of stay, hotel packages and annual passes) roller coasters and simulators ▪ Enhance product offering ▪ Year-roundoperation

19 3 Management Contracts

Dubai: Motiongate & Bollywood Vietnam: Dragon & Typhoon parks

▪ A €3,400 MM premier year-round regional ▪ 10-year management contract with Sun leisure and entertainment destination Group ▪ Motiongate and Bollywood parks represent ▪ Dragon Park opened in January 2017; the largest investment in the entire leisure Typhoon Water Park opened in April 2017 destination ▪ First class theme park and water park ▪ Both parks opened in 2016 located in Ha Long City with 214 hectares

20 IECs 4 Designed IEC concepts

Lionsgate Centre Nickelodeon Adventure Splash Water Park Atlantis Aquarium Discovery

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 IECs 4 IECs: Strong pipeline of opportunities

7 centers under development (3 of them to open during the 2018 season) Already accomplished our 2018 – 19 goals Large pipeline for future opportunities

Signed Contracts

Lease Agreement Expected Opening Center Location Real Estate Operator Concept Signed (Calendar dates)

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

XANADU Madrid,Spain Intu Aquarium Jul-16 Q2-18

XANADU Madrid,Spain Intu Nickelodeon Jul-16 Q3-18

DOLCE VITA Lisbon,Portugal Intu Nickelodeon Jul-16 Q2-19

LAKESIDE London,UK Intu Nickelodeon May-16 Q2-19

TIMES SQUARE New York, US n.a. Lionsgate Aug-17 Q4-19

To be announced Europe n.a. Lionsgate Sep-17 Q1-20

FY17 Results Presentation 22 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 Tusenfryd 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

20.637 20.962 19.417 19.813 19.636 Visitors 20.000 (‘000) 10.000 2013 2014 2015 2016 2017

606 584 579 Revenue 541 543 (€MM)

2013 2014 2015 2016 2017

195 188 170 174 EBITDA 167 (€MM)

2013 2014 2015 2016 2017 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 2017 EBITDA Margin Evolution

Variable Costs COGS 16%

32.2% 32.3% 30.9% 31.2% 30.0%

Personnel 41% Costs

Operating Costs

Other Operating 39% Costs

Rents 4% 2013 2014 2015 2016 2017

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 60-70% Cash generated from change in working (1) Group reported recurrent capex capital Group reported operating free cash flow

€MM €MM €MM 150 150 150 133 113 116 107 98 100 100 100 71 72 62 67 54 50 50 50

4,4

0 0 0 2013 2014 2015 2016 2017 (1,4) (1,6) (2,4) 2013 2014 2015 2016 2017 % of Cash 10.0% 13.2% 10.3% 12.4% 11.5% revenue Conversion 67.5% 57.8% 68.0% 61.5% 61.4% -50 Rates (2) 2014 2015 2016 2017

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 3.0x Net debt /EBITDA Target capital Structure ▪ On average 2.0x-2.5x target net debt / EBITDA in the medium term

▪ 2017 dividend: €20 MM equivalent to a 39% pay-out ratio over pro-forma net income Dividend ▪ Dividend policy: 20-30% payout Policy

28 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