Parques Reunidos Corporate Presentation April 2017 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

One of the 3, truly global operators . Reported revenues of €584 MM in FY 2016 with a global platform of 61 parks . #8 Leisure Park Operator Worldwide(2) . EBITDA of €188 MM in 14 countries(1) . #2 European Leisure Park Operator(2) . 20 MM visitors . #1 OperatorWorldwide

ThemeParks AnimalParks WaterParks MECs Notes 1. Includes two parks in Dubai, two parks in Vietnam and five MECs underdevelopment Other 2. Source: Inference from AECOM’s 2014 global attractions attendance report based onattendance 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 . Strong regional brands

(1) Park55 8% Other Park1 Belgium 8% Park2 Norway 4% . Good value for money proposition 4% Park3 Germany 7% 40% USA Park4 . Stable, predictable local demand France 6% Park5

7% Park6 Italy Park7 . Low dependence on tourism Park8 24% Park9 Spain Park11 Park10 . Non destination parks 2016 Revenue Split By Park

Spain USA

5%

60% 80% 21%

20% 14% Note 1. Other includes Netherlands, UK, Denmark, Argentina 4 Highly regarded park portfolio with strong local brands and access to hot IPs

Highly regarded strong local brands

A leading park in Germany Spain’s largest urban park

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

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

Proven ability to obtain hot IPs

5 Growing market with highly attractive fundamentals

Strong . Proportion of income dedicated towards leisure and recreational activities is expected to rise structural . Growing middle class

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 with significant . Market largely composed of small to medium individual parks and independent operators 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”)

6 Best in class operators

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

Our ability to . Continuous benchmarking across 61 parks benchmark is a unique . Over 300 cost / cash flow KPIs monitored on a park level monthly management tool . State-of-the-art IT systems

. Best practice transfer between existing and new parks

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

7 Proven track record becoming a truly global and diversified player

Delivering growth and improving efficiency…

Parques Reunidos EBITDA

€MM 240 188 200

160

120

80 35,2 40 0 2004 2016

…whilst de-risking the business model

Parques Reunidos 2006 Parques Reunidos TODAY

22 parks +39 61 parks

5 countries +9 14 countries

58% Revenue in Spain -34 24% Revenue in Spain

8 Clear and well-defined strategy focused on growth

2 32 Multiple top line 423 Management MECs 1 growth initiatives 2 Expansion Capex 3 Contracts 4

. Season Passes . 4 new projects . Dubai opening . 5 lease agreements signed . . Vietnam IPs . €33 MM capex . Strong pipeline Lionsgate . Off season events . 20% ROIC . Ongoing active agreement negotiations . Ticketing and In-Park . New potential licensing revenue agreements . New attractions

. Virtual Reality

. Operational discipline

5 Selective Acquisition Strategy

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

We operate very strong regional brands and, when convenient, we leverage on other brands

. Start Trek IP license: . 10 year agreement in connection with a themed area at . The first and only Star Trekthemed coaster worldwide . 2nd largest coaster at Movie Park

We have shown our abilityto operate hot brands

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

Off season revenues are growing on the back of off seasonevents

Key Initiatives 2016 Halloween Season

+18% revenue growth achieved in 2016 Halloween Season(1)

. Continue to roll-out existing off season events

. 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

Note 1. Only includes revenues from those parks with Halloweenevent 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 . Reduced discounts along the season by increasing low promotions discounts (15%-25%) and reducing strong promotions discounts . Price adjusted depending on booked demand (25%-40%)

. Control and restrict number of coupons that are launched to the . market (i.e.: online coupons, urban check tickets) Status of implementation (direct channels) . In 2015: 5 parks in Spain in 2015 . In 2016: . Include Blackout dates in promotions for high attendance days (i.e.: Halloween or 15th August in Summer) -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 to the customer and avoid discounting during high attendance periods -Spain and rest of Europe: 2nd / 3rd season with13 dynamic pricing -US: Flexible calendar pricing at water park portfolio and . Increase prices associated to new attractions or events

13 Top Line iniciatives 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 andservices

. CRM initiatives

14 Top Line iniciatives 1 New attractions coming in 2017

New attractions are a key factor to drive attendance and increasepercaps Recurrent capex (maintenance and new attractions) 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 iniciatives 1 New Virtual Reality Coasters

Examples Key Benefits Examples

Bobbejaaland (2016 Seasson) . Improves guest experience . The first virtualreality coaster in the Benelux . In partnershipwith Samsung . Upcharge experience . The Revolution, one of the most popular family rides

. Reduces capital needs

Coming in 2017 Season

. Batman´s Escape @ Warner Park . Sky Rocket Coaster @ Kennywood . Flexibility to easily update VR themes every season or during the sameseason

. Potential extend VR capabilities to other rides

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

Strong and visible growth opportunity

. Second gate parks or hospitality in available space within or adjacent to an existing park that generates benefit from low operational risk and high visibility of target attendance (vs. a greenfield project)

. Efficient use of unexploited space (c.400 acres of availableland)

. Significant cross selling opportunity

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

. Lower investment requirements by leveraging on existing facilities and rides

4 different types of expansion projects facilities already successfullyproven

Water park Hotel Camping Lagoon Already developed in Already developed in Already developed in Already developed in Marineland and Slagharen Marineland and being developed in Miami

17 Expansion capex projects 2 Expansion capex: 2017 projects

3 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.€4MM . Strategic rationale . Investment: c.€8MM . Investment: c.€8MM . Indoor aquarium in the New Hampshire . Strategic rationale . Strategic rationale White Mountains (popular destination in summer for outdoor recreation and . Extend length of stay with . Expand capacity of the existing lodging more content for a 2 dayvisit winter for skiing) . Increase off season attendance onthe . 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%

18 Management contracts 3 Dubai Parks

A €3,400 MM premier year-round regional leisure and entertainment destination Motiongate and Bollywood parks represent the largest investments in the entire leisure destination Both parks opened in 2016

. 4 themed zones: Studio Central, DreamWorks, Smurfs Village and Sony PicturesStudios . 27 attractions locatedin an open park . Key brands: Shrek, Madagascar, Kung Fu Panda and How to Train Your Dragon . Licensed IPs: DreamWorks, Sony Pictures and Lionsgate

Operatedby: . Six themed zones: Bollywood 1 2 Boulevard, Mumbai Chowk, Rustic Ravine, Bollywood Film Studios, Hall of Heroes and Royal Plaza (includes 3 4 Rajmahal theatre with separate ticketing) . 16 different rides . Licensed IP from Bollywood film 55 studios

19 Management contracts 3 Vietnam

Recently awarded a new management contract in Vietnam; expanding our presence intoAsia Dragon Park opened in january 2017; Typhoon Water Park will open during Q2 2017 Key Terms of the Agreement . 10 year management contract with Sun Group to operatea theme park and a water park inVietnam . 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 . Fees structure . Development fee . Management fee: Variable fee based on performance (linked to both revenues and EBITDA) and with a minimum fee guaranteed

20

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 Estate Developer partnership with the owner of the facility Visitors (‘000) 300 . Small indoor facilities, of c.4,000 – 7,000 sqm, located in urban Percap (€) 16.0 centers Revenue (€MM) 4.8 . Win–win opportunity EBITDAR (€MM) 1.9

% Margin 40.0%

…with strong growth fundamentals Rent paid to real estate developer (€MM) 0,8

. Large number of opportunities worldwide % Revenue 17.0% EBITDA (€MM) 1.1 . Attractive value proposition for shopping mall developers globally % Margin 23.0%

. Very limited competition and with limited product overlap Required investment (€MM) 10.0 PQR investment (€MM) 5.0 . Indoor parks that further hedges PQR seasonality exposure 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 AdventurePark

Key Features * Key Features * Key Features * Key Features * Key Features * 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 Attrations . Attrations Attractions Attrations Attrations Attrations . Shark Experience Interactive Dark Ride . 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

Lionsgate ‘s strong international IPs Nickelodeon ‘s strong international IPs

* Estimated figures 22 MECs 4 MECs: Strong pipeline of opportunities

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

Lease Agreement MECs Location Concept Real Estate Operator Signed Expected Opening

THADER Murcia, Spain Metrovacesa Nickelodeon Mar-16 Q4-17

LAKESIDE London,UK Intu Nickelodeon May-16 Q4-18 Signed Contracts LISBON Lisbon,Portugal Intu Nickelodeon Jul-16 Q2-18

XANADU ,Spain Ivanhoe Nickelodeon Jul-16 Q4-18

XANADU Madrid,Spain Ivanhoe 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 adquisicitions 5 Unique track record sourcing, executing and creating value through acquisitions

Acquisition #Parks Country YearAcquired ImpliedEBITDA multiplepaid(1) . 18 transactions successfully completed across Bobbejaanland 1 Belgium 2004 BoSommarland 1 Norway 2006 10 countries since 2004 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 . Implied EBITDA multiple paid(1) post integration DutchWonderland 1 US 2010 of 5.8x Slagharen 1 Netherlands 2012 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

Revenue

€MM 700 584 600 541

500

400 2013 2016

EBITDA

€MM 188 200 167

150

100 2013 2016 EBITDA Margin 30.9% 32.3%

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

Over 20 lines of variable costs items and over 150 lines of continuous benchmarking operating costs are analysed ona monthly basis

Group Operating costs as % of Revenues

Cost item % of total costs 2016 80%

(Variable 70% Costs) COGS 17%

57,2% 60% 55,0% 55,6% 56,5%

50%

27,5% PersonnelCosts 27,9% 28,7% 42% 40% 27,3%

Operating 30% Costs 20% Other Operating 3% 26,3% Costs(1) 25,3% 25,1% 25,5% 10%

3,4% Rents 38% 0% 2,4% 2,6% 2,4% 2013 2014 2015 2016

Rents Other Operating Costs Personnel Costs

Note 1. Excludes rents 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%

Group reported recurrent capex(1) Cash generated from change in working capital Group reported operating free cash flow(2)

€MM €MM €MM 150 150 150 133

113 116 100 98 100 100 71 72 62 54 50 50 50 4,4 0 (1,6) (2,4) 0 0 2013 2014 2015 2016 2013 2014 2015 2016 % of -50 Cash revenue 10.0% 13.2% 10.3% 12.4% 2014 2015 2016 Conversion 67.5% 57.8% 68.0% 61.5% Rates (3)

Notes 1. Defined as maintenance of the parks’ facilities + capex for newattractions 2. Defined as EBITDA – Recurrent Capex (maintenance of the parks’ facilities + capex for newattractions) 3. Defined as EBITDA – Recurrent Capex /EBITDA

27 Capital structure designed to allow delivery of business plan

. €575 MM term loan facility (60%/40% €/$ denominated) Debt . €200 MM multi currency revolving credit facility Structure . Natural hedged to act against currencyfluctuations

. 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

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

28 Strong current trading performance

Revenues

. Delivered strong Q1 FY17 results Reported Figures (€MM) Like-for-like Figures (€MM) +12% like-for-like revenue growth

+86% like-for-like EBITDA growth 100 100 66 71 68 . Achieved record in season passes and pre-sales 75 75 60

+50% and +17% growth in revenue from season 50 50 passes in Spain and RoE respectively 25 25

+25% growth in US pre-sales 0 0 Q1 FY16 Q1 FY17 Q1 FY16 Q1 FY17 . Enhanced visibility of earnings and reduced weather risk EBITDA . Continued expanding the season through off- Reported Figures (€MM) Like-for-like Figures (€MM) season events 3 3 +14% revenue growth achieved in Halloween and Christmas events 0 0

-3 -3 (0,8) . Q1 represents c.10% of total revenues (1,9) -5 (3,2) -5 (5,6) -8 -8 Q1 FY16 Q1 FY17 Q1 FY16 Q1 FY17 29 Why Parques Reunidos?

6 1 Partner of Leading global choice player with strong regional brands

5 2 Excellent reputation Growing market industrywide with highly attractive fundamentals

4 Clear and well-defined We operate in a rowing 3 strategy focused market with attractive on growth fundamentals

30