Peer Group Analysis June 2013

General Overview

2

Company Sub-

Industry

Country of

Origin

Business

Segments Listing

Market

Cap. in

EUR mil.*

TMR Travel services Slovakia

-3 ski resorts & aqua

park

-9 hotels

-real estate projects

BSE 302.83

CDA Resorts/Theme

Parks France

-ski resorts

-leisure parks

-subsidiaries in

France, Netherlands

Germany, Belgium

-15 leisure parks

sites

Paris SE - 1995 370.08

SkiStar Resorts/Theme

Parks Sweden -ski resorts

Stockholm SE

353.15

** as of 03/06/13

General Overview

3

Company Sub-

Industry

Country of

Origin

Business

Segments Listing

Market

Cap. in

EUR mil.*

Vail resorts Resorts/Theme

Parks

USA

-ski mountain

complex

-6 mountain resorts

NY SE 1 768.54

Cedar Fair Resorts/Theme

Parks

USA

-11 amusement

parks

-6 outdoor water

parks

-1 indoor water

park

-5 hotels

NY SE 1 733.83

** as of 03/06/13

Recent Events – TMR

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Events of 2011/12:

8.9% increase in the total number of visitors to our resorts

New synergies – free entry pass to Aqupark Tatralandia with purchase of a more-day ski pass

First year of all-year operation of Aquapark Tatralandia under our management

Launch of a new 8-seat cableway in the High Tatras

Construction of a cableway system – Funitel – to link Chopok North and South

TMR shares succesfully dual-listed on exchanges in Warsaw and Prague

CAPEX budget of EUR 44 mil.

Winter of 2012/13:

Capitalized on the investments of 2011/12 and abundance of natural snowfall

Successful lunch of Funitel cableway in Jasná Nízke Tatry and Tropical Paradise in Aquapark Tatralandia

Acquisition of a 50% stake in the company Interhouse Tatry, s.r.o. and thus becoming a sole proprietor of the company operating the Grand Hotel Starý Smokovec in Vysoké Tatry

39%

10% 10%

9%

9%

8%

6% 5%

4%

Shareholder Structure

Small shareholders J&T BANKA, a.s.CLEARSTREAM BANKING S.A. KEY DEE LIMITEDEGNARO INVESTMENTS LIMITED Poštová banka, a.s.Patria Finance, a.s. Privatbanka, a.s.TATRY INVESTMENT LIMITED

70,3%

29,4% 0,3%

Business segments

Mountain and leisure Hotels Real estate projects

Recent Events – CDA

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Events of 2012:

Highest performing sites were Parc Astérix, Grévin and Walibi parks

Strong rebranding of Wailibi park

More than 23 million visitors to the 26 sites

Excellent natural snow in the season

Unfortunate timing of holiday, particularly in France

Winter of 2011/12:

Ski area activity represented up to 56% of total sales

Growth in skier days by 2%

Ski areas sales increase 3.2% year on year

Strengthening consumer spending pattern

11,9% 4,6% 0,6%

0,4%

0,2%

82,3%

Shareholder structure

M&G Investment Managemeng Ltd. DNCA Finance SA

Tocqueville Finance SA Groupe MACSF

Palatine Asset Management SA Small shareholders

56%

44%

Business segments

Ski areas Leisure parks

Recent Events – SkiStar

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Events of 2011/12:

Negative effect on the booking volume due to the uncertainty in the financial markets during autumn 2011

CAPEX of MSEK 38 into increasing the capacity of the snow-making systems

Investments focused on train traffic were made in Vemdalen

Continuing of development of the Park Inn Trysil Mountain Resort hotel

SkiStar and Swiss resort Andermatt/Sedrun have signed a one-year management agreement

The lack of holidays around Christams and late Easter negatively influenced the number of ski days

Winter of 2012/13:

Greater number of visiting guests during the initial part of the winter season

Improved booking volumes by 1% over the previous year

Advantageous calendar over the Christmas and New Year period and ideal skiing conditions

3,48% 1,91%

1,88%

1,48% 1,11%

0,78%

89,36%

Shareholder structure

Lannebo Fonder AB SEB Investment Management AB

Norges Bank Investment Management Swedbank Robur Fonder AB

Handelsbanken Fonder AB Tredje AP-fonden

Small shareholders

97%

3%

Business segments

Destinations Property development

Recent Events– Vail resorts

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Events of 2012:

Acquisition of the capital stock of Skiinfo, Norwegian company operating ski related websites

Acquisiton of Kirkwood Mountain Resort in California, Afton Alps in Minnesota and Mount Brighton in Michigan

Winter of 2012/13:

51% of skier visits were out-of-state and international

Pass sales increasing approximately by 9.9%

Total Mountain net revenue increased by 14.5%

Enhanced consumer spending in the luxury segment

Real Estate revenue driven by the closing of four condominium units

14,82%

9,95%

8,51%

7,07%

5,62% 5,48%

48,55%

Shareholder structure

BAMCO, Inc. Southeastern Asset Management, Inc.

T. Rowe Price Associates, Inc. Advisory Research, Inc.

Goldman Sachs Asset Management LP The Vanguard Group, Inc.

Small shareholders

75%

21% 4%

Business segments

Mountain Lodging Real Estate

Recent Events – Cedar Fair

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Events of 2012:

Total attendance of 23 million guests

Average in-park guest per capita spending increase by 5% ($1.92)

New e-commerce and mobile platform

Less than 1% decrease in attendance (0.1 million)

Growth in the number of season passes sold, as well as pass visits

CAPEX of $96.2 mil.

12,94%

3,65%

3,39% 3,28%

2,65%

2,61%

71,48%

Shareholder structure

Neuberger Berman LLC MSDC Management LP

Sarbit Asset Management, Inc. Credit Suisse Securities (USA) LLC

Goldman Sachs & Co. Peter B. Cannell & Co., Inc.

Small shareholders

93%

7%

Business segments

Amusement parks Hotels

Financial Overview – Market Statistics

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Market Overview **

Company Share Price (EUR) 1-yr Return (%) Market Cap. (EUR m) Enterprise Value (EUR

m)

Beta

TMR 45.15 +5.96 302.83 317.77 0.50

CDA 15.30 21.43 370.08 803.94 0.35

SkiStar 9.01 4.63 353.15 566.20 0.51

Vail resorts 49.27 +52.22 1 768.54 2 041.92 1.53

Cedar Fair 31.02 +69.09 1 733.83 2 851.10 1.32

* as of 03/06/13, source: www.bloomberg.com

Financial Results

LTM Financial Statistics FY 2011/2012 Financial Statistics

Company Sales

(EUR m)

EBITDA

(EUR m) **

EBIT

(EUR m)

Net Profit

(EUR m)

Sales

(EUR m)

EBITDA

(EUR m)

EBIT

(EUR m)

Net Profit

(EUR m)

TMR 39 12 2 9 39 12 2 9

CDA 680 160 60 27 680 160 60 27

SkiStar 200 64 25 19 189 48 21 17

Vail

resorts 837 161 59 20 799 146 46 13

Cedar

Fair 833 299 181 79 833 299 181 79

* ltm – last twelve months

** adjusted for non-recurring items 10

Financial Overview – Margins & Ratios

LTM Profitability Return on Investment LTM

Earnings

LTM Valuation

Multiples

LTM

Leverage

Company EBITDA

Margin

(%) **

EBIT

Margin

(%)

Net Profit

Margin

(%)

ROE (%) ROA (%) Div. Yield

(%)

EPS

(EUR)

P/E EV/

EBITDA

Debt/Total

Capital

TMR 32 10 11 1.5 1.3 2.1 1.37 29.7x 26.0x 5.8%

CDA 24 9 4 3.9 1.9 4.6 1.10 13.6x 5.0x 35.9%

SkiStar 32 19 16 17.9 6.4 3.6 0.44 11.3x 8.9x 56.2%

Vail

resorts 19 7 2 3.2 1.3 1.4 0.36 88.8x 12.9x 38.1%

Cedar

Fair 36 24 11 72.7 5.6 6.2 1.41 19.4x 9.6x 90.6%

11 * ltm – last twelve months

** adjusted for non-recurring items

Key Performance Indicators

FY 2011/2012

Company Occupancy rate (%) Average revenue per customer

(EUR)

Visit rate (mil.)

TMR 51.3 12.22 1.7

CDA N/A 27.52 23

SkiStar 70 N/A 4.1

Vail resorts 56 42.70 6.1

Cedar Fair N/A 32.72 23.3

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Financial Results – FY 2011/12

13

0

10

20

30

40

2011 2012

24.3

38.8

5.7 9.1

6.6 12.2

In E

UR

mil.

Revenues

Net Income

EBITDA

Revenues increased by 59.7%

Net income increased by 59.7%

EBITDA increased by 84.9%

Positive results thanks to:

Number of visitors up by 63% at 1.7m

CAPEX in amount of EUR 44m

Financial Results – FY 2011/12

14

Revenues increased by 5.9% due to the Group’s sound

investment policy

Net income decreased by 36.8%

EBITDA decreased by 4.8%

0

200

400

600

800

2011 2012

642.7 680.3

41.3 26.5

168.3 160.3

In E

UR

mil.

Revenues

Net Income

EBITDA

Financial Results – FY 2011/12

15

Revenues decreased by 1.1% due to unfavourable calendar over the Christmas and New Year period

Net income decreased by 20.2%

EBITDA decreased by 12% due to increased costs of associated companies, declining sales of Skistar Vacation Club and lower capital gains from real estate sales

0,0

50,0

100,0

150,0

200,0

2011 2012

191.3 189.1

21.6 17.3

54.5 47.9

In E

UR

mil.*

Revenues

Net Income

EBITDA

* Converted from SEK

Financial Results – FY 2011/12

16

Revenues decreased by 12.2% due to the record low

snowfall

Net income decreased by 52.4%

EBITDA decreased by 12.4% due to the acquisition of

Northstar-at-Tahoe

0

200

400

600

800

1000

2011 2012

910.3 799.0

26.9 12.8

166.5 145.9

In E

UR

mil.*

Revenues

Net Income

EBITDA

* Converted from USD

Financial Results – FY 2011/12

17

Revenues increased by 3.9% due to increase in average in-

park guest per capita spending

Net income increased by 33.4% despite the slight decrease

in attendance

EBITDA increased by 3.6%

0

200

400

600

800

1000

2011 2012

802.2 833.4

59.2 79

289 299.3

In E

UR

mil.

Revenues

Net Income

EBITDA

* Converted from USD

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Competitiveness

Company Shareholders’ benefits Competitive advantages

TMR

25 shares – 6 entries 250 shares – 2x season ticket

40 shares – 12 entries 500 shares – VIP club

80 shares – 25 entries 750 shares – GOLD VIP club

130 shares – season ticket

• Unique geographical position of the resorts – the

closest alpine mountain range from the east – high

altitude and long history of tourism in TMR resorts

• Potential client base of 7,5 mil within 200 km radius

• Low competition to the east of TMR resorts

• Intense capital investment strategy – over EUR100 mil

in last 5 years

CDA

• Min. investment 3,500 EUR

• Min. 200 shares = 3,500 EUR / 400 shares

• Either winter season: 2 respectively 6 daily tickets

• Or summer season: 2 respectively 6 free entries

• Ski area´s altitude guarantees quality snow cover and

season that lasts over 20 weeks

• The portion of foreign customers offers high growth

potential

• Local vacation destination – favored in times of crisis

• Assets have long useful lives and depreciation, usually

over 20 years

SkiStar • Min. 200 shares: e-card

• 15% discount for chair lifts, ski rentals, ski school

• Valid for the whole family

SkiStar Vacation Club:

• holiday concept, which includes sale of week units

• connection to the world‘s largest organization for the

exchange of vacation housing

• membership involves a variety of benefits during the

stay

• the possibility to exchange the vacation week with

more than 5,000 resorts around the world

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Competitiveness

Company Shareholders’ benefits Competitive advantages

Vail resorts N/A

Epic Mix:

• First-of-its-kind online and mobile application

launched for the 2010-2011 ski season which allows

utilizing technology to digitally capture their ski and

ride experience and share it with friends and family

• Nearly 100,000 Vail Resorts guests activated Epic Mix

accounts this season

• The most visited ski resort in U.S. in 2010/2011

Cedar Fair N/A

• Operations located in 13 of the 25 largest

metropolitan areas in the U.S. and Toronto, Canada

• 4 of the most highly acclaimed regional parks in

North America

• Cedar Point, the Comapny’s flagship, has consistently

been voted the „Best Amusement Park in the World“

by the Amusement Today newspaper

Summary

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All of the mentioned companies operate in the sector of Recreational activities, but Cedar Fair does not

operate in the mountain tourism.

Vail resorts is the company with highest market capitalization in the amount of EUR 1 768.54 mil. among

the peer group, TMR has the lowest market capitalization in the amount of EUR 302.83 mil.

CDA reached the highest dividend yield of 6.2% among its peers.

The best company in return on equity is Cedar Fair, also with the best EBITDA margin (36%) and EBIT

margin (24%).

TMR has the second best Net profit margin (11%).

TMR has the lowest debt to total capital ratio (5.8%) whereas Cedar Fair has the highest level of debt

(90.6%).

TMR has the highest EV/EBITDA multiple of 26,8 and CDA has the lowest multiple of 5

The highest P/E ratio of 89 belongs to Vail resorts, while CDA has the lowest, 11.4

Cedar Fair is the company with the best stock and financial performance for the last twelve months in the

peer group, with the highest 1-year stock return (47.57%), EBITDA (EUR 299 mil.), net profit (EUR 79 mil.),

ROE (72.7%) and EPS (1.41)

CDA has the highest ROA (6.4%)

Abbreviations Used

BSE – The Bratislava Stock Exchange

SE – Stock Exchange

CAPEX – Capital Expenditures

EBIT – Earnings Before Interest and Taxes

EBITDA – Earnings Before Interest, Taxes, Depreciation and Amortization

EPS – Earnings per share

FY – Fiscal year

mil. – Million

km – Kilometers

yr – Year

p.p. – Percentage Points

TMR – Tatry Mountain Resorts, a.s.

LTM – Last Twelve Months

thous. – Thousand

ROA – Return on Assets

ROE – Return on Equity

P/E – Price to Earnings

EV – Enterprise Value

div. – Dividend

Aktualizovat

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Sources

1. Tatry Mountain Resorts – annual and interim reports

2. Compagnie des Alpes – annual and interim reports

3. SkiStar – annual and interim reports

4. Vail Resorts – annual and interim reports

5. Cedar Fair – annual and interim reports

6. Televerbier – annual and interim reports

7. Financial Times at www.ft.com

8. Bloomberg at www.bloomberg.com

9. Reuters at www.reuters.com

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Disclaimer

This material is exclusively for informational and promotional purposes. Its intention is to inform

about the business strategy of the company 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 „the TMR Company“).

TMR Company shares are traded at the parallel market of stock-exchange listed securities. The

company´s share capital consists of 6 707 198 bearer shares booked on the bearer with a nominal

value of € 33 per stock. Emission has been allocated ISIN SK11 20010287. In order to make the

above emission public at the parallel market of stock-exchange listed securities, there was an

elaborated prospectus for the securities of share emissions, ISIN SK11 20010287, as of October 10,

2009. The prospectus is published on the following website of the parallel market on Bratislava Stock

Exchange: www.bsse.sk and on the website of the TMR Company www.tmr.sk.

This material is owned exclusively by the TMR Company. Any distribution, duplication, publishing,

copy or record of this information, or any part of it contained in this material is forbidden without

the prior approval by the TMR Company. 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 order of

the third state.

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