Investor Presentation

March, 2018

2

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 thePrague 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

3

We are here to revolutionize tourism in Central

Europe!

4

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 300 million during the last 11 years

Significant (double digit) increases in revenues (cum. 111%) and EBITDA (cum. 122%) in the last 5 years as a result of investments, acquisitions, and strong pro-customer orientation

5

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

71%

23%

6,1%

Revenues by Segments*

M&L Hotels Real Estate

9

Business Model Overview

I. MOUNTAIN & LEISURE Segment (M&L)

Mountain Resorts – 4 resorts in the High and Low Tatras

(SK), Poland (97%), and Czechia

Leisure Parks –

Aquapark Tatralandia (SK)

Legendia - Silesian Amusement Park (75%, PL)

Dining – over 40 dining facilities on and off the slopes and in

the leisure parks

Sports Stores & Services – Tatry Motion, Szczyrk Motion

Over 30 stores, ski schools, sports gear rentals

* FY 2016/17

53%18%

20%

9%

M&L Segment Breakdown

Mountain Resorts

Leisure Parks

Dining

Sport Services &

Stores

II. HOTELS Segment

12 owned and/or managed hotels

Over 800 rooms and 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, Hotel Pošta

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 21,385

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

9 dining facilities

Tatry Motion stores & services

Jasná Nízke Tatry (The Low Tatras, SK)

Chopok North – Chopok South

50 km of ski trails

27 cableways and lifts

Max. transportation capacity of 31,784

persons/hour

35.5 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

Mountain Resorts

Ještěd (CZ)

Leased for10+ years

Planned investments of more than CZK 600m

9.2 km of ski trails

3 cableways, 5 lifts

Max. transportation capacity of 11,095 persons/

hour

7.8 km of ski trails with snowmaking

Summit elevation: 944 m a.s.l.

Base elevation: 541 m a.s.l.

Vertical drop: 403 m

Szczyrk mountain resort (Beskids, PL)

97% interest

Completed investments of EUR 35m

23 km of ski trails

13 cableways and lifts

Max. transportation capacity of 22,000

persons/hour

15 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

Szczyrk Motion stores & services

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, Hurricane Factory, Tatrapolis

Lodging – HolidayVillage Tatralandia

7 dining facilities

12

Legendia - Silesian Amusement Park/ Śląskie

Wesołe Miasteczko (75%, PL)

Location: Park Śląski (Silesian Park) at Chorzów, PL

Completed investments of EUR 26m

Area: 26 ha

50 attractions

The largest and oldest park in Poland

A 40m high roller coaster – Lech Coaster

Hotels

Hotels -The High Tatras

Grandhotel****, Starý Smokovec

Grandhotel Praha****, Tatranská

Lomnica

Hotel FIS***, Štrbské pleso

Mountain hotel Hrebienok

Hotel Kukučka**** (managed)

13

Hotels –The Low Tatras

Wellness Hotel Grand Jasná****

Chalets Jasná De Luxe****

Tri Studničky Hotel****

HolidayVillage Tatralandia

Hotel Srdiečko**

Hotel Rotunda

Hotel Pošta

Real Estate

Lease of hotels and lodging facilities

to third parties

Hotel Liptov

Hotel Ski & Fun Záhradky

Kosodrevina Lodge

Otupné

14

Sale of recreational real estate

HolidayVillage Tatralandia

Chalets Jasná de Luxe Center –

construction, sale, operation

Hotel Pošta – construction, sale,

operation

Our Market

15

Potential

“Natural monopoly” position (no other similar

places in the region to provide the “Alpine

resorts feel” except for the Tatras)

Long history of resorts in PL, CZ

No competition within 1000 km east of TMR

resorts

64 million people living in key target countries

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

68%

14%8%

3%

7%

TMR Mountain Resorts’ Visitors in SK

During Winter 2016/17

Slovakia

Poland

Czech Rep.

Hungary

Other

Great Potential in Regional Mountain Tourism

16

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. 2017 International report on mountain tourism

The Tatras’ Client Target Area in SK, Neighbors,

and East

17

Ještěd

Our Strategy Based on 3 Pillars

18

• EUR 295 million over 11

years

• New modern cableways

• Renovating hotels

• Expanding resorts

• Capitalizing on completed

investments

• Modernization of Szczyrk

and Legendia

• Aquapark Tatralandia 2011

• Špindlerův Mlýn ski resort

(9.5%, CZ)

• Korona Ziemi (7%, PL)

• Szczyrk ski resort, PL

2014

• Legendia - Silesian

Amusement Park (75%,

PL) 2015

• Planned acquisition of an

alpine resort

• 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 ofoperation in CEE

Constant operations & services

enhancement

Our Assets Grow through Capital Investments

Total of EUR 300m invested into

development of our resorts and hotels

in the last 11 years

2013 ends Investment phase I –

“The New Era of the Tatras”

EUR 190m invested into growth of theTatra resorts

“The New Era of Szczyrk”

EUR 35m invested in phase I till the end

of 2017, another EUR 30m planned

“The New Era of Legendia”

EUR 30m completed investments

CZK 600m (EUR 24m) planned

investments into the development of

the Ještěd resort

19

0 €

50 000 €

100 000 €

150 000 €

200 000 €

250 000 €

300 000 €

350 000 €

400 000 €

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

tho

usa

nd

s

Fixed Assets

0 €

20 000 €

40 000 €

60 000 €

80 000 €

100 000 €

120 000 €

2012/13 2013/14 2014/15 2015/16 2016/17

tho

usa

nd

s

CAPEX vs Revenues

Revenues Capex

20

EUR 300 million CAPEX in last 11 years

15-seat Kosodrevina, Chopok,

Jasná Nízke Tatry

Funitel Jasná Nízke Tatry Tropical Paradise Tatralandia

Tropical Paradise Tatralandia

EUR 300 million CAPEX in last 11 years

21

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 – 27% of all skier days sold in Jasná and VT in 2015/16

Mobile app GOPASS

22

Quality in Business and Marketing - CRM

Customer

CardSki Pass

Direct

Marketing Sales Channel

23

Operational Overview

What We Have Achieved and How

24

What Drives Our Revenues

Revenue

GrowthKPIs

Stable Growth in Annual KPIs, Increased Visit

Rate 16/17 Also Thanks to Strong Winter Season

25

0

500

1 000

1 500

2 000

2 500

3 000

3 500

2012/13 2013/14 2014/15 2015/16 2016/17

Th

ou

san

ds

Visit Rate in Mountains and Leisure*

Leisure Parks Mountain Resorts

0 €

2 €

4 €

6 €

8 €

10 €

12 €

14 €

16 €

2012/13 2013/14 2014/15 2015/16 2016/17

Average Revenues per Visitor**

Mountain Resorts Leisure Parks

Dining Sports Services & Stores

0

10

20

30

40

50

60

70

80

2012/13 2013/14 2014/15 2015/16 2016/17

Occu

pan

cy (

%),

Pri

ce (

EU

R)

KPIs of Hotel Portfolio

Occupancy (%) ADR (EUR)

* Silesian Amusement Park was acquired on 01/05/2015

** per given period – fiscal year

Extensive CAPEX Justify Increasing Ski Pass

Prices

26

Annual increase of ticket prices is

justified with extensive CAPEX

invested into development of TMR

resorts and hotels

Mountain Resorts’ 5-year

cumulative growth:

Operating revenues +94.7%

Average ticket price +28.1%

Mountain Resorts’ 5-year

CAGR:

Operating revenues* +14.3%

Average ticket price +5.1%

27 €

28 €

29 €

30 €

31 €

32 €

33 €

34 €

35 €

36 €

37 €

0 €

5 000 €

10 000 €

15 000 €

20 000 €

25 000 €

30 000 €

35 000 €

40 000 €

2012/13 2013/14 2014/15 2015/16 2016/17 avg.

pri

ce in

reso

rts

Jasn

á a

nd

Vyso

ké

Tatr

y

tho

usa

nd

s

Pricing vs. Revenues of Mountain Resorts

Revenues 1-day Ticket Price in Main Season

Strategic Product Position, Closing in on Alpine

Resorts

27

Jasná - TMR , 50

Vysoké Tatry - TMR, 24PKL / Kasprowy

Wierch, 16Špindleruv Mlýn, 25

Stubaier Gletcher, 62

Livigno, 115

Val Gardena, 175

Gastein, 86

Ischgl, 238

Białka Tatrzańska , 17

Pec pod Sněžkou , 15

Szczyrk, 25

15

20

25

30

35

40

45

50

55

60

65

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 2016/17

Trails (km)

28

Financial Overview

How We Look Like in Numbers

95 910

31 516

32,9%

10%

15%

20%

25%

30%

35%

40%

0 €

20 000 €

40 000 €

60 000 €

80 000 €

100 000 €

120 000 €

2012/13 2013/14 2014/15 2015/16 2016/17p 2016/17

tho

usa

nd

s

Key Operating Results

Revenues EBITDA EBITDA Margin

29

Growth Results Confirm Our Strategy

Plan

Operating Results by Segments

30

0 €

20 000 €

40 000 €

60 000 €

80 000 €

100 000 €

120 000 €

2012/13 2013/14 2014/15 2015/16 2016/17

tho

usa

nd

s

Revenues

Mountain Resorts Leisure Parks

Dining Sports Services & Stores

Hotels Real Estate

CAGR

+16%

0 €

5 000 €

10 000 €

15 000 €

20 000 €

25 000 €

30 000 €

35 000 €

2012/13 2013/14 2014/15 2015/16 2016/17

tho

usa

nd

s

EBITDA

Mountain Resorts Leisure Parks

Dining Sports Services & Stores

Hotels Real Estate

CAGR

+17%

31

Financial Position

Liquidity

Cash & cash equivalents EUR 9.6m

Assets

Total assets EUR 438.0m

Fixed assets EUR 333.7m

Level of Debt

Total debt EUR 279.3m

Total debt-to-capital (D/C) ratio

71.2%

Bonds issued EUR 184.8m used to

finance share capital decrease

Bank debt EUR 94.5m

Equity

Total equity EUR 113.1m

Share capital EUR 47.0m

66%

67%

68%

69%

70%

71%

72%

0 €50 000 €

100 000 €150 000 €200 000 €250 000 €300 000 €350 000 €400 000 €450 000 €500 000 €

tho

usa

nd

s

Financial Position

Total Assets Fixed Assets Debt D/C

Fixed

Assets

76,2%Other

Non-

Current

Assets

4,4%

Current

Assets

19,4%

Assets Breakdown as of 31/10/2017

32

Overall Financial and Market Performance

TMR Market Overview at BSSE*:

One-year max.: EUR 27.30

One-year min.: EUR 24.20

One-year return: 11.9%

Dividend yield: N/A

Key Cons.

Data in

EUR

FR

2016/

17

FR

2015/

16

FY

2014/

15

FY

2013/

14

FY

2012/

13

Revenues 95.9m 81.2m 70.9m 56.3m 54.3m

EBITDA 31.5m 25.1m 24.4m 18.4m 18.6m

Net Profit 7.0m 2.7m -0.8 0.7m 6.6m

EBITDA

margin

32.9% 30.9% 34.4% 32.7% 34.2%

EPS 1.10 0.46 -0.10 0.11 0.98

D/E ratio 246.9% 216.8% 215.3% 223.0% 210.0%

* As of 31/10/2017

23 €

23 €

24 €

24 €

25 €

25 €

26 €

26 €

27 €

27 €

28 €

28 €

TMR Stock Performance at BSSE

33

Outlook & Future Growth

Where We Go from Here

Strategic Goals for Medium Term

• Customer loyaltyprogram GOPASS

• Client Relationship Management

• Add ancillary services

• Hotel upgrades

• Hotel capacity addition (Jasná)

• Awakening of realestate market in theTatra region

• Chalets Jasná de Luxe

• Holiday Village Tatralandia

• Jasná Center

• Operation/ acquisition of mountain resorts and leisure parks in Czechia and Austria

• Investments in development of theCzech and Polishoperations:

• Silesian AmusementPark EUR

• Szczyrkowskiošrodek narciarskiEUR 30m in phase II

• Ještěd CZK600mIncreasing

quality withinvestments

Acquisitions and

expansion of operations in

the region

Focus on quality

improvement in our resorts

Growing potential in real estate projects

35

Appendices

Shareholder Structure

Key Operating Results

Consolidated Income Statement

Financial Position

Shareholder Structure

23,5%

19,5%

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 31/10/2017

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

Key Annual Operating Results by Segments

37

Key Operating

Results Revenues EBITDA

in €'000 2016/17 2015/16 Change yoy (%) 2016/17 2015/16 Change yoy (%)

Mountains & Leisure 67 789 60 449 12,1% 24 324 19 593 24,1%

Mountain Resorts 36 214 34 120 6,1% 15 410 12 510 23,2%

Leisure Parks 12 473 10 527 18,5% 4 724 3 735 26,5%

Dining 13 302 11 132 19,5% 3 071 2 402 27,9%

Sports Services &

Stores 5 800 4 670 24,2% 1 119 946 18,3%

Hotels 22 265 19 910 11,8% 4 859 4 402 10,4%

Real Estate 5 855 843 594,5% 2 333 1 116 109,1%

Total 95 910 81 202 18,1% 31 516 25 111 25,5%

38

Consolidated Income Statement

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

in €'000 2016/17 2015/16

Sales 95 683 80 577

Other Operating Revenues 227 625

Total Revenues 95 910 81 202

Cost of Sales -16 393 -13 062

Personnel and Operating Costs -49 063 -43 671

Other Gain/ Loss 1 062 642

EBITDA 31 516 25 111

EBITDA Margin 32,9% 30,9%

Depreciation & Amortization -13 828 -13 036

EBIT 17 688 12 075

Interest Income 2 058 1 336

Interest Expense -12 094 -10 958

Income from Financial Instruments, net 169 1 605

Pre-tax Income 7 821 4 058

Income Tax -831 -1 312

Net Profit 6 990 2 746

Total Comprehensive Income 7 146 2 671

EPS (€) 1,099 0,456

39

Financial Position

October 31

Financial Position in €'000 2016/17 2015/16

Total Assets 437 972 375 701

Non-current Assets 353 128 308 365

Fixed Assets 333 718 283 133

Other Non-current Assets 19 410 25 232

Current Assets 84 844 67 336

Liquid Assets 9 584 7 493

Equity 113 149 106 003

Liabilities 324 823 269 697

Non-current Liabilities 286 277 239 197

Current Liabilities 38 546 30 500

Total Debt 279 320 229 804