1

Annual General Meeting of TMR

April 29, 2020

Liptovský Mikuláš

2

Business performance review for the year 2018/19

• Revenues were up 18% and operating profit, EBITDA, was 4% higher

• Revenues were positively impacted by:• The visit rate of the Szczyrk resort

• ‘flexi’ prices especially in Jasná

• The acquisition of the Austrian resorts Mölltaler Gletscher and Ankogel

• The new golf segment

• Ancillary services

• The hotel segment, especially the renovated Tatra grand hotels

• Real estate projects

• Consolidated loss of EUR -2.3 mil. (vs. EUR 3.1 mil. in 2017/18)• Due to revaluation of assets, higher operating costs, interest expense, and D&A

• Individual net profit of EUR 4.1 mil. (vs. EUR 7.6 mil. in 2017/18)

• An increase in the no. of visitors by 4.9% in Mountain Resorts and a -10.9% drop in Leisure Parks

• The greatest growth in skier days in the modernized Polish Szczyrk Mountain Resort

• Acquisition of the Austrian resorts of Mölltaler Gletscher and Ankogel

• Implementation of the revolutionary pricing system of ‘flexi’ prices

• Entry to the golf segment – the lease contract of Golf & Ski Resort Ostravice andKaskáda Golf Rezort Brno

3

Key performance indicatorsthe visit rate up in 2018/19 also thanks to the modernization of Szczyrk

* Period of 1.5.2019 – 31.10.2019

• Mountain Resorts’ visit rate +4.9%, includes the new Austrian resorts*

• A significant rise in the visit rate of the modernized Szczyrk Mountain Resort and a comparable % increase also in Ještěd

• Leisure Parks’ visit rate -10.9%

• Avg. revenue per visitor in Mountain Resorts -2.6%, although an improvement through the Gopass e-shop thanks to the flexi prices

• Avg. revenue in Leisure Parks +0.4%

2 840 127

13,73

€10

€11

€12

€13

€14

€15

0

500 000

1 000 000

1 500 000

2 000 000

2 500 000

3 000 000

2014/15 2015/16 2016/17 2017/18 2018/19

Mountain Resorts’ KPIs

Visit rate Avg. revenue per visitor

807 657

13,37

€10

€11

€12

€13

€14

400 000

600 000

800 000

1 000 000

2014/15 2015/16 2016/17 2017/18 2018/19

Leisure Parks’ KPIs

Visit rate Avg. revenue per visitor

4

Key performance indicatorsfull occupancy during peak winter periods

• Visitors spent more in the dining facilities on and off the slope and in the leisure parks, they improved their average revenue +7.9%

• Sports services and stores improved their average revenue per visitor +7.3%

• Avg. weighted occupancy of TMR’s hotel portfolio increased +3.6 p.p. to 66.3%

• Avg. room rate rose +9.9% to EUR 87.97

• The hotels were fully booked during peak periods around – Christmas, New Year’s Eve and New Year’s Day

• During the year 36 rooms of Green Inn Hotel were added and 50 rooms of Hotel Kaskáda in the leased golf resorts

4,78

2,03

€0,00

€1,00

€2,00

€3,00

€4,00

€5,00

€6,00

2014/15 2015/16 2016/17 2017/18 2018/19

Avg. revenue per visitor in select segments

Dining Sports Services & Stores

87,97

66,3

0

10

20

30

40

50

60

70

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20

40

60

80

100

2014/15 2015/16 2016/17 2017/18 2018/19

Occ

up

ancy

(%)

Rat

e(E

UR

)

Hotel portfolio’s KPIs

Avg. daily rate per room (EUR) Occupancy (%)

Business activities the Group engaged in

… and also increased revenues from off-season guests…

… with a positive trend of the avg. ski pass revenue per skier

day

We achieved optimal usage of the resorts during peak days

First year of the revolutionary pricing

system

The process secured by the development of own TMR’s system solution,

FLEXIS

Experiences shall be utilized for the Flexi prices application also in the PL, CZ resorts already in

the 2019/20 season

Setting standard for the planned programming of price

calculation by an automated solution (AI)

FLEXI prices in the Mountain Resorts segment

REVENUE MANAGEMENT – impact of the implementation on financial indicators and the future development of TMR’s FLEXIS tool

943 667

901 629

4,5 %

No. of visitors2018 2019

€20,68

€20,82

€21,92

€23,09

AVG 1D 2018 2019Revenues in mil. 2018 2019

5,5 %1 %

3 458K 3 546K

SMART SEASON PASS 2018/2019

We are breaking the boundaries of skiing and expanding our family of season pass holders

# 30 860 Season pass holders SK &

CZ & PL

4 % 2,5 %

# SK revenues2018 2019

# 15 038already in

the 1st wave of advanced

sales

Easy purchase via TMR’s eshop, GOPASS …

...which leads you to a magical world of discounds and bonuses

# 2 464Season pass holders with extra fee to AT

18 507 19 250

# SK season pass holder2018 2019

4 countries180 km of ski trails 7 resorts

SMART AQUA SEASON PASS – new product in aquaparks

The more affordable prepaid season pass with a new name, which significantly changed presales and sales volumes

May OctoberValid for 6 months

€ 417,717

Avg. no. of visitsTotal# 12 Summer#

7

Most frequent guests by districtLM 35% RK 19%

Extra revenue in dining and stores€ 20,50 / person

# 5,265 season pass holders(+89% vs. 2018)

+ 19.5%

TOTAL

REVENUE VS

FY2018

OC C U PAN C Y

VS FY2 0 1 8

RESULTSFY 2019 + 3.6 p.p.+ 8%

ADR

VS FY 2018

REVIEW OF FY 2019 HOTELS’ RESULTS

HOTELS WITH FACELIFT:• Hotel Srdiečko• Grandhotel Starý

Smokovec

NEW IN THE PORTFOLIO• Chalets Jasná Collection - Apartments• Holiday Village Tatralandia – Bungalows Deluxe• GOLF HOTELS – Green Inn Ostravice & Kaskáda Brno• HOTEL GRONIE – (Szczyrk PL)

+ 4.4%

TOTAL

REVENUE VS

PLAN

+1 357 280 € 87,6 € 66,8%+5 306 390 €

CHANGES IN THE SALES STRATEGY IN FY2019

HOTEL CLUB BENEFITS EXTENDED WITH

RESORT BENEFITS

02

03

01

POSITIONING CHANGE OF HOTEL TRI

STUDNIČKY – ADULT FRIENDLY HOTEL

ENTRIES TO THE AQUA PARK INCLUDED IN THE HOTEL STAY

04

SUMMER 2019 CABLEWAY RIDES

INCLUDED IN THE PRICE OF HOTEL

STAY

INCREASE OF ONLINE GOPASS CLIENTS’ SHARE: +18.4%P (=71.7%)

EACH HOTEL GUEST RODE CABLEWAYS DURING THEIR STAY 1.23 TIMES –> 11600 guests on

cableways

+ 1.4%p HIGHER OCCUPANCY VS PLAN

Kliknutím zadajte text

13% HIGHER OCCUPANCY VS SUMMER 2018

25.5% OF ONLINE TMR SALES claimed redemption of their recreational voucher

The table shows the number of guests with online bookings, which had the following option ticked off:

RECREATIONAL VOUCHERS

I am interested to receive a tax receipt from the accommodation facility for the purpose of receiving a recreational contribution by the employer

NEW WEBSITE WWW.TMRHOTELS.COM

• UX friendly design

• Simplification of the layout of the hotels’ websites

• More efficient user and admin interface

• More efficient purchase process

THE FY2020 PLAN OF HOTEL ACTIVITIES

02

03

01 ENTRIES TO THE AQUAPARK INCLUDED IN THE PRICE OF HOTEL STAY SINCE

DECEMBER 2019

CABLEWAY RIDES INCLUDED IN THE PRICE OF HOTEL STAY IN JASNA AND IN

VYSOKE TATRY

VALID FOR SUMMER 2020

CHANGE OF THE HOTEL PRODUCTION SYSTEM HOREC PROTEL

LIVE IN CZ HOTELS (2019) & IN VYSOKE TATRY (2020)

04 LAUNCH OF HOTEL SALES THROUGH GOPASS

= SKI PASS AND LODGING IN 1 BASKET

05OPERATION OF A NEW HOTEL IN BEŠEŇOVÁ

HOTEL AKVAMARÍN

CUSTOMER SERVICE

BEFORE:

- A disarranged operating system @

- No option to generate reports

- No option to prioritize queries

- No option of transparent cross-border communication

PRESENT:

Focus on reporting and statistics

Ability to set workflow

Support of communication templates

Effective analysis of performance and quality of agents

Unified system in SK, AT, PL – CZ in FY 20

Transfer of tickets among departments

CONTACT CENTER GOPASS POLAND

Professional support

TICKETING SYSTEM

6 Target markets - SK, PL, CZ, HU, AT, SLO

113 Media campaigns

9

3,500,000

Resorts

Total visits on TMR’s

websites triggered by paid

online campaigns

• New markets for TMR – Austria and

Slovenia

• New successful campaigns

competing with deal platforms in

AQP, Legendia

Sender: GOPASS

Implementation and use of a marketing automation tool - EXPONEA

With the automation we are saving time, financial means and increasing efficiency and financial benefit.

No. of sent newsletters

8,500,674 +41%No. of unique versions

1,160 +66%

Avg. opening rate

31%

The campaigns’ total financial benefit

1.9 mil. € +48%

Total client loss (unsubscribed)

0.12% (8 ths.)

Tatry Mountain Resorts

After 10 years we changed our logo

2019 investments

19

ROTUNDA

• An a la carte restaurant concept on the slope with a culinary experience • Improved quality of dishes and beverages served • Improved breakfast during ‘fresh track’

Realized investments:• Total: €228,000

Assessment:• Sales of €318k (dining make up 12%

of the resort’s sales)• Planned sales of 403k and PY 392k• Planned sales were not achieved

due to:• Unfavorable weather –

cableways to Mt. Chopok out of operation

• Less people in the resort than prior year

• Later opening of the resort

20

HOTEL SRDIEČKO

Realized investment:• €1 551 000

Assessment• More than 13% sales increase vs PY (yoy +22%)• Positive feedback and rating from guests• NPS score at 74 (+20 vs PY)• Sales: €609k / PY : €537k • Plan: €618k

21

INTERSPORT RENT - Tatranská Lomnica

• Interior renovation, expansion of store space• Expansion of accessories and souvenirs • Expansion of rental space with easier client entry and greater ski

models choice • Creation of TEST CENTER and SKIALP CENTER• Total investment of €180,000

22

CLIENT CENTER - Tatranská Lomnica

• Launch of a client center aiming to offer full service for the client in one place

• Features – cash registers, info center, AOM, rental,Ski school, store• Transfer of the info center from the 4 KLD building• Transfer of cash registers inside• New sales point of the ski school• Expansion of the ski equipment rental• Merchandise focused on accessories (hardshell

transferred to Intersport rent)• Total investment of €180,000

23

GRANDHOTEL STARÝ SMOKOVEC

• Facelift of the restaurant• Carpet replacement• Replacement of and adding lighting• Repair, paint and restoration of furniture, paneling and bar• Electrical wiring repair • Duration 22.11. - 1.12.2019• Total investment of €64,000

24

PANORAMA CAFFE Skalnaté Pleso

• Reconstruction of premises - priority function "cafe"• The goal - to relieve the restaurant from customers who just want coffee and a drink• Cafe assortment - coffee, drinks, desserts, with the possibility of expanding the food delivery if

necessary through the window• Self-service operation• Franky self-service coffee machine - unique in the mountain business, only inthe High and Low Tatras• For coffee lovers a quality lever coffee machine with service• Station for separating used dishes• Storage "cubes" for helmets, gloves and jackets• Established children's corner and a new souvenir shop• The capacity of the cafe is 110 seats• Capacity of Skalnate Plesototals 390 seats• Investment total of €212,000

25

National cultural monument, Encián,Skalnaté Pleso

• Rescue of the building - restoration• Co-financing with the Tatra Beautification Association• Renovation of the roof - modification and extension of the truss,replacement of the roof covering (titanium-zinc)• Replacement of windows with aluminum• Facade repair, new painting• Repair of interior plaster in the gallery, new painting• Heating repair• Total investment of TMR in the amount of €120,000

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Szczyrk Restaurant(Hala Skrzyczenska 990 m a.s.l.)

• The largest restaurant in the TMR mountain resorts – 280 seats/interior + 150 seats/terrace

• Total investment of €3,500,000 • Return on investment – 6.5 years, IRR 14%, • Avg. annual EBITDA €500,000• A restaurant with all-year operation decorated in

the mountain style offering traditional cuisine

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Bike trailsTotal investment- €280 000,-• Construction in stages 01.05.2019 – 30.09.2019• Total trails length: 13km• New business in summer activities• Bike pass sales €123 000 (first season from 03.08 to 30.09)• Expansion of ancillary services – rental, service, shop

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HOTEL Szczyrk

Rooms renovation - €100 000Conference room renovation - €30 000Execution 01.10 - 12.12.2019

• Facelift of the restaurant and bar• Carpet replacement• Repair, painting and restoration of furniture• Rebranding, new website

29

WATER THEATER

• A 25 minute multi media show based on: sound, music, light, 3D mapping, acting performance, and fountains

• Use of the lake in Legendia• Attraction not only for roller coaster fans • Cost: EUR 0.820 mil.• Premiere: 1.6.2019. 22:00• 14 shows during the event, Legendia at Night• Strengthening of the Legendia at Night product

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II. Financial results 2018/19

31

Key results

• The audit report from the audit of the consolidated and individual financial statements is without objections

Selected Consolidated Audited Results (IFRS) For the year ending October 31

in €'000

FY 2018/19

consolidated

FY 2017/18

consolidated

FY 2018/19

individual

FY 2017/18

individual

Sales 126 392 108 020 106 194 96 189

Other Operating Revenues 1 200 229 822 190

Total Revenues 127 592 108 249 107 016 96 379

Consumption of Material and Goods -26 300 -19 318 -22 989 -18 023

Personnel and Operating Costs -67 289 -57 031 -52 372 -48 670

Other Gain/ Loss 1 493 2 266 -2 105 3 569

EBITDA 35 496 34 166 29 550 33 255

EBITDA Margin 27,8% 31,6% 27,6% 34,5%

Depreciation & Amortization -20 131 -16 745 -14 917 -13 417

Impairment of PPE -3 865 0 0 0

Gain on bargain purchase 1 223 1 824 0 0

EBIT 12 723 19 245 14 633 19 838

Interest Income 1 173 1 148 6 080 3 669

Interest Expense -16 791 -14 010 -15 326 -12 089

Gain/ Loss on Financial Operations net 1 189 -3 099 -71 -2 091

Pre-tax Income -1 714 3 284 5 316 9 327

Income Tax -574 -189 -1 229 -1 754

Net Profit -2 288 3 095 4 087 7 573

Total Comprehensive Income -3 445 3 019 2 979 7 573

EPS (€) -0,341 0,473 0,609 1,129

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120 000

127 592

37 000 35 496

30,8%

27,8%

10%

15%

20%

25%

30%

35%

40%

€0

€20 000

€40 000

€60 000

€80 000

€100 000

€120 000

€140 000

2014/15 2015/16 2016/17 2017/18 2018/19 plan 2018/19

tho

usa

nd

s

Key operating results vs plan

Revenues EBITDA EBITDA margin

Growth results confirm our strategy works

33

Growth results confirm our strategy works

In 2019 the financial plan was not met due to:

- The acquisition of the resorts Mölltaler and Ankogel – executed in 04/2019, and consolidated results included only the results of Mölltalerand Ankogel for the summer period, when loss is realized, and thus total TMR results decreased by EUR 891 ths.

- Postponement of the realization of Chalet Otupné, since the contractor was delayed with the construction delivery. Other goals, such as signing sales contracts and withdrawing cash for the sale were executed, the only thing that happened was that the completion was postponed by several months. The total impact was an EBITDA transfer of EUR 2.5 mil. to 2020.

34

€0

€20 000

€40 000

€60 000

€80 000

€100 000

€120 000

€140 000

2014/15 2015/16 2016/17 2017/18 2018/19

tho

usa

nd

s

Revenues

Mountain Resorts Leisure Parks

Golf Dining

Sports Services & Stores Hotels

Real Estate

Operating results by segments

CAGR +18%

€0

€5 000

€10 000

€15 000

€20 000

€25 000

€30 000

€35 000

€40 000

2014/15 2015/16 2016/17 2017/18 2018/19

tisí

ce

EBITDA

Mountain Resorts Leisure Parks

Golf Dining

Sports Services & Stores Hotels

Real Estate

CAGR +15,5%

35

Financial position

533 858

421 324

347 350

75,9%

60%

65%

70%

75%

80%

€0

€100 000

€200 000

€300 000

€400 000

€500 000

€600 000

31.10.2015 31.10.2016 31.10.2017 31.10.2018 31.10.2019

tho

usa

nd

s

Total Assets Fixed Assets Debt Debt/ Capital

Planned investments - 2020

37

Water reservoir REAR WATER

• The construction was halted for this year by the top management’s decision – necessary works will be finished by 06/2020

• Total budget – EUR 3.7 mil.• 2020 budget – EUR 2.8 mil.• CAPEX in 2020 – EUR 0.58 mil.• 2020 savings – EUR 2.22 mil.• Expected continuation of the investment project from 1.3.2021

38

Biela púť – Priehyba cableway

• The construction permit process continues

• Total budget - EUR 15.8 mil.• CAPEX EUR 160 thousand• Budget for the construction permit - EUR 111

thousand• Goal – obtaining the construction permit by

11/2020• We are currently waiting for a change in the

Territorial Decision of the ÚBOČ project so that we can submit an application for our territorial decision

• Change of the Territorial Decision ÚBOČ, fees and permits – EUR 80 thous.

• Completion of projects for the construction permit EUR 31 thous. - 08/2020

39

EIA – CABLEWAY ČUČORIEDKYTatranská Lomnica

• Replacement of transport equipment • Goal – utilize the potential of the Čučoriedky location• An attractive location with the highest quality ski trails• Transfer of skiers from lower ski trails, more even

distribution of skiers• The EIA process initiated in 02/2020 • Expected realization period - 4 years• Planned investment budget - EUR 7 mil.

• Restoration of the resort following its cease of operation in 2010

• A new entry point with new parking• Interconnection with the existing resort• Training of sports clubs and night skiing• 07/2018 – the EIA process initiated • Expected realization period - 4 years• Planned investment budget – EUR 15 mil.

EIA – RESTORATION OF THE JAMY RESORTTatranská Lomnica

40

EIA – LOMNICA CABLEWAYTatranská Lomnica

• Replacement of transport equipment – the existing 4-person gondola for a modern 15-person gondola + transfer to the 15-person gondola Skalnaté Pleso

• Create a new main point of entry to the resort • A modern entry building featuring underground parking, a client center,

stores, dining storage, a ski school, a service center, restrooms• The preparation of documents for the EIA proposal is in progress• Estimated time until the start of construction - 5 years

41

NEW SKALKA

• Phase 1 of the resort modernization and expansion • A new downhill trail Skalka with lighting• Linking the F10 part with Skalka with an exit to

Beranova trail with snowmaking• Expansion of the current trails Slalomák and

Liberecká• Increase efficiency of the pumping station• New piping of snowmaking• New snowmaking technology• Stabilizing measures of turbo sider

• INVESTMENT 4.600.000 €

Status• EIA opinion by the end of 04/20• Building permit and territorial decision by 05-06/20• Kickoff of construction works by 08/20• 12/20 construction completion

42

Jagi Valley

• The last one of the contracted large attractions in the 1st investment stage

• Total investment - EUR 3,804,000• CAPEX in 2020: EUR 1,412,000• Launch of operation 06/2020

• Capacity: 900 persons/ hr• Ride time: 360 sec• No. of wagons: 8• Track length: 350 m

43

Strategic Goals for Medium Term

•Customer loyalty program and eshop

GOPASS

•Flexi prices

•Increase hotel capacies

•Utilize Big data

•Hotel system

•Planned and ongoing projects

in the Tatras

•Horec in Tatranská Lomnica

•Chalets Jasná de Luxe

•Holiday Village Tatralandia

•Expand activities in the golf segment

•Manage lodging capacities for third

parties

•Investments into development of the

Czech and Polish operations

•Complementary investments in the

High and Low Tatras

•Growth of the golf segment

•Renovation of the Austrian resorts

Investments Acquisitions

QualityReal Estate

44

IV. Financial plan 2019/20

Impact of the COVID-19 pandemic on TMR’s performance:

• Considering the current development of the COVID-19 pandemic, TMR is contemplating several scenarios of the financial situation development.

• Since the situation is dynamically changing, at the moment the financial plan is almost impossible to set.

• The Company plans to maintain financial stability during this crisis period and stable continuing operations in further periods.

• Based on this the Company keeps adjusting its operating financial plans and is not disclosing any specific plan.

45

Corporate Governance changes- Current Chairman of the Supervisory Board, Igor Rattaj, will become the new Chairman

of the Board of Directors. He will replace Bohuš Hlavatý, who is leaving is positions of Chairman of the Board of Directors and the Company’s CEO.

- Bohuš Hlavatý will remain in TMR since, based on shareholders’ wishes, he will become Chairman of the Supervisory Board.

- The reason is standard generational change, which we have been contemplating before, but the COVID-19 crisis and subsequent financial impact sped up this decision.

- The position of TMR’s CEO will remain vacant till the end of 2020 also due to austerity measures. The management of the Company will be taken over by the Board of Directors, consisting of Chairman, Igor Rattaj, and colleagues, Čeněk Jílek – current CCO, and Jozef Hodek – current member of the Board of Directors and CFO. The latter two will oversee individual organizational areas of the Company.

- The most challenging role for the new Board of Directors will be to prepare an action plan and a new organization structure that would take into consideration the current situation and that would be ready to face new challenges. The Company will have to undergo organizational changes and austerity measures.

46

The end

Thank you for your attention!