January 2017

Parques Reunidos Corporate Presentation

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Disclaimer

This document does not constitute or form part of any purchase, sales or exchange offer, nor is it an invitation to draw up a purchase sales or exchange offer, or advice on any stock issued by Parques Reunidos Servicios Centrales, S.A. (“Parques Reunidos”). Nor shall this document or any part of it form part of any offer for sale or solicitation of any offer to buy any securities on the basis of or be relied on in connection with any contract or commitment to purchase shares. Neither this document nor any information contained herein may be reproduced in any form, used or further distributed to any other person or published, in whole or in part, for any purpose, except that information may be extracted herefrom and used in equity research reports about Parques Reunidos in compliance with the applicable regulations. Failure to comply with this obligation may constitute a violation of applicable securities laws and/or may result in civil, administrative or criminal penalties. This document is not for publication, release, disclosure or distribution, directly or indirectly, in, and may not be taken or transmitted into the United States, Canada, South Africa, Japan or Australia, and may not be copied, forwarded, distributed or transmitted in or into the United States, Canada, South Africa, Japan, Australia or any other jurisdiction where to do so would be unlawful. The distribution of this document in other jurisdictions may also be restricted by law and persons into whose possession this document comes should inform themselves about, and observe, any such restrictions. Any failure to comply with such restrictions may constitute a violation of the laws of the United States, Canada, South Africa, Japan or Australia or any other such jurisdiction. This document may include, in addition to historical information, forward-looking statements about revenue and earnings of Parques Reunidos and about matters such as its industry, business strategy, goals and expectations concerning its market position, future operations, margins, profitability, capital expenditures, capital resources and other financial and operating information. Forward-looking statements include statements concerning plans, objective, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “forecast”, “project”, “will”, “may”, “should” and similar expressions may identify forward-looking statements. Other forward looking statements can be identified from the context in which they are made. These forward-looking statements are based on numerous assumptions regarding the present and future business strategies of Parques Reunidos and the environment in which Parques Reunidos expects to operate in the future. These forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Parques Reunidos, or industry results, to be materially different from those expressed or implied by these forward-looking statements. None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation. Many factors could cause the actual results, performance or achievements of Parques Reunidos to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or targeted. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. Current and future analysts, brokers and investors must operate only on the basis of their own judgment taking into account this disclaimer, as to the merits or the suitability of the securities for its purpose and only on such information as is contained in such public information having taken all such professional or other advice as its considers necessary or appropriate in the circumstances and not reliance on the information contained in the Presentation. In making this Presentation available, Parques Reunidos gives no advice and makes no recommendation to buy, sell or otherwise deal in shares in Parques Reunidos or in any other securities or investments whatsoever. These analysts, brokers and investors must bear in mind that these estimates, projections and forecasts do not imply any guarantee of Parques Reunidos ´s future performance and results, price, margins, exchange rates, or other events, which are subject to risks, uncertainties and other factors beyond Parques Reunidos ´s control, such that the future results and the real performance could differ substantially from these forecasts, projections and estimates. The information in this document, which does not purport to be comprehensive, has not been independently verified and will not be updated. The information in this document, including but not limited to forward-looking statements, applies only as of the date of this document and is not intended to give any assurances as to future results. Parques Reunidos expressly disclaims any obligation or undertaking to disseminate any updates or revisions to the information, including any financial data and any forward-looking statements, contained in this document, and will not publicly release any revisions that may affect the information contained in this document and that may result from any change in its expectations, or any change in events, conditions or circumstances on which these forward-looking statements are based or whichever other events or circumstances arising on or after the date of this document. 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. None of Parques Reunidos nor any of its employees, officers, directors, advisers, representatives, agents or affiliates shall have any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. The information contained in this presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and the information does not take into account your investment objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. You are solely responsible for forming your own opinions and conclusions on such matters and the market and for making your own independent assessment of the information. You are solely responsible for seeking independent professional advice in relation to the information contained herein and any action taken on the basis of the information contained herein. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. By attending the presentation or receiving this document you agree to be bound by the foregoing limitations.

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Leading global leisure operator of regional parks

One of the 3, truly global operators with a global platform of 61 parks in 14 countries(1)

Reported revenues of €584 MM and EBITDA of €188MM

in FY2016

20 MM visitors in 2016

Notes 1. Includes two parks in Dubai, two parks in Vietnam and five MECs under development 2. Source: Inference from AECOM’s 2014 global attractions attendance report based on attendance

#8 Leisure Park Operator Worldwide(2)

#2 European Leisure Park Operator(2)

#1 Water Park Operator Worldwide

Theme Parks Animal Parks Water Parks Other MECs

Vietnam

Theme Park

Vietnam

Water Park

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Well-diversified portfolio of regional parks

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

2016 Revenue Geographical Split

40%

24%

7%

6%

7%

4%

4%

8%

Spain

Italy

USA Germany

Belgium

Norway

France

Other(1)

Park 2

Park 1

Park 3

Park 4

Park 5

Park 6

Park 7

Park 8

Park 9

Park 10 Park 11

Park 55 8%

2016 Revenue Split By Park

We benefit from a truly diversified portfolio Regional park business model resilient to

adverse macro-economic conditions

Strong regional brands

Good value for money proposition

Stable, predictable local demand

Low dependence on tourism

Non destination parks

USA Spain

21%

60% 80%

20% 14%

5%

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Highly regarded park portfolio with strong local brands and

access to hot IPs when needed

Highly

regarded

strong local

brands

Proven

ability to

obtain hot

IPs

Largest New York area

water park and one of

America’s top water parks

Oldest park in North

America (1846)

A leading park in

Germany

Second largest

leisure park in Italy

Designated a US National

Historic Landmark

Spain’s largest urban park

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We operate in a growing market with highly attractive

fundamentals

Strong structural

growth drivers

Proportion of income dedicated towards leisure and recreational activities is expected to rise

Growing middle class

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

High barriers to

entry

Scarcity of suitable locations without strong incumbent players

Significant initial capex requirements and time to build a new park and long lead time to reach breakeven

Scarcity of management know-how

Lack of economies of scale from a single park

Fragmented market

with significant

potential for

consolidation

Market largely composed of small to medium individual parks and independent operators

Family and state-owned companies, whose owners are expected to be sellers overtime

Limited number of competitors targeting similar acquisition targets

Positive recent

market trends

Ongoing macroeconomic and consumer spending recovery

Increasing number of new developments of greenfield projects in Asia and the Middle East that require

industry management skills

Introduction of new entertainment concepts: Mall Entertainment Centers (“MECs”)

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We are best in class operators

0 500 1.000 1.5000%

15%

30%

45%

60%

75%

0 250 500 750 0 250 500 750 1.000 Visitors

2016 Parks EBITDAR margin

Water Parks Theme Parks Animal Parks

Our ability to benchmark is a unique management tool

Proven capacity to operate all type of parks across multiple regions

Continuous benchmarking across 61 parks

Over 300 cost / cash flow KPIs monitored on a park level monthly

State-of-the-art IT systems

Best practice transfer between existing and new parks

Our parks are consistently operated at high margins

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68

189

0

40

80

120

160

200

240

2006 2016

We have a proven and unique track record, creating a truly

global and diversified leader, with enormous potential

Parques Reunidos EBITDA

…whilst de-risking the business model

Delivering growth and improving efficiency…

€MM

188

Parques Reunidos 2006 Parques Reunidos today

22 parks

5 countries

58% Revenue in Spain

Financial leverage 9.2x EBITDA

61 parks

14 countries

24% Revenue in Spain

Financial leverage 2.9x EBITDA

+39

+9

-34%

-6.3x

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Clear and well defined strategy focused on growth

Multiple top line

growth initiatives Expansion Capex

Management

Contracts MECs

Season Passes

IPs

Off season events

Ticketing and In-Park

revenue

New attractions

Virtual Reality

Operational discipline

4 new projects

€33 MM capex

20% ROIC

Dubai opening

Vietnam

Ongoing active

negotiations

5 lease agreements

signed

Strong pipeline

Lionsgate agreement

New potential

licensing agreements

Selective Acquisition Strategy

+

1 2 3 4

5

10

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11%

13%

5%

16%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Group Spain RoE US

Top line initiatives

Season passes

Penetration of Season passes

% of 2016 Ticketing Revenue

Strong potential to continue growing in season passes, bringing more loyal customers, enhancing visibility of

earnings and reducing the impact of weather on the business

Key Initiatives

Include entry level passes with limited advantages

Launch multi-tier season passes with different

advantages and prices

Up-selling initiatives

Marketing campaigns

‒ Black Friday sale

‒ Christmas campaign

‒ Exclusive events targeting pass holders

1

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Top line initiatives

New IP Licensing Agreements

We have shown our ability to

obtain hot brands

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

Movie Park Germany

Start Trek IP license

‒ 10 year agreement in connection with

a themed area at Movie Park Germany

‒ The first and only Star Trek themed

coaster worldwide

‒ 2nd largest coaster at Movie Park

1

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Top line initiatives

Expand the season – Off season events 1

Off season revenues are growing on the back of off season events

2016 Halloween Season

+18% revenue growth achieved in 2016 Halloween

season(1)

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

Key Initiatives

Continue to roll-out existing off season events

Note 1. Only includes revenues from those parks with Halloween event

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Top line initiatives

Ticketing Revenues

Yield Management Dynamic Pricing

Push high yield channels and increase percaps in each

channel

Reduced discounts along the season by increasing low

promotions discounts (15%-25%) and reducing strong

promotions discounts (25%-40%)

Control and restrict number of coupons that are launched

to the market (i.e.: online coupons, urban check tickets)

Include Blackout dates in promotions for high attendance

days (i.e.: Halloween or 15th August in Summer)

Reduce period to redeem promotions to create a sense

of urgency to the customer and avoid discounting during

high attendance periods

Increase prices associated to new attractions or events

Flexible pricing structure

‒ Price established per day according to visitor

demand

‒ Five different scenarios

‒ Price adjusted depending on booked demand

Status of implementation (direct channels)

‒ In 2015: 5 parks in Spain in 2015

‒ In 2016:

‒ Rest of Spanish portfolio and rest of Europe

‒ US: Flexible calendar pricing at Splish Splash

‒ In 2017:

‒ Spain and rest of Europe: 2nd / 3rd season with

dynamic pricing

‒ US: Flexible calendar pricing at water park

portfolio and Kennywood

1

14

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Top line initiatives

In Park revenues

Parques Reunidos is always pursuing new ways to raise in-park per caps

Key Actions Examples

Develop branded partnerships

Improve facilities

Introduce new upcharge experiences

Enhance throughput

Introduce all-inclusive offers

Offer VIP products and services

CRM initiatives

1

15

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Top line initiatives

New attractions coming in 2017

New attractions are a key factor to drive attendance and increase percaps

Recurrent capex (maintenance and new attractions) represent 10-11% of annual revenues

PAM: Extension of Nickelodeon Area Slagharen: Coaster Gold Rush

Dutch Wonderland: Suspended Coaster Lake Compounce: Phobia Coaster (2016)

1

16

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Top line initiatives

New Virtual Reality Coasters

Key Benefits

Improves guest experience

Reduces capital needs

Flexibility to easily update VR

themes every season or during

the same season

Potential extend VR capabilities

to other rides

Examples

The first virtual reality

coaster in the

Benelux

In partnership with

Samsung

The Revolution, one

of the most popular

family rides

Bobbejaaland (2016 Seasson)

Coming in 2017 Season

Batman´s Escape @ Warner Sky Rocket Coaster @ Kennywood

1

Upcharge experience

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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 available land)

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

Expansion capex projects

Expansion capex projects: Maximizing the value of the existing

portfolio

2

Water park Hotel Camping Lagoon

4 different types of expansion projects facilities already successfully proven

Already developed in

Mirabilandia and

Slagharen

Already developed in

Lake Compounce

Already developed in

Marineland

Already developed in

Marineland and being

developed in Miami

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4 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

Investment: c.€8 MM

Strategic rationale

‒ Extend length of stay with

more content for a 2 day visit

‒ Expand catchment area

‒ Enhance product offering

Expected ROIC: +20%

Expansion capex projects

Expansion capex: 2017 projects

Warner Park: Expansion of Warner Beach Slagharen: Extension of lodging facilities

Investment: c.€8 MM

Strategic rationale

‒ Expand capacity of the existing lodging

‒ Increase off season attendance on the

back of the new indoor water park

‒ Improve story telling experience and

upgrade existing facility

Expected ROIC: +20%

2

Story Land: Living Shores Aquarium

Investment: c.€4 MM

Strategic rationale

‒ Indoor aquarium in the New

Hampshire White Mountains

(popular destination in summer for

outdoor recreation and winter for

skiing)

‒ Strong product bundling options (2

day stay, hotel packages and

annual passes)

‒ Year round operation

Expected ROIC: +20%

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A €3,400 MM premier year-round regional leisure and entertainment destination

Motiongate and Bollywood parks expected to represent the largest investments in the entire leisure destination

Bollywood open in November and Motiongate opening is expected for December

Management Contracts

Dubai Parks

1

Operated by:

4 themed zones: Studio

Central, DreamWorks,

Smurfs Village and Sony

Pictures Studios

27 attractions located in

an open park

Key brands: Shrek,

Madagascar, Kung Fu

Panda and How to Train

Your Dragon

Licensed IPs:

DreamWorks, Sony

Pictures and Lionsgate

Six themed zones:

Bollywood Boulevard,

Mumbai Chowk, Rustic

Ravine, Bollywood Film

Studios, Hall of Heroes

and Royal Plaza (includes

Rajmahal theatre with

separate ticketing)

16 different rides

Licensed IP from

Bollywood film studios

2

3 4

5 6

2

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Management Contracts

Vietnam

10 year management contract with Sun Group to operate a

theme park and a water park in Vietnam

Expected opening date: March 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

Recently awarded a new management contract in Vietnam; expanding our presence into Asia

Parks are expected to open by march 2017

Key Terms of the Agreement

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New ad-hoc leisure concepts located in high-traffic areas

developed in partnership with the owner of the facility

Small indoor facilities, of c.4,000 – 7,000 sqm, located in

urban centers

Win–win opportunity

Large number of opportunities worldwide

Attractive value proposition for shopping mall developers

globally

Very limited competition and with limited product overlap

Indoor parks that further hedges PQR seasonality exposure

Strong, visible and growing pipeline of opportunities

Simple business model… The feasibility analysis works

Visitors (‘000)

Percap (€)

Revenue (€MM)

EBITDAR (€MM)

% Margin

Rent paid to real estate developer (€MM)

% Revenue

EBITDA (€MM)

% Margin

Required investment (€MM)

PQR investment (€MM)

Developer investment (€MM)

PQR ROIC

300

16.0

4.8

1.9

40.0%

(0.8)

17.0%

1.1

23.0%

10.0

5.0

5.0

22.1%

Illustrative example: Financing shared 50% / 50% with Real Estate

Developer

…with strong growth fundamentals

MECs

The roll-out of MECs represents a highly attractive growth

opportunity for Parques Reunidos

3

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MECs

Designed MEC concepts

3

Atlantis Aquarium

Lionsgate Centre

Lionsgate ‘s strong international IPs

Key Features *

Area 3,500-5000 sqm

Visitor

Capacity 1,000-1,200 (max)

Main

Attractions

• Horror

Walkthrough

• Interactive Dark

Ride

• Media/VR

Simulator

• Branded Escape

Rooms

• Media-Enhanced

challenge course

• Live Stage Show

* Estimated figures

Key Features *

Area 6,000 sqm

Visitor Capacity 1,500 per day (max)

Main Attractions • Coral Reef

Experience

• Shark Experience

• Penguin

Encounter

• Big Main Tank

• Touch pools

• Interactions and

pavilions

• VIP Diving

experience

* Estimated figures

Nickelodeon Centre

Key Features *

Area 5,000-7500 sqm

Visitor

Capacity 1,000-1,200 (max)

Main

Attractions

• Playground

• Mini rides and

Attractions

• 4D Cinema

• Photo Call

• Driving school

• Play stage

• Big space with

more than 20

interactive games

• Party rooms

* Estimated figures

Nickelodeon ‘s strong international IPs

Water park

Key Features *

Area 6,000 sqm

Visitor

Capacity 1,500 (max)

Main

Attraction

s

• Wave Pool

• Spa Area

• Slides and

loops

• Lazy River

• Children’s

area

* Estimated figures

Jungle park

Key Features *

Area 5,000 sqm

Visitor

Capacity 1,500

Main

Attractions

• Mangrove

Sea

• Lemur

Interaction

• Otter Habitat

• Jungle Trail

• Interactions

and pavilions

• Tropical birds

* Estimated figures

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Already accomplished our 2017-18 goals

Large and growing pipeline

On going conversations to analyse new potential projects are taking place

Pipeline

Signed

Contracts

Over 20 additional situations being discussed and at different stages

Provides high visibility to accomplish our targets for the period 2017-20

MECs

MECs: Strong pipeline of opportunities

MECs LocationReal Estate

OperatorConcept

Lease

Agreement

Signed

Expected

Opening

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

LAKESIDE London, UK Intu Nickelodeon May-16 Q4-18

LISBON Lisbon, Portugal Intu Nickelodeon Jul-16 Q1-18

XANADU Madrid, Spain Ivanhoe Nickelodeon Jul-16 Q2-18

XANADU Madrid, Spain Ivanhoe Aquarium Jul-16 Q1-18

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Selective acquisitions

Unique track record sourcing, executing and creating value

through acquisitions

4

Acquisition # Parks Country Year Acquired Implied EBITDA

multiple paid(1)

Bobbejaanland 1 Belgium 2004

Bo Sommarland 1 Norway 2006

Marineland 1 France 2006

Mirabilandia 1 Italy 2006

Warner 1 Spain 2007

Aqualud 1 France 2007

Grant Leisure 3 UK 2007

BonBonLand 1 Denmark 2007

Tusenfryd 1 Norway 2008

Faunia 1 Spain 2008

Palace Group (FECs) 31 US 2008

Hawaii 1 US 2008

Kennywood Group 5 US 2008

Movie Park 1 Germany 2010

Dutch Wonderland 1 US 2010

Slagharen 1 Netherlands 2012

Noah’s Ark 1 US 2012

Miami Seaquarium 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

18 transactions

successfully

completed across

10 countries since

2004

Target average

EBITDA

improvement of

c.50% after 2 full

seasons under

Parques Reunidos

management

Implied EBITDA

multiple paid(1) post

integration of 5.8x

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Attractive financial profile delivering growth

541

584

400

500

600

700

2013 2016

€MM

167

188

100

150

200

2013 2016

€MM

EBITDA

Margin 30.9% 32.3%

Revenue

EBITDA

26

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3,4% 2,4% 2,6% 2,4%

26,3% 25,3% 25,1% 25,5%

27,5% 27,3% 27,9% 28,7%

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

0%

10%

20%

30%

40%

50%

60%

70%

80%

2013 2014 2015 2016

Rents Other Operating Costs Personnel CostsNote 1. Excludes rents

COGS

Other Operating

Costs(1)

Personnel Costs

Cost item (% of total costs

2016)

17%

42%

38%

(Va

ria

ble

Co

sts

)

Op

era

tin

g

Co

sts

Rents 3%

Over 20 lines of variable costs items and over 150 lines of continuous benchmarking operating costs are analysed on a

monthly basis

Relentless attention to detail and continuous reconsideration

of every item of the cost structure

Group Operating costs as % of Revenues

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Strong and visible cash flow generation

10–11% Recurrent capex as % of revenues No year-on-year operating working

capital requirements

4,4

(1,6) (2,4)

-50

0

50

100

150

2014 2015 2016

Stable and resilient cash flows with high

conversion rates of 65-70%

113

98

133

116

0

50

100

150

2013 2014 2015 2016

Group reported operating free cash flow(2)

€ MM

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

Group reported recurrent capex(1) Cash generated from change in working

capital

€ MM € MM

54

71

62

72

0

50

100

150

2013 2014 2015 2016

Cash

conversion

rates(3)

67.5% 57.8% 68.0% % of

revenue 10.0% 13.2% 10.3% 12.4%

61.5%

28

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Capital structure designed to allow delivery of business plan

€575 MM term loan facility (60%/40% €/$ denominated)

€200 MM multi currency revolving credit facility

Natural hedged to act against currency fluctuations

‒ Local currency expenditures at each location

‒ Balanced capital structure between US debt and European debt

Debt Structure

Target capital

Structure

Dividend Policy

Current leverage of 2.9x Net debt / EBITDA

On average 2.0x-2.5x target net debt / EBITDA in the medium term

20-30% pay-out ratio

‒ 2016 dividend proposal: €20 MM or 26% pay-out ratio on the back of 2016 pro-forma Net

Income

29

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Why Parques Reunidos?

We are a leading

global platform with

strong regional

brands

1 We operate in a

growing market with

attractive

fundamentals

2

Our business model is

resilient and has been

“stress-tested”

4 We have a solid and

visible growth

potential

5

We are best in class

operators

3

Our management team

is experienced and

committed

6