Parques Reunidos Corporate PresentationApril 2017

2

Disclaimer

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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 informationhaving 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 norecommendation 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 ParquesReunidos ´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 theseforecasts, 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 thisdocument 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, containedin 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 arebased 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 othercompanies 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 orverification 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 includedin 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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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 orparticular 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 tothe 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 orassociates on the basis of such information.

By attending the presentation or receiving this document you agree to be bound by the foregoing limitations.

3

Leading global leisure operator of regional parks

Reported revenues of €584 MM in FY 2016 EBITDA of €188 MM 20 MM visitors

#8 Leisure Park Operator Worldwide(2)

#2 European Leisure Park Operator(2)

#1 Water Park OperatorWorldwide

One of the 3, truly global operatorswith a global platform of 61 parks

in 14 countries(1)

ThemeParks

AnimalParks

Water Parks

MECs

OtherNotes1. Includes two parks in Dubai, two parks in Vietnam and five MECs underdevelopment2. Source: Inference from AECOM’s 2014 global attractions attendance report based onattendance

4

Well-diversified portfolio of regional parks

Note1. Other includes Netherlands, UK, Denmark, Argentina

2016 Revenue Geographical Split

40%

24%

7%

6%

7%

4%

Spain

Italy

USAGermany

Belgium

Norway

France

Other(1)

8%4%

Park2

Park3

Park4

Park5

Park6

Park7

Park8Park9

Park10Park11

Park55Park1

8%

2016 Revenue Split By Park

USASpain

21%

60%80%

20% 14%

5%

We benefit from a truly diversifiedportfolioRegional 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

Highly regarded park portfolio with strong local brands and access to hot IPs

Highly regarded strong local brands

5

Oldest park in North America (1846)

Spain’s largest urban park

Second largest leisure park in Italy

A leading park in Germany

Designated a US National Historic Landmark

Largest New York area water park and one of America’s top water parks

Proven ability to obtain hot IPs

Growing market with highly attractive fundamentals

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

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

6

High barriersto entry

Strongstructural

growth drivers

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”)

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

Proven capacity to operate all type pf parks across multiple regions

Best in class operators

7

Our parks are consistentlyoperated at

high margins

Our ability to benchmark is a

uniquemanagement

tool

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

35,2

0

120

80

40

160

2004 2016

Proven track record becoming a truly global and diversified player

€MM

240

200188

8

22 parks

5 countries

58% Revenue in Spain

61 parks

14 countries

24% Revenue in Spain-34

…whilst de-risking the business model

Delivering growth and improving efficiency…

Parques Reunidos 2006 Parques Reunidos TODAY

Parques Reunidos EBITDA

+9

+39

Clear and well-defined strategy focused on growth

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

2 3 4

9

Multiple top line growth initiatives Expansion Capex

2Management

Contracts

32MECs

Selective Acquisition Strategy

32 4

5

Season Passes

IPs

Off season events

Ticketing and In-Park revenue

New attractions

Virtual Reality

Operational discipline

1

Penetration of Season passes

% of 2016 TicketingRevenue

Key Initiatives

Launch multi-tier season passes with differentadvantages and prices

Up-selling initiatives

Marketing campaigns

Black Friday sale Christmas campaign Exclusive events targeting pass holders

10

Strong potential to continue growing in season passes, bringing more loyal customers, enhancing visibilityofearnings and reducing the impact of weather on the business

Include entry level passes with limited advantages

Top Line iniciatives

Season passes1

11%13%

5%

16%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Group Spain RoE US

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

11

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

Top Line iniciatives

New IP Licensing Agreements1

We have shown our ability to operate hot brands

12

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

+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

Continue to roll-out existing off season events

Note1. Only includes revenues from those parks with Halloweenevent

2016 Halloween SeasonKey Initiatives

Top Line iniciatives

Expand the season – Off season events1

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

13

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

Top Line iniciatives

Ticketing Revenues

13

1

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

Introduce all-inclusive offers

Offer VIP products and services

CRM initiatives

14

ExamplesKey actions

Top Line iniciatives

In Park revenues

Enhance throughput

Introduce new upchargeexperiences

Develop branded partnerships

Improve facilities

1

15

New attractions are a key factor to drive attendance and increase percapsRecurrent capex (maintenance and new attractions) represent 10-11% of annual

revenues

Extension ofNickelodeon

Area

Top Line iniciatives

New attractions coming in 2017

Merlin’s Mayhem Magical Flying

Coaster

Coaster GoldRush

Phobia Coaster (2016)

1

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

The first virtual reality coaster

in the Benelux

In partnershipwith Samsung

The Revolution, one of the

most popular family rides

Bobbejaaland (2016 Seasson)

Coming in 2017 Season

Batman´s Escape @ Warner Park

Upcharge experience

ExamplesExamplesKey Benefits

Top Line iniciatives

New Virtual Reality Coasters

16

1

Sky Rocket Coaster @ Kennywood

Strong and visible growth opportunity

17

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

4 different types of expansion projects facilities already successfullyproven

Already developed in

Marineland

Hotel

Already developed in

Lake Compounce

Camping

Already developed in Marineland

and being developed in Miami

Lagoon

Already developed in

Mirabilandia and Slagharen

Water park

Expansion capex projects

Expansion capex projects: Maximizing the value of the existing portfolio2

Investment: c.€8MM

Strategic rationale

Extend length of stay with more content for a 2 dayvisit

Expand catchment area

Enhance product offering

Expected ROIC: +20%

Investment: c.€8MM

Strategic rationale

Expand capacity of the existing lodging

Increase off season attendance onthe back of the new indoor water park

Improve story telling experience and upgrade existing facility

Expected ROIC: +20%

Investment: c.€4MM

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%

18

3 projects identified and approved for development in 2017 and are expected to open in 2017 /18Represent c.€33 MM of investment to be incurred in 2017 and 2018

Expansion of Warner Beach Extension of lodging facilities Living Shores Aquarium

Expansion capex projects

Expansion capex: 2017 projects2

1

Operated by:

4 themed zones: Studio Central, DreamWorks, Smurfs Village and Sony Pictures Studios

27 attractions locatedin an open park

Key brands: Shrek, Madagascar, Kung Fu Panda and How to Train YourDragon

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

4

55

19

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

Management contracts

Dubai Parks

3

3

10 year management contract with Sun Group to operatea theme park and a water park in Vietnam

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

Recently awarded a new management contract in Vietnam; expanding our presence intoAsiaDragon Park opened in january 2017; Typhoon Water Park will open during Q2 2017

Key Terms of the Agreement

Management contracts

Vietnam

20

3

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 urbancenters

Win–win opportunity

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

21

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

…with strong growth fundamentals

Simple business model… The feasibility analysis works

Visitors (‘000) 300

Percap (€) 16.0

Revenue (€MM) 4.8

EBITDAR (€MM) 1.9

% Margin 40.0%

Rent paid to real estate developer (€MM) 0,8

% Revenue 17.0%

EBITDA (€MM) 1.1

% Margin 23.0%

Required investment (€MM) 10.0

PQR investment (€MM) 5.0

Developer investment (€MM) 5.0

PQR ROIC 22.1%

MECs

The roll-out of MECs, a highly attractive growth opportunity4

Atlantis Aquarium

Lionsgate Centre

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

Nickelodeon Adventure Splash Water Park Rainforest Adventure ParkAtlantis Aquarium

MECs

Designed MEC concepts

22

* Estimated figures

Area 3,500-5,000 sqm

Visitorcapacity 1,000-1,200 (max)

MainAttrations

Horror Walkthrough

Interactive Dark Ride Media/VR Simulator Branded Escape

Rooms Media-Enhanced

challenge course Live Stage Show

Key Features *

Area 5,000-7,500 sqm

Visitorcapacity 1,000-1,200 (max)

MainAttrations

Playground Mini rides and

Attractions

4D Cinema Photo Call Driving school

Play stage Big space with more

than 20 interactivegames

Party rooms

Key Features *

Area 6,000 sqm

Visitorcapacity 1,700 (max)

MainAttrations

Wave Pool Spa Area Slides and loops

Lazy River Children’s area

Key Features *

Area 6,000 sqm

Visitorcapacity 1,500 (max)

MainAttrations

Mangrove Sea Lemur Interaction Otter Habitat

Jungle Trail Interactions

and pavilions

Tropical birds

Key Features *

Area 5,000 sqm

Visitorcapacity 1,500 (max)

MainAttrations

Coral ReefExperience

Shark Experience

Penguin Encounter Big Main Tank Touch pools

Interactions and pavilions

VIP Divingexperience

Key Features *

4

Over 20 additional situations being discussed and at different stages

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

MECs Location Real Estate Operator ConceptLease 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 Q2-18

XANADU Madrid,Spain Ivanhoe Nickelodeon Jul-16 Q4-18

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

23

Already accomplished our 2017-18 goals Large and growing pipeline

On going conversations to analyse new potential projects are taking place

MECs

MECs: Strong pipeline of opportunities

SignedContracts

Pipeline

4

24

Acquisition #Parks Country YearAcquired ImpliedEBITDA

multiple paid(1)

Bobbejaanland 1 Belgium 2004

BoSommarland 1 Norway 2006

Marineland 1 France 2006

Mirabilandia 1 Italy 2006

Warner 1 Spain 2007

Aqualud 1 France 2007

GrantLeisure 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’sArk 1 US 2012

Miami Seaquarium 1 US 2014

Total 54 5.8x

All elements are in place to continue being the leading consolidator

Notes1. Based on EBITDA after 2 full seasons under Parques Reunidos operation

18 transactions successfully completed across 10 countries since 2004

Implied EBITDA multiple paid(1) post integration of 5.8x

Target average EBITDA improvement of c.50% after 2 full seasons under Parques Reunidos management

Selective adquisicitions

Unique track record sourcing, executing and creating value through acquisitions5

25

Attractive financial profile delivering growth

EBITDA Margin 30.9% 32.3%

167

188

100

150

200

2013 2016

541

584

400

500

600

700

2013 2016

€MM

Revenue

EBITDA

€MM

26

Note1. Excludes rents

17%

42%

(Variable Costs)

Operating Costs

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

Group Operating costs as % of Revenues

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

% of total costs 2016Cost item

38%

3%

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 Costs

COGS

PersonnelCosts

Other OperatingCosts(1)

Rents

27

Strong and visible cash flow generation

Stable and resilient cash flow withhigh conversion rates of 65-70%

Group reported operating free cash flow(2)

Notes1. Defined as maintenance of the parks’ facilities + capex for new attractions2. 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

Conversion

Rates (3)

57.8% 68.0%

% ofrevenue 13.2% 10.3% 12.4%

61.5%

10 –11% Recurrent capex as % of revenues

No year-on-year operatingworking capital requirements

Cash generated from change in working capital

€MM€MM

54

7162

72

0

50

100

150

2013 2014 2015 2016

4,4

(1,6) (2,4)

-50

0

50

100

150

2014 2015 2016

113

98

133

116

0

50

100

150

2013 2014 2015 2016

€MM

10.0%67.5%

Capital structure designed to allow delivery of business plan

Target capital Structure

DividendPolicy

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

DebtStructure

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

€200 MM multi currency revolving credit facility

Natural hedged to act against currencyfluctuations

Local currency expenditures at each location

Balanced capital structure between US debt and European debt

28

(5,6)

(0,8)

-8

-5

-3

0

3

Q1 FY16 Q1 FY17

(3,2)

(1,9)

-8

-5

-3

0

3

Q1 FY16 Q1 FY17

Strong current trading performance

66 71

0

25

50

75

100

Q1 FY16 Q1 FY17

6068

0

25

50

75

100

Q1 FY16 Q1 FY17

Reported Figures (€MM) Like-for-like Figures (€MM)

29

Delivered strong Q1 FY17 results

+12% like-for-like revenue growth

+86% like-for-like EBITDA growth

Achieved record in season passes and pre-sales

+50% and +17% growth in revenue from seasonpasses in Spain and RoE respectively

+25% growth in US pre-sales

Enhanced visibility of earnings and reducedweather risk

Continued expanding the season through off-season events

+14% revenue growth achieved in Halloween and Christmas events

Q1 represents c.10% of total revenues

Revenues

EBITDA

Reported Figures (€MM) Like-for-like Figures (€MM)

Why Parques Reunidos?

30

1

2

34

5

We operate in a rowing market with attractive

fundamentals

Leading global player with

strong regional brands

Growing marketwith highlyattractive

fundamentals

Clear and well-definedstrategy focused

on growth

Excellent reputationindustrywide

Partner of choice

6