Disclaimer This material is exclusively for international and

Disclaimer This material is exclusively for international 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 eguity consists of 6 707 198 equity shares booked on the bearer with a nominal value of 33 € per stock. Emission has been allocated ISIN SK 11 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 SK 11 20010287, as of October 10, 2010. The prospect is published at the following website of the parallel market os stock-exchange listed securities Bratislava: www. bsse. sk and at website of the TMR Company www. tmr. sk Information contained in this material is not based on historical data, but contains forecasts for 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. The TMR Company is not liable for any of the above predictions. Future figures of the TMR Company can differ from predictions given in this presentation. 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.

Our mission is to secure the renaissance of Tatras from the capital, sports and cultural as well as social point of view.

INVESTMENT HIGHLIGHTS • Position of TMR as a leader in mountain tourism determines: • a unique geographical area and market position • years of experience and unique know how • a business model elaborated into details • extensive already realized (EUR 45 mil. ) and future investments Business model based on great growth potential: • a year-round use of mountain resorts • complementarity of offered services • improvement and adjusting of services´ standards • investment development of Tatras • benefits of the Shareholders´ club

HISTORY OF HOLDING Ski Jasná, a. s. founded by the National Property Fund Shares acquisition of TLD, a. s. Increase of equity ratio to EUR 253 mil. and IPO on BCPB Name changed to JASNÁ Nízke Tatry, a. s. 1992 2003 2005 2006 Acquisition of Grandhotel Praha 2008 Acquisition of Grandhotel Starý Smokovec 2009 Name changed to TMR, a. s.

All you need to enjoy your holiday, you can find at one place. . . Resorts MOUNTAINS SKI SCHOOL, SKI RENTAL, SHOPS, RESTAURANTS, APRES SKI BARS, ATRACTIONS HOTELS GRANDHOTEL PRAHA **** GRANDHOTEL SMOKOVEC **** GRANDHOTEL JASNÁ **** HOTEL TRI STUDNIČKY **** HOTEL SKI BUNGALOWS ** DEVELOPMENT T. LOMNICA CENTER JASNÁ CENTER GRAND RESIDENCES

TMR´s mountain resorts • The High Tatras (Tatranská Lomnica, Štrbské Pleso, Starý Smokovec) • • Luxury year-round touristic resort offers quality complex services during the summer and winter The Low Tatras (Jasná, Chopok Juh) • biggest winter sport resort in central Europe

The biggest winter sport resort in Slovakia - 34 km of ski slopes - 14 km of ski slopes with artificial snow - transportation capacity is more than 22 000 persons per hour (7 cableways and chairlifts, 18 t -bars) - biggest ski school for children in Slovakia - 4000 m 2 with conveyor belt - professional service, cloakroom, ski school and rental equipment (600 pieces of Ski) - 4 sport shopes - ski in – ski out accomodation - candidate Alpine FIS World Cup

Skiing and many possibilities for wonderful summer holiday - 14 km of ski slopes - 6, 2 km of ski slopes with artificial snow - transportation capacity is more than 12 600 persons per hour (5 cableways and chairlifts, 10 t-bars ) - ski school for children with conveyor belt - professional service, ski school and rental equipment (300 pieces of Ski) - 2 sport shops - sledding - Snowbikes, Skifoxes, Snow tubing, Snowshoeing… - chairlift trip to Lomnický štít 2643 m - hiking, climbing, summer fun tools

Unique hotels in a first-class location, a unique ambiance, wellness and excelent Services Four 4**** and one 2** hotel – 3 of them ski in – ski out • capacity of beds more than 900 • capacity of restaurants/bars approx. 1100 • capacity of conference rooms approx. 900

Top destination – great growth potential • High rate of population around 200 km: 7, 5 milions people • Clients with tradition to visit Tatras – Slovakia, Czech Republic, Poland, Hungary, previous Democratic Republic of Germany • Easy access by plane – all big european cities are situated out of mountains- London, Copenhagen, Amsterdam, Moscow, St. Petersburg • Markets in circuit of 1000 km with minimal offer of peer services - Ukraine, Baltic States

Complex cover of client´s needs TMR is the owner of infrastructure facillities TMR is the owner of hotels and apartments and provider of accomodation TMR offers all key services directly apres ski and gastro on ski slope, ski rental, cloakroom, service and ski school, fun activity: bike park, tubing, boats etc. Service of travel agency (central reservation system on the web sites) Renting the retail rooms

OUR CLIENTS 1. Wealthy client: spends daily more than EUR 200, at present 5% of clientele • Target: 20% of clientele, 40% of operation profit • Potential real estate client 2. Mainstream: spends daily more than EUR 100, at present 45% of clientele • Target: 50% of clientele, 50% of operation profit • Potential real estate client 3. Low end: spends daily to EUR 35, at present 50% of clientele • Target: 30% of clientele, 10% of operation profit

Key factors of development during winter season 1. Guarantee of snow – extension of artificial snowing 2. Reduction of waiting time – increase of transportation capacities 3. Minimalization of atmospheric exposures – gondola´s 4. Better utilisation of the Tatras´ conditions – freeride, natural snow 5. Increase of winter activities variability – sledding, ice-skating etc. 6. Gastro services on ski slope – top quality on ski slope, apres ski 7. Ski school and rental – directly on ski slope, comfort, cloakroom 8. Parking – near to ski slopes 9. Transportation – shuttle transport, Tatras´ railway 10. Support of private subjects´ activities – taxi, bars, restaurants

Key factors of development during summer season 1. Utilisation of tourism potential: • Aquaparks approximately 800 thousand of visitors • Chopok cableway 2. Elimination of atmospheric exposures – gondola´s 3. Increase of summer activities variability – except hiking: • scooters, cars, mountainbords • summer tubing, bike park, bob-sled railway, gastro in altitudes 4. Focusing on children – parks with theme (aqua, bike, folk handicrafts) 5. Support of private subjects´ activities – aquaparks, golf, caves etc.

Key factors of hotel segment development 1. Hotels: • Operation of own hotels in top quality • High service standard of catering, hotel´s equipment and ambiance outside hotel • Extension of spa offer - wellness • Intensify social and cultural life in hotels • Offering of congress services apart from main season 2. Apartments: • Establishment of facility managment after their sale • Utilization of owners´activities by attracting visitors to Tatras • Increase of accomodation stake ski in – ski out • Offering complex services (scatering, wellness, rentals etc. )

Leader in investment development Investments corporealize the Tatras´ renaissance and are important for development Destinations: - Tatranská Lomnica ( Zermat) - Jasná / Chopok ( Ischgl ) - Starý Smokovec ( Chamonix) - Štrbské Pleso ( St. Moritz)

Past investments • TMR as investment leader in mountain tourism segment: • capital expenditures in volume EUR 45 mil. already realized during past 3 years 4 new cableways hotels´renovation 69 new snow machine 6 new snow-ploughs 11 km snowed ski slopes tube run 8 km ski slopes 4 apres ski bars 7 restaurants on ski slopes automatic machine for ski service 3 kindergartens 4 ski rentals - 700 skis Future investments in volume more than EUR 100 mil. : • projects in infrastructure (cableways, ski slopes, gastro on ski slopes, hotels) • realization of projects to build apartments

We are investing EUR 90 mil. into resorts´infrastructure Cableways EUR 66 mil. increase of transportation capacity for 50 thousand per. /hour + 60 % Ski slopes and artificial snow extension of ski slopes area to 210 ha + 37 % EUR 10 mil. increase of ski slopes with artificial snow to 109 ha +113% Buildings (rstaurants. . . ) EUR 12 mil. increase of seats´capacity to 2 200 seats + 82% Parking places EUR 2 mil. increase of total parking capacity to 1900 cars + 75%

NEW CITY CENTER IN TATRANSKÁ LOMNICA - TOP location: a part of zone is departure station to Skalnatá dolina - Accomodation: 290 apartments in standard of 3* and 4* - Leisure and relax: wellness, fitness, beauty - Shopping passage: 2. 520 m 2 shops and services, complete amenities - Year-round use: reach sports and cultural utilization

NEW CENTER IN TATRANSKÁ LOMNICA ADVANTAGES OF THE PROJECTS: • Unique location compared to competitive projects • Creation of independent destination in frame of resort • Addition of missing infrastructure in resort • Indirect support of resort

PROJECT CENTER I. : • TOP location in the center of ski resort Jasná Nízke Tatry, next to the station • Accomodation - 250 apartments in standard of 3* and 4*, 250 garage places • Leisure and relax - 3 x wellness, fitness, beauty • Shopping passage - 2. 520 m 2 shops and services, restaurants, caffes, bars, boutiques, pharmacy, grocery • Year-round use: bike park, adrenalin´s park, atractions for children

Advantages of the project CENTER I. : • Unique location compared to competitive projects • Creation of independent destination in frame of resort • Addition of missing infrastructure in resort • Creation of relationship between owners of apartments and center

Book values of TMR Value decomposition - book values Infrastructure- resorts 61% 10% 20% 160. 0 30% 40% 50% 60% 70% 80% Utilisation of TMR resources 140. 0 EUR mil. . 0% Hotels 20% 120. 0 CAPEX 81. 7 100. 0 80. 0 60. 0 CAPEX 1. 8 40. 0 20. 0 aquisition price 47. 4 aquisition price 70. 2 39, 8 0. 0 Hotels Infrastructure CAPEX 9. 1 Developers´ projects purchase projects Developers ´ projects 20% 90% 100%

Key values Cableways average 2005/06 - 2008/09 2013/14 Change in % 31 530 50 440 60% 31 530 50 440 8745 15045 KM trails 46 52, 6 HA trails 153 209, 6 37% 33% 52% Visit rate 1 197 000 1 786 000 49% winter 613 000 998 000 63% % skiers 85% 92% summer 584 000 788 000 35% winter 14 19 38% summer 7 8 17% 26 36 38% 13 267 000 25 490 000 92% winter 8 333 000 18 686 000 124% summer 3 988 000 6 315 000 58% 5 763 000 14 224 000 147% Transportation capacity winter summer % artificial snow (ha) Average price person/day Daily ticket price top season winter TOTAL revenues EBITDA - increase of transportation capacity, better cableways adaptation to atmospheric exposures and expansion of artificial snow will bring 63% increase of visitors during winter - cableway from both sides of Chopok assures more visitors during summer - so as ticket price could be higher (80% of price in top Alpine resort) which will bring a significant increase of revenue and EBITDA

Key values Ski school, ski rental, shops 2008/09 2013/14 Change in % 970 8 360 762% 0, 2% 1% 5 820 16 960 191% 1, 9% Tržba obchodov 159 000 467 000 194% TOTAL revenues 700 000 3 863 405 452% 5% 15% -81 000 2 221 896 average 2005/06 - 2008/09 2013/14 Change in % Number of seats 1 210 2 100 74% TOTAL revenues 1 287 000 5 180 000 302% 10% 20% -321 000 1 550 000 Number of rentals % stake of visit rate Number of clients – Ski school % stake of visit rate % cableways revenue EBITDA Gastro on ski slope - Tatras % cableways revenue EBITDA - more visitors in resort will bring revenue increase of ski school and catering - men of substance will assure synergic effects on revenue of services in mountains (more clients with habit to rent and use ski school) - investments will bring higher quality of catering – top resorts Chopok, Priehyba – large restaurants in centre of resort -Lomnica Center – more shops – shopping center for purchasing mountain equipment

Key values Hotels average 2005/06 - 2008/09 2013/14 Change in % 416 438 5% 149 596 153 430 35% 56, 4% 61% Average room price 68 85, 6 25, 8% Total revenues / room 101 105 6 254 579 13 883 200 122% 664 351 4 256 628 Number of beds Number of room/day Occupancy Sale EBITDA - better quality of resort and increase of visit rate will positively influence increase of occupancy - so as increase of average price will be in consequence of existence of men of substance in resort and investments into hotels - these synergies will mean 122% revenue increase

FINANCIAL RESULTS 2006 -2009

View after business segments 2005/2006/2007/2008 2009/2010 I. half of year Assumption (IFRS) 2008/2009 EUR tis. Mountains Cableways Gastronomy Ski school Hotels Developers´ projects TOTAL REVENUES Mountains Cableways Gastronomy Ski school Hotels Developers´ projects TOTAL EBITDA 14 603 13 828 492 283 14 287 13 025 852 410 15 589 13 742 1 227 621 15 241 12 820 1 606 815 9 289 7 400 1 126 763 13 590 11 115 1 650 825 4 242 7 395 7 351 6 030 3 418 6 273 0 0 0 18 845 21 682 22 940 21 271 12 707 19 862 5 066 5 586 -451 -69 3 993 4 759 -511 -255 4 703 5 041 -312 -26 3 571 3 788 -59 -158 2 332 2 049 171 112 2 426 2 180 219 27 845 1 235 654 -76 629 542 0 0 0 5 911 5 228 5 357 3 495 2 961 2 968

Key efficiency indicators Transportation capacity and ski slopes 50, 000 250 Simultaneous development: 200 • development capacity 40, 000 150 30, 000 100 20, 000 • trails ha . Lyžiarov za hodinu . 60, 000 • snow supply 50 10, 000 0 0 2006 2007 2, 008 2009 e 2010 p 2011 p 2012 p 2013 p 2014 p Transport. capacity Transport. -capacity- summer trails snow supply Numbers of visitors and skiers 1, 200, 000 40. 0 30. 0 800, 000 25. 0 600, 000 20. 0 15. 0 400, 000 10. 0 200, 000 5. 0 0 0. 0 2006 2007 2, 008 2009 e Number of visitors - winter 2010 p 2011 p 2012 p Number of visitors - summer 2013 p Skier / ha 2014 p Skier per hectare 35. 0 1, 000 • number increase of visitors • no overpopulation

Key efficiency indicators • Ticket price could gently increase because of inflation by 3 -4% p. a. • Average ticket price during top season € 30 -37/day, deeply under Alpine´s level! Number of visitors and ticket price 1, 200, 000 50. 0 45. 0 1, 000 40. 0 35. 0 800, 000 600, 000 25. 0 20. 0 400, 000 15. 0 10. 0 200, 000 5. 0 0 0. 0 2006 2007 2, 008 2009 e 2010 p 2011 p 2012 p number of visitors-winter number of visitors- summer ticket price- Jasná/Chopok ticket price – Vysoké Tatry 2013 p 2014 p EUR 30. 0

Revenues and EBITDA according to segments 25, 000 20, 000 15, 000 10, 000 5, 000 0 2005/2006/2007/2008 Revenues Total 2008/2009/2010 1 st half (IFRS) EBITDA Total 2009/2010 estimate

Views

Principles´fulfilment of corporate governance Supervisory board – controls and approves investments – representatives of owners – strong position - elects and calls off members of Board of Directors and controls their activity - approves financial plan - approves all investments over EUR 300 000 - so far three members – I. Rattaj chairman, P. Reisel, J. Slabý representative of the employees Board of Directors – strategic administration and responsibility for key decisions – authorization to sign - elects and calls off members of Top managemnetu - signs all of contracts and companies´bills - propose investment and financial plan and is responsible for its fulfilment - so far three members – B. Hlavatý chairman, J. Hodek – financies, A. Devečka - Jasná - after dissolution of TLD completing of D. Slavkovský – Vysoké Tatry Top management – manufacture control off mills and back offices - is responsible for realization of financial and investment plan - initial of contracts, bills and orders for its sections

Top management TMR Operations Predseda predstavenstva e Tatry Lifts – – Low Tatras Ján Štetka Mountain Services Matej Hulej Hotels - Low Tatras Branislav Kackovic Lifts – High Tatras Dušan Slavkovský Hotels – High Tatras & Dining Michal Krolák Infrastructure Development Vladimir Cukan Real Estate Development Vladislav Omelina Corporate services: • Financial management – CFO – Jozef Hodek • Sales and marketing – František Šoltis • Operations – Alena Ondrušová

TMR´s SHAREHOLDERS on August 4, 2010 Following chart shows owner’s structure of Tatry mountain resorts, a. s. to 4. 8. . 2010.

Is the global warming a problem? First Stop, Slovak the High Altitude Ski-Stations 1, 080 1, 000 880 1, 480 1, 025 805 1, 550 1, 360 1, 396 1, 236 915 912 SKI PARK Kubínska hoľa Park Snow Veľká Rača Donovaly Starý Smokovec Štrbské Pleso Tatranská Lomnica Chopok Juh 0 830 770 720 630 500 Jasná/Chopok Sever 1, 209 600 545 540 510 470 Valčianska dolina 1, 400 Plejsy 1, 500 2, 093 Jasenská dolina 2, 004 2, 003 2, 000 Skipark Ružomberok 2, 196 Vrátna Free Time Zone 2, 500

WHY SHOULD YOU INVEST INTO TMR? • Position of TMR as a leader in mountain tourism determines: • a unique geographical area and market position • years of experience and unique know how • a business model elaborated into details • extensive already realized (45 mil. EUR) and future investments • Business model TMR is based on great growth potential and: • a year-round use of mountain resorts • complementarity of offered services • improvement and adjusting of services´ standards • investment development of Tatras • benefits of the Shareholders´ club

BENEFITS OF SHAREHOLDER´S CLUB Economical: • Constantly growing share price • Yearly planned dividend • Yearly dividend resulting from share ownership ( approx. 10 % of share value ) Number of shares 25 40 80 130 250 500 Benefit 4 -day ski pass 7 - day ski pass 2 x 7 - day ski pass season ski pass issued by name 2 x season ski pass issued by name VIP club Emotional: • Tatra´s co-ownership • Participation in Slovakia´s development and personal utilization of benefits from this development

Thank you for your attention.