Disclaimer

2. 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 SK11 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 SK11 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.

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

4. 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

5. 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. 2008 2009 2006 1992 2003 2005 Acquisition of Grandhotel Starý Smokovec Acquisition of GrandhotelPraha Name changed to TMR, a.s.

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

7. 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

8. 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 m2 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

9. 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 600persons per hour (5cableways 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

10. Unique hotelsin 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

11. Top destination – great growth potential • High rate of population around 200km: 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

12. Complex cover of client´s needs TMR isthe owner of infrastructure facillities TMR isthe owner of hotels and apartments and provider of accomodation TMRoffers 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

13. OUR CLIENTS • 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 • Mainstream: spends daily more than EUR 100, at present 45% of clientele • Target: 50% of clientele, 50% of operation profit • Potential real estate client • Low end: spends daily to EUR 35, at present 50% of clientele • Target: 30% of clientele, 10% of operation profit

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

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

16. Key factors of hotel segment development • 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 • 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.)

17. 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)

18. Past investments • TMR as investment leader in mountain tourism segment: • capital expenditures in volume EUR 45 mil. already realized during past 3 years • 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 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

21. 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%

22. 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 m2 shops and services, complete amenities Year-round use: reach sports and cultural utilization

23. 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

24. 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 m2shops and services, restaurants, caffes, bars, boutiques, pharmacy, grocery Year-round use: bike park, adrenalin´s park, atractions for children

25. 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

26. Value decomposition - book values Developers´ projects 20% Infrastructure- resorts Hotels 20% 61% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Utilisation of TMR resources 160.0 140.0 120.0 CAPEX 81.7 100.0 EUR mil. . 80.0 CAPEX 60.0 1.8 aquisition price 40.0 70.2 aquisition price 20.0 39,8 47.4 CAPEX 9.1 0.0 Hotels Infrastructure Developers´ projects purchase Developers´ projects Book values of TMR

27. Key values • 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

28. Key values • 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

29. Key values • 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

30. FINANCIAL RESULTS 2006-2009

31. View after business segments

32. Keyefficiency indicators Transportation capacity and ski slopes 60,000 250 50,000 200 40,000 150 Lyžiarov za hodinu . 30,000 ha . 100 20,000 50 10,000 0 0 2006 2007 2,008 2009e 2010p 2011p 2012p 2013p 2014p Transport. capacity Transport.-capacity- summer trails snow supply Numbers of visitors and skiers 1,200,000 40.0 35.0 1,000,000 30.0 800,000 25.0 Skier per hectare 600,000 20.0 15.0 400,000 10.0 200,000 5.0 0 0.0 2006 2007 2,008 2009e 2010p 2011p 2012p 2013p 2014p Number of visitors - winter Number of visitors - summer Skier / ha • Simultaneous development: • development capacity • trails • snow supply • number increase of visitors • no overpopulation

33. Key efficiency indicators Number of visitors and ticket price 1,200,000 50.0 45.0 1,000,000 40.0 35.0 800,000 30.0 EUR 600,000 25.0 20.0 400,000 15.0 10.0 200,000 5.0 0 0.0 2006 2007 2,008 2009e 2010p 2011p 2012p 2013p 2014p number of visitors-winter number of visitors- summer ticket price- Jasná/Chopok ticket price – Vysoké Tatry • 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!

34. Revenues and EBITDA according to segments

35. Views

36. 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

37. Top management Predseda predstavenstva TMR Operations e Tatry Lifts – – Low Low Tatras Tatras Lifts Lifts – – High High Tatras Tatras J J á á n n Š Š tetka tetka Du Du š š an Slavkovský an Slavkovský Hotels Hotels – – High High Tatras Tatras & Dining & Dining Mountain Services Mountain Services Michal Michal Krol Krol á á k k Matej Matej Hulej Hulej Hotel Hotel s s - - Low Low Tatr Tatr as as Infrastructure Development Infrastructure Development Branislav Branislav Kackovic Kackovic Vladimir Vladimir Cukan Cukan Real Estate Development Real Estate Development Vladislav Vladislav Omelina Omelina • Corporate services: • Financial management – CFO – Jozef Hodek • Sales and marketing – František Šoltis • Operations – Alena Ondrušová

38. TMR´s SHAREHOLDERS on August 4, 2010 Following chart shows owner’s structure of Tatrymountain resorts, a.s. to 4.8.. 2010.

39. Is the global warming a problem?

40. 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

41. Benefit Number of shares 25 4-day ski pass 40 7- day ski pass 80 2 x 7- day ski pass 130 season ski pass issued by name 250 2 x season ski pass issued by name 500 VIP 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 ) • Emotional: • Tatra´s co-ownership • Participation in Slovakia´s development and personal utilization of benefits from this development

42. Thank you for your attention.