INTERIM REPORT FOR THE PERIOD 1 JANUARY 31 MARCH 2018

Stock Exchange announcement no. 6 Copenhagen 23 April 2018 INTERIM REPORT FOR THE PERIOD 1 JANUARY 31 MARCH 2018 The Supervisory Board of Tivoli A/S has considered and adopted the Interim Report for the period 1 January 31 March 2018. Results for the period 1 January 31 March 2018 in outline: Revenue including tenants and lessees: DKK 163.4 million compared to DKK 95.1 million last year (+72%) Net revenue: DKK 121.0 million compared to 84.1 million last year (+44%) EBITDA: DKK -40.8 million compared to DKK -52.5 million last year (+22%) EBIT: DKK -63.0 million compared to DKK -73.7 million last year (+15%) Profit before tax: DKK -65.8 million compared to DKK -74.6 million last year (+12%) Profit after tax: DKK -51.3 million compared to DKK -58.2 million last year (+12%) Number of guests is 375,000 compared to 53,000 last year. "The first quarter of 2018 in Tivoli is impacted by an increased activity level in The Gardens because of the new season, Winter in Tivoli, the earlier start of the summer season (9 extra days), the plays Midt om Natten and Rytteriet, as well as the opening of the Tivoli Corner. The increased activity results in an increase in revenue of 44% compared to last year. Because of the increased activity, the profit before tax is increased by DKK 9 million compared to the same period last year. The result is in line with the expectations says CFO, Andreas Morthorst. EXPECTATIONS FOR 2018 The weather and other external factors may have great impact on Tivoli s business and thus the development in profit for the year. 2018 revenue is expected to be slightly higher than 2017 because of the Tivoli Corner. The profit before tax is expected to be between DKK 100 110 million. Jørgen Tandrup Chairman of the Supervisory Board Lars Liebst CEO

FINANCIAL DATA DKK million 1/1-31/3 1/1-31/3 1/1-31/12 (3 mth.) (3 mth.) (12 mth.) INCOME STATEMENT Revenue incl. tenants and lessees 163.4 95.1 1,292.7 Net revenue 121.0 84.1 947.4 Expenses before depreciation and impairment -161.8-136.6-758.1 EBITDA -40.8-52.5 189.3 Depreciation, amortisation and impairment -22.2-21.2-84.6 EBIT -63.0-73.7 104.7 Net financials -2.8-0.9-4.2 Profit before tax -65.8-74.6 100.5 Profit for the period/year -51.3-58.2 78.5 Total recognized income -48.9-55.2 79.9 CASH FLOW STATEMENT Cash flows from operating activities -55.0-60.6 188.8 Cash flows from investing activities -39.3-119.5-323.5 Cash flows from financing activities -6.7 170.9 243.8 Total cash flows -101.0-9.2 109.1 BALANCE Total assets 1,468.3 1,278.2 1,548.2 Share capital (Tivoli A/S) 57.2 57.2 57.2 Equity 797.8 730.4 846.7 Non-current liabilities 406.7 79.0 412.5 Current liabilities 263.8 468.8 289.0 Invested capital 1,197.9 1,059.9 1,152.5 Investment in property, plant and equipment 39.3 119.5 323.5 2018 2) 2017 2) 2017 1/4-31/3 1/4-31/3 1/1-31/12 (12 mth.) (12 mth.) (12 mth.) KEYRATIOS 1) EBIT-margin 12% 11% 11% Solvency ratio 54% 57% 55% Return on equity (ROE) 11% 10% 10% Earnings in DKK, per share of DKK 10 (EPS) 14.9 13.1 13.7 Dividend in DKK, per share of DKK 10 (EPS) - - 3.4 Share price in DKK, end of year 660 593 590 Number of employees 913 868 885 1) See definitions in the Annual Report 2017. 2) Key figures are calculated based on a 12 month period.

MANAGEMENT S STATEMENT The Executive and Supervisory Boards have today considered and adopted the Interim Report of Tivoli A/S for the period 1 January 31 March 2018. The Interim Report, which has not been audited or reviewed by the Group s auditors, was prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. In our opinion, the Interim Report gives a true and fair view of the Group s financial position at 31 March 2018 and of the results of the Group s operations and cash flow for the period 1 January 31 March 2018. Furthermore, it is our opinion, that the Management s Review gives a true and fair view of the development in the Group s activities and financial position, profit for the period and the financial position of the Group as a whole, together with a description of the significant risks and un-certainties facing the Group. Apart from what is indicated in the interim report, there are not any changes in the Group s significant risks and uncertainties in regard to what was stated in the 2017 Annual Report. Copenhagen, 23 April 2018 Executive Board: Lars Liebst CEO Andreas Morthorst CFO Supervisory Board: Jørgen Tandrup Chairman Mads Lebech Deputy Chairman Ulla Brockenhuus-Schack Tom Knutzen John Høegh Berthelsen Tue Krogh-Lund

MANAGEMENT S REVIEW DEVELOPMENT IN ACTIVITIES AND FINANCIAL PERFORMANCE Revenue for the period 1 January 31 March 2018 amounted to DKK 121.0 million compared to DKK 84.1 for the same period last year (+44%). The revenue is positively affected by a higher activity in the Gardens because of the new season, Winter in Tivoli, the earlier start of the summer season (9 extra days), the plays Midt om Natten and Rytteriet as well as the opening of Tivoli Corner. Expenses for the period 1 January 31 March 2018 amounted to DKK 161.8 million compared to DKK 136.6 million last year (+18%). The increase is caused by the increased activity as mentioned above. The financial items for the period 1 January - 31 March 2018 amounted to a total cost of DKK 2.8 million compared to a cost of DKK 0.9 million last year. The increase is due to the financing of the Tivoli Corner. Profit before tax for the period 1 January 31 March 2018 amounted to DKK -65.8 million which is an improvement of DKK 8.8 million compared to last year when it amounted to DKK -74.6 million. Cash flow from operating activities amounted to DKK -55.0 million for the period 1 January 31 March 2018 compared to DKK -60.6 million in the same period last year, the positive development is explained by the improvement in the result as mentioned above. Cash flow from investing activities amounted to DKK -39.3 million for the period 1 January 31 March 2018 compared to DKK -119.5 million in the same period last year. The high investing activity last year is due to the construction of Tivoli Corner which was finished in November 2017. In 1 st quarter 2018 Tivoli has invested in Winter in Tivoli, the new ride, Tik Tak, Anniversary activities and digitalization projects. The balance sheet total at 31 March 2018 amounted to DKK 1,468.3 million compared to DKK 1,278.2 million 31 March 2017. The increase in balance sheet total is caused by the high investing activity, mainly caused by the construction of Tivoli Corner. Equity amounted to DKK 797.8 million per 31 March 2018 compared to DKK 846.7 million per 31 December 2017. The comprehensive income for the period amounts to DKK -48.9 million compared to DKK -55.2 million per 31 March 2017 and consist of the result for the period of DKK -51.3 million and other comprehensive income of DKK 2.4 million. OUTLOOK FOR 2018 The weather and other external factors may have great impact on Tivoli s business and thus the development in profit for the year. 2018 revenue is expected to be slightly higher than 2017 because of the Tivoli Corner. The profit before tax is expected to be between DKK 100 110 million. SUBSEQUENT EVENTS No significant events have occurred after the period end.

INCOME STATEMENT 1 JANUARY - 31 MARCH DKK million 1/1-31/3 1/1-31/3 1/1-31/12 (3 mth.) (3 mth.) (12 mth.) REVENUE Net revenue 121.0 84.1 947.4 EXPENSES Other external costs -81.2-69.3-339.1 Staff costs -80.6-67.3-419.0-161.8-136.6-758.1 EBITDA -40.8-52.5 189.3 Depreciation, amortisation and impairment -22.2-21.2-84.6 EBIT -63.0-73.7 104.7 Financial income 0.1 0.1 0.5 Financial expenses -2.9-1.0-4.7 PROFIT BEFORE TAX -65.8-74.6 100.5 Tax on profit for the year/period 14.5 16.4-22.0 PROFIT FOR THE PERIOD/YEAR -51.3-58.2 78.5 EARNINGS PR. SHARE Earnings in DKK, per share of DKK 10 (EPS) -9.0-10.2 13.7 COMPREHENSIVE INCOME Q1 Q1 DKK milion (3 mth) (3 mth) (12 mth) PROFIT OF THE YEAR -51.3-58.2 78.5 Items subsequently recycled to income statement Value adjustment: Value adjustment hedging instruments 3.1 3.8 1.8 Other adjustments: Tax on value adjustments hedging instruments -0.7-0.8-0.4 TOTAL COMPREHENSIVE INCOME -48.9-55.2 79.9

STATEMENT OF NET CAPITAL DKK milion 31/3 31/3 31/12 EQUITY AT START OF YEAR 846.7 785.6 785.6 Changes in equity: Comprehensive income for the period -48.9-55.2 79.9 Dividends paid to shareholders - - -18.8 TOTAL CHANGES IN EQUITY -48.9-55.2 61.1 EQUITY AT END OF YEAR 797.8 730.4 846.7 CASH FLOW STATEMENT 1 JANUARY - 31 MARCH 1/1-31/3 1/1-31/3 1/1-31/12 DKK million (3 mth.) (3 mth.) (12 mth.) Profit before tax -65.8-74.6 100.5 Adjustment for non-cash items 25.0 22.1 88.8 Cash flow from operating activities before change in working capital -40.8-52.5 189.3 Change in working capital -11.4-7.2 24.6 Financial income 0.1 0.1 0.5 Financial expenses -2.9-1.0-4.7 Corporation tax paid - - -20.9 CAS H FLOW FROM OPERATING ACTIVITIES -55.0-60.6 188.8 Purchase/sale of intangible assets and property, plant and equipment -39.3-119.5-323.5 CAS H FLOW FROM INVES TING ACTIVITIES -39.3-119.5-323.5 Repayment of mortgage loans -6.8-1.3-5.3 Raising/repayment of mortgages - - 350.0 Raising/repayment of bank overdraft - - 3.0 Raising/repayment of loan from affiliated company - 172.2-85.1 Dividend distributed - - -18.8 CAS H FLOW FROM FINANCING ACTIVITIES -6.8 170.9 243.8 CAS H FLOW FOR THE PERIOD/YEAR -101.1-9.2 109.1 Cash and cash equivalents, beginning of period/year 130.3 21.2 21.2 CAS H AND CAS H EQUIVALENTS, END OF YEAR 29.2 12.0 130.3

BALANCE SHEET 31 MARCH DKK million 31/3 31/3 31/12 ASSETS NON-CURRENT ASSETS Intangible assets 19.4 6.6 17.8 Property, plant and equipment 1,333.9 1,188.4 1,317.8 TOTAL NON-CURRENT ASSETS 1,353.3 1,195.0 1,335.6 CURRENT ASSETS Inventory 9.8 8.8 8.7 Trade receivables 20.9 16.9 37.7 Other receivables 55.1 45.5 35.9 Cash and cash equivalents 29.2 12.0 130.3 TOTAL CURRENT ASSETS 115.0 83.2 212.6 TOTAL ASSETS 1,468.3 1,278.2 1,548.2 EQUITY AND LIABILITIES EQUITY Share capital 57.2 57.2 57.2 Reserves 740.6 673.2 769.9 Porposed dividend - - 19.6 TOTAL EQUITY 797.8 730.4 846.7 NON-CURRENT LIABILITIES Non-current debt 378.6 53.7 384.4 Deffered tax 28.1 25.3 28.1 TOTAL NON-CURRENT LIABILITIES 406.7 79.0 412.5 CURRENT LIABILITIES Current debt 22.6 5.2 23.6 Loan from associated company - 257.3 - Other payables 241.2 206.3 265.4 TOTAL CURRENT LIABILITIES 263.8 468.8 289.0 TOTAL EQUITY AND LIABILITIES 1,468.3 1,278.2 1,548.2

SEGMENT REPORTING Tivoli's management responsibility is divided into 11 principal activities. Six of the activities generate revenue whereas the remaining five represent administrative functions related to IT, Finances, Marketing, HR and the operation and maintenance of the Garden. Only the first six activities are considered liable to report, cf. IFRS 8 Expenses for administrative functions as well as operation and maintenance of the Garden are not allocated to the other main areas. Expenses for the Garden orchestras, Friday Rock, performances at the Pantomime Theatre and other events in the Garden, are allocated to Culture. Earnings from entrance fees are allocated to Sales. Culture does not receive any share of entrance fees and is a loss-making segment viewed separately, whereas earnings are very high in Sales. Food & beverage operates Tivoli s own eateries, while High-End operates the Nimb house, Gemyse and Cakenhagen. Income derived from leased restaurant is reported in Enterprise rental. Depreciation, amortisation and financial expenses are not allocated to the main areas. Therefore, Earnings before interest, tax, depreciation and amortisation has been chosen as a performance measure in the segment reporting. Similarly, the balance sheet has not been broken down into main areas; therefore, total assets by main area are not presented. SEGMENT REPORTING 1/1-31/3 2018 DKK milion Games & Casino Food & beverage High-End Enterprise Rental Sales Culture I alt Not allocated* Total Net revenue 16.0 10.8 22.1 8.9 40.8 13.3 111.9 9.1 121.0 EBITDA 1.9-4.1-4.4 8.1 30.8-1.7 30.6-71.4-40.8 Depreciation, amortisation and impairment -22.2-22.2 Net financials -2.8-2.8 Profit before tax -65.8 SEGMENT REPORTING 1/1-31/3 2017 DKK milion Games & Casino Food & beverage High-End Enterprise Rental Sales Culture I alt Not allocated* Total Net revenue 17.2 6.4 16.8 2.8 27.4 9.9 80.5 3.6 84.1 EBITDA 4.2-4.3-5.5 1.1 21.2-9.1 7.6-60.1-52.5 Depreciation, amortisation and impairment -21.2-21.2 Net financials -0.9-0.9 Profit before tax -74.6 *Not allocated comprises administrative functions as well as operation and maintenance of the Gardens. These functions have no business activities and generate only very limited revenue.

NOTES 1. ACCOUNTING POLICIES The Interim Report was prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU and additional Danish disclosure requirements for interim financial reporting of listed companies. Tivoli has implemented IFRS 15 regarding recognition of revenue and IFRS 9 relating to recognition and measurement of financial instruments. Implementation of IFRS 15 has not led to changes in accounting policies. Implementation of IFRS 9 has resulted in impairment of receivables is based on expected losses against losses incurred so far. The effect of implementing IFRS 9 is not significant. In addition, IFRS 9 has not resulted in changes in accounting policies, as well as implementation of other standards and interpretations mandatory for 2018 has not resulted in changes in accounting policies. The annual report for 2017 contains the full description of accounting policies. 2. ACCOUNTING ESTIMATES & JUDGEMENTS The preparation of interim reports requires that Management make accounting estimates and judgements, which affect the accounting policies applied as well as recognized assets, liabilities, revenues and expenses. Actual results may differ from these estimates. The key accounting estimates and judgments made by Management in applying the Company s accounting policies and the most material uncertainties related to these were the same when preparing the condense Interim Report as when preparing the Annual Report at 31 December 2017. 3. SEASONALITY The profit before tax is typically lower in the first half year of the year, compared with other quarters. This development is caused by the fact that the Tivoli Gardens is closed during parts of the first quarter, furthermore maintenance and development of the Garden is performed during first quarter. Cash flow from operations is also typically negative during first quarter, caused by the negative result. 4. NET REVENUE The nature of net revenue remain unchanged from last year. Reference is made to the description in the Annual Report for 2017. DKK million 1/1-31/3 1/1-31/3 1/1-31/12 Net revenue by category (3 mth) (3 mth) (12 mth) Sale of goods 27.5 17.2 252.5 Services 87.3 58.3 652.9 Planningfees and contract work 0.6 0.6 3.2 Sponsorships and grants 2.8 3.0 19.6 Royalty 2.8 3.7 13.1 Other revenue - 1.4 6.1 121.0 84.1 947.4 5. RELATED-PARTY TRANSACTIONS The nature and extent of transactions with related parties remain unchanged from last year. Reference is made to the description in the Annual Report for 2017. 2018 2017 DKK million 1/1-31/3 1/1-31/3 The Augustinus Foundation Group Loan from Chr. Augustinus Fabrikker Akts. 0.0 257.3 Sponsorship from Augustinus Foundation Group 0.0 0.1 Interest to Chr. Augustinus Fabrikker Akts. 0.0-0.3