Tivoli A/S

Earnings Release • Aug 15, 2011

Like previous years Tivoli holds board meeting on Tivoli's birthday 15 august
2011. The Supervisory Board of Tivoli A/S has at today's board meeting
considered and adopted the Interim Report for the period 1 April - 30 June
2011.

Results at 30 June 2011 in outline:

-- Revenue including tenants and lessees: DKK 352.9 million compared to DKK
323.7 million last year.
-- Tivoli's revenue: DKK 228.9 million compared to DKK 210.6 million last
year.
-- EBIT: DKK -55.2 million compared to DKK -66.6 million last year.
-- Profit before tax: DKK -58.9 million compared to DKK -71.4 million last
year.
-- Profit after tax: DKK -44.2 million compared to DKK -54.3 million last
year.
-- Number of guests as of 30 June 2011: 1,240,000 compared to 1,067,000 guests
as of 30 June 2010.

“The Tivoli season 2011 started out with nice weather and an Easter parade
regarding the Easter. The nice spring weather, combined with the Easter parade,
“Græs på Plænen” and grass in front of the Pantomime Theatre, as well as
several new restaurants has had an impact on the number of visitors in Tivoli
for the period 14 April until 30 June 2011, which is above last years
equivalent. The increased number of visitors has resulted in a rise in the
revenue of roughly 9 % compared with the same period last year, while our costs
only has risen some 3 %, which is satisfactory, says Claus Dyhr, CFO, and
continues:

“Despite the rise in the number of visitors, Copenhagen is still lacking in the
number of tourists hence also Tivoli. As a consequence of the Danish price
level we are still expecting the number of foreign tourists to be low in the
rest of 2011.This is in spite of the fact that Tivoli is experiencing a growth
in cruise guests compared to last year. The beginning of July has unfortunately
been poor and Tivoli was on Saturday 2 July badly hit by the torrential rain
storm. The poor summer weather with a lot of rain has sadly characterised the
month of July. On the basis of a good first half year and a less good July we
are still holding on to the positive expectations for the earnings before tax
in the level of DKK 20 million.”

Outlook for 2011

The expectations of a profit before tax at DKK 20 million are maintained at the
announced positive level.

Yours sincerely

Jørgen Tandrup Lars Liebst

Chairman of the Supervisory Board CEO

Contact person: Claus Dyhr, CFO, (tel +45 33 75 03 63 / cd@tivoli.dk)