Tivoli A/S

Earnings Release • Oct 31, 2014

Interim Report for the Period 1 January – 30 September 2014

The Supervisory Board of Tivoli A/S has at today’s board meeting considered and
adopted the Interim Report for the period 1 January - 30 September 2014.

Results at 30 September 2014 in outline:

-- Revenue including tenants and lessees: DKK 880.9 million compared to DKK
796.6 million last year.
-- Tivoli’s revenue: DKK 602.5 million compared to DKK 522.4 million last
year.
-- EBITDA: DKK 85.6 million compared to DKK 76.3 million last year.
-- Profit before tax: DKK 18.0 million compared to DKK 16.3 million last year.
-- Number of guests as of 30 September 2014: 2,947,000 compared to 2,801,000
guests as of 30 September 2013.

”The first 9 months of the year have seen a revenue increase of DKK 80.1
million corresponding to approximately 15%, which is satisfactory. The increase
may be ascribed to increased activities in the Concert Hall and the Glass Hall
Theatre and more activity in TivoliCasino.dk.

The third quarter of the year is characterized by costs for establishing
Tivoli's first restaurant outside the Gardens, wagamama II at Frederiksberg,
which opened on 29 August, and for establishing TivoliCasino.com, which is
targeted at foreign players. The two new activities are extensions of Tivoli's
strategy to become a full-year business and less dependent on the weather. The
new activities should provide a positive contribution to Tivoli's profit from
2015.

Tivoli's activities in TivoliCasino.com are gathered in a wholly owned
subsidiary in Malta, which is the issuing authority as regards international
online casino licenses. Consequently, Tivoli shall in future prepare
consolidated financial statements.

Despite the above new activities, which have affected Tivoli's results by minus
DKK 7 million, the first 9 months of the year saw an improved profit before
depreciation and impairment losses (EBITDA) of DKK 9.3 million, i.e. an
improved profit before tax of DKK 1.7 million,” says Claus Dyhr, CFO.

Halloween in Tivoli will in 2014 run one more week, from 10 October to 2
November, and will only end after this preliminary accouncement has been
published.

Christmas in Tivoli is also extended by the first days in 2015, running from 15
November this year to 4 January 2015.

Outlook for 2014

For 2014 there is expected a revenue and profit before tax at the same level as
2013.

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)