Ryman Hospitality Properties : Raymond James 43rd Annual Institutional Investors Conference Presentation

Raymond James Institutional Investors Conference

March 7, 2022

Forward looking statements

This presentation may contain "forward-looking statements" of Ryman Hospitality Properties, Inc. (the "Company") as defined in the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of these statements include, but are not limited to, statements regarding the future performance of the Company's business, the impact of COVID-19 on travel, transient and group demand, the effects of COVID-19 on the Company's results of operations, booking and rebooking efforts, the Company's liquidity, recovery of group business to pre-pandemic levels, anticipated business levels and anticipated financial results for

the Gaylord Hotels during future periods, the proposed acquisition of Block 21, a mixed-use entertainment, lodging, office and retail complex located in downtown Austin, Texas (the

"Block 21 Acquisition"), and other business or operational issues. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These risks and uncertainties include, but are not limited to the effects of the COVID-19 pandemic on us and the hospitality and entertainment industries generally, the effects of the COVID-19 pandemic on demand for travel, transient and group business (including government-imposed restrictions), levels of consumer confidence in the safety of travel and group gathering as a result of COVID-19, the duration and severity of the COVID-19 pandemic in the United States and the pace of recovery following the COVID-19 pandemic, the duration and severity of outbreaks of any new variants of the COVID-19 virus, the duration and severity of the COVID-19 pandemic in the markets where the Company's assets are located, governmental restrictions on the Company's businesses, economic conditions affecting the hospitality business generally, the geographic

concentration of the Company's hotel properties, business levels at the Company's hotels, the risks and uncertainties associated with the Block 21 Acquisition including, but not

limited to, the occurrence of any event, change or other circumstance that could delay the closing of the Block 21 Acquisition, or result in the termination of the transaction agreement for the Block 21 Acquisition, adverse effects on the Company's common stock because of the failure to complete the Block 21 Acquisition, and the Company's ability to borrow funds pursuant to its credit agreement or otherwise obtain cash to fund the Block 21 Acquisition. Other factors that could cause operating and financial results to differ from operating and financial results expected or implied in this presentation are described in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission and include the risk factors and other risks and uncertainties described in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and its Quarterly Reports on Form 10-Q and subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.

This presentation is current as of March 7, 2022. Certain information contained in this presentation includes market and industry data or information that has been obtained from or is based upon information from third-party sources. Although the information is believed to be reliable, neither the Company nor its agents have independently verified the accuracy, currency, or completeness of any of the information from third-party sources referred to in this investor presentation or ascertained from the underlying economic assumptions relied upon by such sources. The Company and its agents disclaim any responsibility or liability whatsoever in respect of any third-party sources of market and industry data or information.

This presentation includes certain non-GAAP financial measures, including Adjusted EBITDAre. These non-GAAP financial measures should be considered supplemental to, but not as a

substitute for or superior to, financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). Explanations for these non-GAAP measures, and

reconciliation of these non-GAAP measures to their directly comparable GAAP measures are available in the Appendices to this presentation. This presentation does not constitute, and may not be used in connection with, an offer or solicitation by anyone.

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Company introduction

Company introduction

▪ Portfolio of large, category leading group-oriented hotels in attractive urban and resort markets

• Higher visibility and lower volatility through advance bookings and contracted cancellation terms

• Single branded network is efficient and compelling for meeting planners and drives repeat customers

• Unique leisure amenities drive transient demand during off-peak group periods

▪ Structural supply constraints create an economic moat

• Group bookings demand currently recovering toward pre-COVID trend, while competitive supply growth remains limited

• We believe this dynamic creates additional opportunity in the future for high return reinvestment in our assets

▪ A rapidly growing live entertainment business
• Landmark Nashville venues seeing strong recovery
• Extending our reach through new venues, content and distribution
investments
• Subject to closing conditions, Block 21 acquisition in Austin, TX will
add significant scale and synergies1
▪ Supported by a strong balance sheet
• Over $650 million of liquidity
1. Company previously announced the pending acquisition of Block 21 in October 2021. The transaction is subject to the timely satisfaction or
waiver of various closing conditions, including the consent of the loan servicer to the assumption of the existing mortgage loan, the consent
of the hotel operator, an affiliate of Marriott, to the assumption of the hotel operating agreement by an affiliate of the Company, the absence	4
of a material adverse effect, and other customary closing conditions.

Hospitality portfolio focused on large group

• Over 10,000 rooms and 5 of the top 7 largest non-gaming hotels by meeting space under the Gaylord brand (managed by Marriott)
• 72% of revenue from groups, 28% from transient1
• 43% of groups repeat (24% multi-site, 19% single-site)1
• Average advance group booking window of 3 years with contractual attrition and cancellation fees1
• 255 square feet of meeting space per room leads competition2
• Unique programming and amenities that drive high leisure transient demand over key calendar periods

Largest non-gaming hotels by total meeting and exhibition space

Hotel	Market	Rooms	Meeting Space
(ft2)
Gaylord Opryland	Nashville	2,888	640,000
Gaylord National	Washington DC	1,996	500,000
Gaylord Palms	Orlando	1,716	496,000
Gaylord Texan	Dallas	1,814	488,000
Marriott Orlando World Center	Orlando	2,009	450,000
Rosen Shingle Creek	Orlando	1,501	410,000
Gaylord Rockies	Denver	1,501	409,000

Unique rotational system under one brand

Gaylord

GaylordNational

Rockies

Gaylord

Opryland

Gaylord

Texan Gaylord

Palms

Group segmentation (CY 2019)1

SMERF

19%

Association Corporate

28%53%

1.	Due to COVID-19 impact on the group business in 2020 and 2021, the Company believes 2019 is the most recent relevant period for percentages and booking window. For 2021, 46% of revenue is
	from group, 54% from transient and for 2020, 52% of revenue is from group, 48% from transient (SMERF = Social, Military, Educational, Religious and Fraternal organizations)
2.	Source: STR (competing brands meeting space per room includes non-gaming hotels with over 750 rooms and 100,000 group room nights per year operated by Marriott, Hilton, Hyatt, Omni or	5	5
	independent) and company filings and websites