Ryman Hospitality Properties : Investor Update Presentation

Investor Update

January 26, 2021

Forward looking statements and disclaimers

This presentation contains "forward-looking statements" of Ryman Hospitality Properties, Inc. (the "Company") that are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. 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 anticipated impact of a widely available COVID-19 vaccine on group business, the impact of COVID- 19 on travel, transient and group demand, the expected effects of COVID-19 on the Company's results of operations, the amount of cancellation and attrition fees, marketing efforts to attract leisure transient demand, rebooking efforts, the Company's plans to open all five of its Gaylord Hotels properties, completion of expansion construction projects, the Company's liquidity, monthly cash expenses 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 impact 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 and vaccine availability, 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 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, and the Company's ability to borrow funds pursuant to its credit agreement. Other factors that could cause results to differ 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, 2019, 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 January 26, 2021. 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.

Certain information in this presentation is based on preliminary estimates of certain operating results and liquidity information as of and for the fourth quarter and full year ended December 31, 2020, based upon the information available to us as of the date of this presentation. These estimates are preliminary and unaudited and are inherently uncertain and subject to change as the Company completes the preparation of its consolidated financial statements for the fourth quarter and full year ended December 31, 2020. During the course of the preparation of the Company's consolidated financial statements and related notes, and completion of the Company's financial close procedures for the fourth quarter and year ended December 31, 2020, changes to the preliminary estimates may be identified, and such changes may be material. These preliminary estimates should not be viewed as a substitute for full financial statements prepared in accordance with United States ("U.S.") generally accepted accounting principles, and they should not be viewed as indicative of the Company's results for any future period. Actual results for the fourth quarter and year ended December 31, 2020 and future periods could differ materially from the estimates included in this presentation. Therefore, you should not place undue reliance upon this information. The Company's independent registered accounting firm has not audited, reviewed, compiled or performed any procedures with respect to this preliminary estimated financial information and, accordingly, does not express an opinion or any other form of assurance with respect thereto. The Company currently intends to release its finalized fourth quarter and full year earnings results before the market opens on Friday, February 26, 2021, and management will hold a conference call to discuss the results at 10:00 a.m. ET on the same day. In addition, you should carefully review the Company's audited, consolidated financial statements for the full year ended December 31, 2020, when they become available.

This presentation does not constitute, and may not be used in connection with, an offer or solicitation by anyone.

2

Highlights of Q4 2020 and our progress toward recovery

• Hospitality portfolio was profitable at the property level in Q4 on 19.6% occupancy (24.5% excluding the closed Gaylord National) and $210 ADR1
• Successful holiday programs drove transient demand, with over 1 million event tickets sold in Q4
• Rebooked approximately 58% of cancelled room nights from March 2020 through January 21, 2021
• Group room nights on the books for 2nd half 2021 and beyond is healthy and set up for recovery
• Meeting planner survey shows high interest in resuming travel soon after a successful vaccine rollout
• Testing and health protocol options unveiled for group customers starting this month
• Collected $16 million of cancellation fees in Q4
• Gaylord Palms expansion nears completion
• Cash burn rate in Q4 meaningfully below expectations and ample liquidity
• Secured second amendment to credit facility extending covenant relief through Q1 2022

1. Profitability measured by estimated Hospitality segment Adjusted EBITDAre. Results include the Gaylord National which remained closed throughout the quarter. For definition of Adjusted EBITDAre see appendix.	3

Rebooking activity continues to grow

• From March 2020 through January 21, 2021 a cumulative 2.4 million group room nights have cancelled due to COVID-19, representing $1.1 billion of projected group revenue1
• Successfully rebooked approximately 58% of these into future periods, exceeding our target of 50%
• Cancellations to date concentrated in 2020 and 1st half of 2021, with modest cancellations for Q3 and Q4 of 2021

Cancelled Room Nights by Arrival Date

Rebooked Room Nights by New Arrival Year

80%

67%

60%

40%	36%

30%

21%

40%

20%

16%

20%17%

10%

3% 1% 0%

10%

11% 12%

5%

0%

0%

2020 Q1-21Q2-21Q3-21Q4-21 2022>

2020 2021 2022 2023 2024 2025>

1. Approximately 4% of early cancellations that rebooked into 2020 travelled and the balance cancelled or rebooked a second time into 2021 or later. Rebooked meetings are treated as discrete new meetings such that a second cancellation or rebook	4
is added to the cumulative cancellation, rebook and lost revenue totals.