J.P.Morgan Investment Banking

APPENDIX Additional development projects Additional Atlantis developments (100% probability of success) Atlantis Management resort 1/1/09 $141 10.0x Assumed opening day EBITDA Multiple Enterprise value Less: Net debt held at project Equity value Discount period Discount rate PV of Equity Percentage ownership Owned equity value Less: Present value of remaining funding Net equity value at 6/30/06 Total equity value at 6/30/06 Equity value¹ 6/30/06E $278 Discount period Discount rate Present value of Atlantis projects JPMorgan 1,413 (1,124) $289 2.5 12.5% 215 50% $108 (74) $33 2013E $347 Total additional equity value Diluted shares (current) Total additional equity value per share ¹ Equity value of additional Atlantis resorts grown by inflation 7.5 12.5% $143 fees 1/1/09 $24 14.0x 329 0 $329 2.5 12.5% 245 100% $245 0 $245 $278 2017E $391 11.5 12.5% $101 $244 38.5 $6.35 Proposed Singapore development (25% probability of success) Singapore resort 1/1/09 $375 10.0x $3,750 (3,000) $750 2.5 12.5% $559 25% $140 Assumed opening day EBITDA Multiple Enterprise value Less: project cost Equity value Discount period Discount rate PV of Equity Probability of success Prob. weighted PV of Equity Percentage ownership Net equity value at 6/30/06 Diluted shares (current) Total additional equity value per share 60% $84 38.5 $2.18 PROJECT PLATO 29

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