The Path Forward

STRONGER BALANCE SHEET Managing Financial Leverage Net debt to EBITDAR ratio* (Number of times) 4.1 6.8 8.0 3.5 3.7 3.1 Target ceiling 3.5 times. 2007 2008 2009 2010 2011 2012 *Reflects adjusted net debt to trailing 12-month normalized EBITDAR ratio 2013 INVESTOR DAY 17

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