Continued Strong EBITDAR Margins

We Expect Continued Improvement in ROIC • . Significant increase in invested capital and book value of equity Decision to use a book value-based method of calculating ROIC beginning in Q3 2017 Going forward, invested capital will be calculated based on outstanding average long-term debt plus average shareholder's equity plus capitalized operating leases Forecast annual ROIC of 13% to 16% over 2018 to 2020 period • Expect ROIC to continue to exceed weighted average cost of capital by a wide margin 86

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