Continued Strong EBITDAR Margins

Strengthened Balance Sheet and Lowered Risk Profile Adjusted net debt Leverage ratio $ Millions Pension Plan Surplus (Deficit) 8,000 8.3 7,000 9.0 $ Billions 7,090 1.9 8.0 2 6,291, 6,393 1 7.0 5,000 6,000 5,628 5,132/ 4,874 4,576 4,351 4,137 0 -1 6.0 -2 5.0 -3 (2.8) 4,000 -4 4.0 (4.2) -5 3,000 3.7 3.5 Jan 1, 2009 Jan 1, 2012 Jan 1, 2017 3.1 3.0 3.0 3.1 2.4 2,000 2.5 2.6 2.0 1,000 1.0 0.0 0 2009 2010 2011 2012 2013 2014 2015 2016 June-17 Effectively restructured pension plans, and now in a significant surplus position 11

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