J.P.Morgan Investment Banking

APPENDIX Selected public market comparables (cont'd) Credit information Company Las Vegas Sands Corp Starwood Hotels & Resorts Harrah's Entertainment MGM Mirage Hilton Hotels Wynn Resorts Ltd Gaylord Entertainment Orient Express Hotels Average Median 3/6/2006 Equity share price market value¹ $56.63 $20,056.1 63.50 15,440.5 71.64 13,165.9 39.51 11,247.0 23.59 9,863.1 72.24 7,189.5 44.92 1,882.8 35.30 1,406.9 JPMorgan Debt-to- Total total market market cap² capitalization $21,649.7 7.4% 18,620.5 17.1% 23,762.3 44.5% 23,518.3 52.2% 18,056.1 45.4% 9,288.3 22.6% 2,464.5 23.6% 1,965.2 28.2% 30.1% 25.9% Debt+prfd/ total market capitalization 7.4% 17.1% 44.5% 52.2% 45.4% 22.6% 23.6% 28.2% 30.1% 25.9% Debt-to- total book capitalization³ 51.6% 36.8% 45.6% 52.8% 75.1% 57.2% 40.3% 44.8% 50.5% 48.6% Debt/ LTM EBITDA 3.8x 2.4 3.8 4.3 9.0 NA 5.5 5.2 4.9x 4.3x Senior debt ratings LTM EBITDA/ interest Moody's/S&P 3.7x B2/BB- 5.4 Baa3/BBB- 4.0 Ba2/BB 2.7 NR/NR 3.5 NA B2/B+ B3/B Ba1/BB+ Baa3/BBB- 1.5 3.9 3.5x 3.7x ¹ Includes common shares, common share equivalents (excluding options) z Equals the sum of equity market value, minority interests, debt outstanding and preferred stock at liquidation preference. Does not include restricted cash > Book capitalization equals the sum of debt outstanding, preferred stock at liquidation preference, minority interests and shareholders' equity PROJECT PLATO 18

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