J.P.Morgan Investment Banking Pitch Book

KEY TRANSACTION CONSIDERATIONS Top strategic candidates Strategic rationale JPMorgan relationship Assessment of actionability ■ Most logical strategic buyer based on portfolio of high-end destination gaming resorts ■ Diversify outside Las Vegas ■ Focus on international expansion MGM MIRAGE ■ May view as hedge on Singapore project Excellent cost and revenue synergy opportunities Have grown through acquisitions III Direct access to senior management including Kirk Kerkorian, Terry Lanni, and Jim Murren Co-advisor on $7.9bn acquisition of Mandalay Joint-book runner on $7bn credit facility Joint-book runner on two unsecured note offerings totaling $1.1bn ■Will seriously evaluate opportunity independently (i.e. no partner) ■Will understand hidden value (e.g. excess land, condo opportunities, brand, etc) Have ample financial capacity JPMorgan Harrah's Acquisition of Caesars added high end platform to mid-market portfolio Atlantis, Paradise Island provides much desired resort destination for Total Rewards loyalty program customers Potentially replaces Baha Mar project in Nassau Excellent cost and revenue synergy opportunities ■ Collector of strong industry brands Direct access to senior management including Gary Loveman and Chuck Atwood Co-advisor on acquisition of Horseshoe Gaming Sole bookrunner on $750mm bond issuance Joint-book runner of Caesar's $375mm convertible bond offering ■Will seriously evaluate opportunity independently (i.e. no partner) ■ May struggle on valuation ■Have ample financial capacity ■ May look to sell One&Only business WYNN RESORTA ■Asset quality and international focus fits with Wynn strategy ■ Potential synergies in bringing high roller business to Bahamas ■One&Only collection of assets represents excellent branding opportunity (Wynn) for ultra high end resorts Direct access to senior management including Steve Wynn and Ron Kramer Co-lead on $492mm IPO Joint-book runner on $1.1bn credit facility Joint-book runner on $1.3bn senior notes ■ Will seriously evaluate opportunity but may look for partner ■Will likely need to raise equity ■ Not concerned with accretion/dilution, given lack of earnings KERZNER INTERNATIONAL 16

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