J.P.Morgan Investment Banking Pitch Book

APPENDIX Value of NOLS Kerzner has $279.8mm of U.S. NOLS outstanding in its Kerzner International North America, Inc. ("KINA") subsidiary $0.5mm are restricted in use $279.3mm are unrestricted In a change of control transaction, Kerzner's NOLS will be subject to certain restrictions Limit on using more than (4.36% * equity value of KINA) of NOLS in any given year Only exception is that if Kerzner sells any assets within KINA where the sale price is greater than the basis, Kerzner may be able to utilize the NOLS without limitation to shield any capital gains JPMorgan PROJECT PLATO 30

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