J.P.Morgan Investment Banking Pitch Book

APPENDIX Sum of the parts valuation $ per share Contribution to equity value per share Equity value per share $61.62 JPMorgan Existing operations Phase III +$8.71 Singapore (probability weighted) +$4.61 The Palm +$2.68 Note: Based on equity research and JPMorgan estimates; analysis on following page BLB +$2.09 Morocco (probability weighted) +$1.79 Development projects OC Condos +$0.75 UK (probability weighted) +$0.27 Land +$15.10 Equity value per share $97.63 Existing operations, development projects and land KERZNER INTERNATIONAL 26

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