Continued Strong EBITDAR Margins

We Expect Continued Strengthening of the Balance Sheet • • • Significantly lowered weighted average cost of capital (WACC) - 7.6% at June 30, 2017 WACC well below ROIC Accessed lower-cost capital Enhanced Equipment Trust Certificates (EETC) • - Japanese Operating Lease with Call Option (JOLCO) Completed a highly successful $1.25 billion dollar refinancing transaction in 2016 • Increased pool of unencumbered assets - total current value of US$1.7 billion 94

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