J.P.Morgan Investment Banking Pitch Book

VALUATION SUMMARY Key operating assumptions Kerzner Base Case ■ Atlantis, Phase III ■ Opens in 2007 ■ Total capital expenditures of $730mm ■ Atlantis, Pl (incl. Phase III) performance from 2006 to 2007 (when Phase III opens) ■ Average room rate grows 6.2% to $298.76 ■ Occupancy rate drops 1.8% to 80.3% ■ F&B per occupied room grows approx. 5% to $270.90 = Win/table/day grows 12.7% to $3,172 ■Win/slot/day grows 14.6% to $238 ■ Atlantis, the Palm, Dubai ■Opens in 2009 ■ Total development/construction costs of $1.5bn ■Year 1 key assumptions Average room rate of $313 Occupancy of 78% 5,000 daily waterpark visitors 1,863 daily entertainment village visitors ■ Morocco ■ Opens in 2008 ■ Total development/construction costs of $300mm ■Year 1 key assumptions Average room rate of $140 Occupancy of 60% Win/table/day of $1,967 Win/slot/day of $131 JPMorgan Kerzner Upside Case ■ Kerzner Base Case plus the following: Condotel development cost of $400 million; 50/50 JV with Turnberry ■ $45mm development of golf course on Athol Island completed in 2007 Development of Harborside - Phase II Two villa expansion of Palmilla ■ Marginally more aggressive assumptions on casino revenues in Morocco ■ Cost synergy assumption of $5mm in LBO analysis Adjusted Upside Case (created by JPMorgan) Kerzner Upside Case plus the following: ■ 10% upside on Atlantis, Pl over management's Upside Case EBITDA projections in 2006 Based on analysis of Kerzner management budgets vs. actual property results in 2003, 2004 and 2005 Over the past three years, Kerzner has outperformed its 1-year forward budget by 12.4% Management's upside case EBITDA projections for 2006 and 2007 are below I/B/E/S consensus street estimates Kerzner Upside Case EBITDA growth in 2007 and thereafter Paradise Island land value ■ 64.1 acres of undeveloped land ■ Valued at $2-6mm/acre with a 5% annual appreciation PROJECT PLATO 10

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