Model Outputs LGF Cashflow Summary for Discounted Cashflow

Model Outputs (LGF) Cashflow Summary for Discounted Cashflow Valuation Copyright © 2018 by NIBC Live Industry Templates – Not for Redistribution

Model Outputs (LGF) Category Input Values FY 2014 EBITDA Margin 23. 5% | $944 m Comments 2015 -2019 23 -25% § § 2014: Improvement in margins due to management dedication to cost reduction (cost of revenues declined from 34% to 32% of sales and shift towards higher digital mix in distributing product (digital revenue increased from 44% to 46% of sales) 2015 -2019: Management guidance ~20 -22% but 2015 limited due to titles that will start to bear royalties Cost of Revenues 32% | $1. 3 bn 30 -32% § Management guidance to decline due to increased cost discipline, increased efficiencies and a stronger focus on fewer products Marketing & Sales 16% | $680 m ~16% § More efficient marketing schemes with a focus on point-to-point marketing and social marketing individual marketing vs. TV campaigns General & Admin 2. 6% | $183 m ~2. 5% § Expected decrease as a percentage of sales due to scale R&D 25. 7% | $1. 1 bn ~24% § As a result of fewer titles being released each fiscal year due to a focus on major AAA titles, R&D growth is forecasted to slow slightly § Management guidance for moderate spending on R&D, trying to hold flat Capital Expenditure 2. 4% | $103 m 3. 5% § Management guidance for fiscal 2015 - $100 m forecasted Working Capital 20. 9% | $748 m 18 -20% § Inline with analyst reports § Cash balance forecasted to be maintained at ~60% for deal flexibility (FY 2014: 66%) Leverage 0. 6 x Debt/EBITDA 0. 6 x § Mgmt guidance to maintain in line with historical figures • 25% is inline with analyst reports 6. 1% Debt/EV Effective Tax 25% Rate 6. 0% 25% Copyright © 2018 by NIBC Live Industry Templates – Not for Redistribution

Model Outputs (Fund) 1 2 3 4 1. LP Investors contribute ~$34 m in equity to purchase 80% ownership of fund 2. Operating cashflow attributable to LP Investors create a 10 -11. 5% yield on invested equity 3. Incremental appreciation of portfolio resale value attributable to LP Investors creates additional upside returns of 30 -40% per year 4. 5 -year & 10 -year exit scenarios show IRR of LP investors if they were to sell their stakes to secondary investors at portfolio market values Copyright © 2018 by NIBC Live Industry Templates – Not for Redistribution

Model Outputs (Wynn Resorts) Copyright © 2018 by NIBC Live Industry Templates – Not for Redistribution 4

Model Outputs (Cosmopolitan of Las Vegas) Segmented EBITDA Forecast with Key Operating Assumptions General Notes § Room occupancy, rates and margins high but at capacity § Food and beverage sales high but EBITDA margin modest § Casino revenues and EBITDA well below average § SG&A significant and well above average Standalone Forecast § Forecast Casino to move in line with peers § Expect SG&A to decline MGM Value Add § Boost Casino through database and VIP gaming § Reduce SG&A through shared overhead / promotion § Boost certainty of realizing Standalone Forecast Ramp Up § Steady-state based on comparable properties § Ramp Up over 5 years National Investment Banking Competition & Conference 2013