Epstein Secrets

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite In 2018, two additional gaming assets are expected to open in Macau. MGM Cotai is expected to open on January 29, while the 13 could open in late March or early April. We note that the opening of the 13 has been del

increase and (2) the price of the renewal. We currently believe that a significant tax increase is unlikely despite of the improved fundamentals. Deutsche Bank Securities Inc. Page 75 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086634 CONFIDENTIAL SDNY_GM_00232818 EFTA01385350

Venetian Macau 2032 Four Seasons 2032 Parisian 2032 Sands Cotai Central 2035 SJM Mar-20 Grand Lisboa 2033 Grand Lisboa Palace 2038 Wynn Macau Jun-22 Wynn Macau 2029 Wynn Cotai 2037 $0 -ere Co.yrw Renill•M Dana* &rot Tighter Junket Regulations. Given that junket operators have played

zhou-Thuhai Rail The 40-km link will connect Thither airport with Gongbei Port via Hengqin Island. Sane Caroni !Minx en Deusaw Sew 2018 Page 76 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086635 CONFIDENTIAL SDNY_GM_00232819 EFTA01385351

eption, as the company felt it was appropriate to reinstate marketing programs at a slower pace. Macau .- GGR Growth to Continue in 2018 We expect Macau to end 2017 with higher GGR of $33.3 billion (+19.2% versus S27.9 billion). In our view, the primary drivers of the market expansion were: (1) the

,957 11.0% 2019E 16,798 8.0% 22,037 6.0% 39,486 02% $1,0a, "OM. Gem', knprenen dno• Ccercinvecn &era( COMPS", "%ig " OnAWA, 6." Page 74 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRI M. P. 6(e) DB-SDNY-0086633 CONFIDENTIAL SDNY_GM_00232817 EFTA01385349

.00 billion, we estimate net leverage at 3.7x. Downside risks to our call include lower-than-expected convention volumes, unfavorable table hold in Macau may lead to EBITDA coming in below expectations. MGM Growth Properties. We continue to believe that MGP will continue to utilize its premium valua

perceived lack of independence given MGM's ownership. Upside risks: MGP reducing its leverage with the proceeds from an equity offering. Page 86 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086645 CONFIDENTIAL SDNY_GM_00232829 EFTA01385361

3 January 2018 HY Corporate Credit HY Multi Sector.Media. Cable & Satellite Economic Outlook. Our assessment of the Macau gaming market couldn't be complete without reviewing the prospects of the Chinese economy. We currently anticipate that China's economic growth wil

a positive message for the long term. In our view, GDP growth at 6.3% in 2018.2020 should support a healthy expansion of the Macau gaming market. Deutsche Bank Securities Inc. Page 77 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086636 CONFIDENTIAL SDNY_GM_00232820 EFTA01385352

eat our investment thesis remains unchanged, as we continue to expect Wynn to be the biggest beneficiary of the second phase of the VIP recovery in Macau. Deutsche Bank Securities Inc. Page 93 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086652 CONFIDENTIAL SDNY_GM_00232836 EFTA0138

investment thesis remains unchanged, as we continue to expect Wynn to be the biggest beneficiary of the second phase of the VIP recovery in Macau. Deutsche Bank Securities Inc. Page 93 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086652 CONFIDENTIAL SDNY_GM_00232836 EFTA01385368

Net Leverage 0.5x EU3x 4.7x 4.3x 4.1 Cane* 3.7x 4.3x 4.2x 4.5x 4 <our. (avow Morro Onto,* Sint Downside risks are deterioration of the Macau market, the need for cash at that entity, which may reduce liquidity. Page 94 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CR

vow Morro Onto,* Sint Downside risks are deterioration of the Macau market, the need for cash at that entity, which may reduce liquidity. Page 94 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086653 CONFIDENTIAL SDNY_GM_00232837 EFTA01385369