Epstein Secrets

Properties scuini orinieweini Page 72 Candidates CityCenter Cosmopolitan Pinnacle Entertainment Sands Bethlehem Tropicana Wild Rose Casinos Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086631 CONFIDENTIAL SDNY_GM_00232815 EFTA01385347

26 5.6x 8/1/16 MGM Growth Prop Borgata IREI 1.175 118x 913/16 Full House Resorts Bronco Billy's Casino 30 6.9x 4/28/16 Gaming & Leisure Pinnacle's Real Estate 4.547 12.1x VliliThItC0 • • lAIIV0.11:9,0•110, Sy/WOOS SOCK( CCOV•inf MN'Sare Damn Sart MGM and MGP have mentioned that they may e

clude the price negotiation given high valuations for regional assets and forced dispositions related to ownership limitations in certain markets. Deutsche Bank Securities Inc. Page 71 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086630 CONFIDENTIAL SDNY_GM_00232814 EFTA01385346

nnounced next year. In our view, a combination of both entities has the potential for significant cost and revenue synergies. We believe that while Pinnacle has a lean cost structure, significant cost synergies could be achieved from the removal of public company costs, reduced marketing expenses, and e

proves the company free cash flow generation, which should ease some of investors' concerns regarding Everi's ability to reduce leverage. Page 88 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0086647 CONFIDENTIAL SDNY_GM_00232831 EFTA01385363

to our call include worse-than-expected cannibalization from existing or new competitors that may lead to EBITDA coming in below expectations. Pinnacle downside risks include increases in promotional activity in PNK's competitive markets. Pinnacle upside risks include improved performance at Lake